According to an article in the Star-Telegram, Americans’ personal wealth has shrunk by $1.3 trillion putting American wealth at the level it was in 2004.  Driven by job losses, shrunken 401(k) investments and foreclosures, many Americans are feeling little poorer.

The article said:

The value of Americans’ stock holdings dropped almost 6 percent from the final quarter of last year — in a market that was already brutal. Collectively, homeowners had …

Permalink: /breaking-news/americans-wealth-shrinks-in-2009/

A new wave of bankruptcies may hit us in 2010 as higher income Americans find themselves unemployed and unable to find work with a comparable salary.  Many analysts are reporting a “downward” trend of salaries amongst many in the middle-class who were making close to or even more than six figures.  Many of those individuals were sitting pretty three years ago only to find themselves …

… without the means to get themselves back on track.    Additionally, plenty of famous and wealth (or once-wealthy) individuals have filed for bankruptcy through the ages.  And the Bankruptcy Code has provisions to weed out most (if not all) of those dishonest people who do not truly need the protections granted by filing for bankruptcy.

5.  You’ll never be able to get credit again!

This is another untruth.  It’s true you may have a tough time getting unsecured credit …

According to an article in the Star-Telegram, the nation’s wealth real median income fell by 3.6 percent from $52,163 in 2007 to $50,303 in 2008, the worst decline since the Census Bureau began collecting the data during World War II.

The article said:

“The national poverty rate also hit its highest level since 1997, jumping to 13.2 percent in 2008 from 12.5 percent in 2007. The increase meant that 39.8 million people lived below the poverty …

According to an article in Bloomberg, the number of wealthy Americans who filed Chapter 11 bankruptcy jumped 73 percent in the second quarter of 2009 from a year earlier.

The article said:

“More individuals or families with at least $1,010,650 in secured debt and $336,900 unsecured are using Chapter 11 of the U.S. bankruptcy code typically associated with business reorganizations.”

…

Tags: Bankruptcy Chapter 11 Wealth

… effects include permanent job losses, foreclosures and general contraction of the nation’s wealth.

Source: Star-Telegram

After your bankruptcy has completed, you need to take steps to make sure that you avoid the same mistakes that helped lead you to bankruptcy.   One of the things you can do to get your financial life back in order is to begin to use credit wisely.  Not only will using credit wisely help you towards financial prosperity, it will help you get your credit in check sooner rather than …

Comment by Jacob Decker: … increase in wealth. That is a surefire way to turn …

… best for him financially. Many “ordinary” debtors who don’t’ have even a fraction of the wealth that Baldwin has mistakenly delay bankruptcy until it is too late. Don’t let that happen to you. If you are struggling to pay your debts, bankruptcy may be your best chance to clean up your financial house. To discover how bankruptcy may help you financially, contact a Dallas- Fort Worth bankruptcy attorney today.

… low savings rate that is pushing seniors into bankruptcy, medical debt is literally destroying the wealth of American seniors and is the leading cause of bankruptcy for all Americans; but especially seniors. Even senior citizens who have “played by the rules” and kept their consumer debt low are facing insurmountable medical debt once they face an illness. And because of their small amount of income, they have no way of repaying it making bankruptcy a necessity.

If you’re a senior …

… attached to filing for bankruptcy. This type of mentality is causing a huge loss in American wealth. This administration needs to make Americans aware of their bankruptcy options and encourage them to file bankruptcy if they discover they are unable to pay their debts.

… a job loss, foreclosure or some other financial hardship. An estimated $6 trillion in wealth has already been lost since the crisis began and many Americans facing foreclosure and/or joblosses are looking for quick and easy ways to earn money.

The article said:

And the average 401(k) account fell 27 percent from about $65,000 to about $48,000 in the year ending in December 2008, according to the Employment Benefit Research Institute.

As more consumers look to shore up …

… at the rate we all hope for. What is imperative now is that we take measures to stop the loss of wealth amongst Americans because of job losses and foreclosure. If the new administration hopes to get even close to their projected growth rate, they need to take action to protect workers and homeowners especially from the foreclosure fallout hitting communities nationwide.