The national unemployment rate has been dropping steadily for the last 10 years. Specifically, it has taken a serious dive in the last two years. In June 2009, the unemployment rate was 9.5%, while in June of 2019 it came in at 3.7%, according to the Bureau of Labor Statistics.

In the state of Indiana, the AP is reporting that the unemployment rate has declined for June.  According to the Indiana Department of Workforce Development, there was a slight decline from 3.6% in May to 3.5% in June. The state’s unemployment rate overall is below that national average of 3.7%. There was a bit over 3,000 fewer unemployed residents who were also no longer looking for work from May to June.

The decrease in unemployed individuals is typically a good indicator of the economic health of the state. There are an estimated 3.4 million in the total labor force in the state of Indiana. These economic indicators show that residents of the state are doing well financially, but that does not mean that everyone in the state is free from hardships.  

Bankruptcies by State

Most people who are stuck in a bankruptcy situation are not bad people who have been careless with their money. Many are hard-working individuals who have had unexpected large expenses like medical bills or a job loss that have put them in a position of serious hardship.  

Each state has its own bankruptcy rate and much of the reason why is because every state has its own bankruptcy policies. The other factor that contributes to states’ variance in rates is the population of each state. Simply put, some are more populous than others. Additionally, there are studies that look at financial data and have found that states that have lax wage-garnishment laws tend to have higher rates of bankruptcy.

California was the state with the highest amount of bankruptcies in 2011, and California was responsible for 17% of all bankruptcies across the country that year. Looking at populations, this makes sense, whereas on the other end of the spectrum Alaska had an especially low amount during the same year.

Getting Help With Bankruptcy in Indiana

When creditors are calling non-stop, it can be quite stressful. Falling on hard times and needing to declare bankruptcy is not something anyone wants to do. However, if you are in a situation in which you need help to recover your financial well-being, it is best to enlist the assistance of a professional. Christopher L. Arrington, P.C. is an experienced Indiana bankruptcy lawyer who can help you with your case. 

You need solutions, not stress. As a resourceful Danville bankruptcy lawyer, Attorney Arrington can help you through the entire process with a focused and knowledgeable approach so you can feel confident that the decisions you are making are the right ones for your financial health. We can make the process as painless as possible and answer all of your questions so you are up to date on every aspect. Do not allow yourself to get stuck in the pitfalls of bankruptcy. Call our Danville bankruptcy law firm at 317-745-4494 today.