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Garnishments are now the top reason people file Bankruptcy

I have been representing debtors in Chapter 7 and Chapter 13 bankruptcies for about 25 years now. I have seen the reasons for filing bankruptcy swing in both directions from failed business ventures to mortgage foreclosures. Lately, however, it seems that half of the people who call me are already being garnished at their work.

That means that they were sued, had a judgment issued against them and did nothing until they saw the money coming out of their check. I always expect to see the problem with a certain percentage of my clients, but it seems now to be an epidemic.  My guess is that people are so strapped for money and feel so trapped in a sluggish economy that they are covering their heads and playing ostrich.

The other sad thing I see is the tragic number of people who are looking retirement in the face and have nothing to retire on, except social security. I've noticed on the television and internet a large number of companies that are targeting people who need help preparing for retirement, but for many people who are over 60 years old, it is probably too little too late.

This country is facing a crisis. Millions of people in the "Baby Boom" generation are not going to be able to afford food and housing on the meager amounts they receive in Social Security. We are going to see the need for another bailout, but this time it won't be the auto industry that needs the bailing out.

 

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