How Hard Have You Been Hit?

We conducted another online poll recently, focusing on the economic slowdown.  We asked visitors, "How have you been affected by the economic slowdown?"

32% - were hit hard and could not pay their bills
54% - needed to cut back a little
14% - reported no change or were better off

How frightening is it that 86% of folks responding have had their lives affected in some way by what has happened with our economy.  And while this was not a formal Rasmussen poll, you could probably say that 8 out of 10 of your friends are hurting right now.

Now I have been in the business of helping automobile accident victims for many, many years.  Almost a year ago, our firm decided to branch out into bankruptcy.  It was actually something we had wanted to do for awhile and seemed like another good way for us to build our practice.  What I did not count on was how heartbreaking it has been to see the suffering that has fallen on good, honest and hardworking people.  Those that file bankruptcy are truly at their wits end and have nowhere else to turn.  After talking with our clients, I have found that most people are in this predicament because they either 1) lost their job, or 2) had no health insurance and got hit with large medical expenses that they could not pay.  The hardest part for us is when we have to deliver the news that the only way to get out of their current situation is, in fact, to file a bankruptcy.  That is such a difficult decision for a family to make.  Alot of who we are is often tied up in our ability to succeed and support ourselves and our family.  This can be a crushing blow to many people.  It is my hope that more people understand that filing bankruptcy does not make you a bad person, it does not make you a failure, and it certainly does not reflect on who you are at the core of your being.  It is merely a way for you to take advantage of laws that were designed to protect people who have fallen on very hard times through no fault of their own.  Are there people that take advantage of the system?  I'm sure there are.  But I have found for the greater part that the people that need bankruptcy help are doing so only as a last resort and only after having worked extremely hard to make it on their own.  If you know someone that has filed bankruptcy, or is thinking about it, be sympathetic as it is probably one of the hardest decisions they have or will face in their lifetime.