Older Americans Struggle with Unemployment; Fear Never Working Again
A recent New York Times feature focused on the problems unemployed Americans over the age of 50 are having finding another job, and the growing fear they battle that they may never work again. If this is you, filing bankruptcy may be a solution to relieving yourself of debt you can no longer afford to pay off.
According to the Labor Department, the average length of time it takes American workers 55 and older to find another job is 39 weeks, the longest of any age group. And, at the current pace of 82,000 new jobs a month created in the U.S., it would take eight years to gain back the eight million jobs lost during the recession.
The Census Bureau reports that the poverty rate among those aged 55 to 64 increased from 8.6 percent in 2007 to 9.4 percent in 2009. One analyst quoted in the Times story worries that older workers who are forced into early retirement might present the country with a large policy problem in the future – a new class of “unemployables” that have been cast off during a vulnerable time in their careers and lives.
If you have suffered a job loss and have a large amount of debt that you are no longer able to handle, contact our Jacksonville bankruptcy law firm.
Greg Gilbert
Keith Maynard
