Bankruptcy Indiana

When you're a debt consolidation lawyer offering bankruptcy services in Indiana for almost twenty five years, you're used to seeing many different situations.  Some things never seem to change, because there will always be individuals who either through their own fault or due to circumstances beyond their control, get in deep financial trouble, coming to need Indiana bankruptcy help.

But, as I've been discussing at length with colleagues in the Indianapolis, Bloomington, Anderson, Mark Zuckerberg bankruptcy law offices and with the Columbus bankruptcy lawyers who are my associates there, I believe that last week something big happened.  And that something is going to play a very, very large role in our work helping people file personal bankruptcy in Indiana.  This time, I believe, it really is going to be different from all the other times.

For the past three years, I've been reporting, through Bankruptcy in Indiana, on plant closings, job layoffs, and, on the good-news side, company expansions and plans to hire workers. I've been taking pains to explain how, for the bankruptcy system to function property, we need well-paying jobs. Then I've been passing along all the job-related news I can get my hands on.  Today, for example, is typical. I can report both good and bad news.

On the good side,

• Santelli Tempered Glass, Inc. is moving to Elkhart and expects to create 35 jobs.
   
• POET Biorefining has bought a new production facility in Cloverdale and plans to add 40 jobs.
   
• The Greater Indiana Clean Cities Coalition and the Indiana Office of Energy Development announced a $23 million alternative fuel project.
   
• On the negative end, Alcoa in Lafayette announced 65 job cuts.

But, what happened in the last two weeks is huge.  I'm referring to the fact that thousands of laid-off people have just had their unemployment checks cut off.  And, while during all of my career, job layoffs have been one of the three leading causes of bankruptcy, we've never, in my memory as a professional offering bankruptcy services in Indiana, had this many people unemployed at the same time. 

Now, Bankruptcy in Indiana offers no political commentary at all, and there are certainly those who agree and disagree with Congress' decision last week not to extend unemployment benefits.  The point I'm trying to make is that, in the four Zuckerberg bankruptcy law offices around the state of Indiana, over the past year, my colleagues and I are beginning to see people who, only a few short years ago, represented the executive and top managerial levels in the major corporations housed in Indiana, people used to making between $60,000 and six-figure annual salaries.

By the time these individuals end up in our offices to deal with even the consideration of filing bankruptcy in Indiana, they've run up credit card balances even with the unemployment benefits  coming in.  Maintaining their homes (which they've been unable to sell) and even their much-scaled-back lifestyle costs took more than their unemployment check could hope to cover. Most have been involved in every day, all-day job searches. 

In today's job market, employers just haven't hired those aged 50+ former managers and executives.   Going forward, I believe, these are the clients for whom the Indiana bankruptcy system will truly function as their only remaining safety net.