Recession 2008-2009

OH, HELL, NO, ha, ha, ha

 

U6 Unemployment is currently 40 million, the consensus is that's about 5 to 10 million low
At least 10 to 15 million don't qualify for unemployment or assistance and are falling through the cracks
In the first quarter of 2020, personal bankruptcies were on the decline, the American Bankruptcy Institute is now predicting 10 million personal bankruptcies.
Corporate bankruptcies were flat, on par with last year, they now expect around 500,000 (this is businesses of all sizes)
Last check, 10 million were in a forebearance or delinquent on their mortgage, depending on the City, around 40% are delinquent on their rent.
All these people buying houses, they said new applications on the rise, this will be interesting if things get worse.
All these millions of new cars that have sold in the last two months, wait till that shoe drops, about August.

Personally, my wife and I are in this, despite how decent trucking has been, we are starting to see a slow down, my wife has been off work since last August for health reasons, she finally had knee replacement in Feb., but is very slow healing. On March 27th, her employer terminated/laid off 590 of 685 employees. He owned or co-owned 19 restaurant in 3 states, 3 restaurants have now closed permanently, the rest are on skeleton crews, of the 7 people in the office, he terminated 1, put 4 on modified schedules (they used to work 50 hrs per week, now they are working alternate weeks, 50 hrs each), the 2 that are still working full time are on salary, but even they have been told no OT, they will not accumulate PTO. Even though she had been off since last August, he was keeping her on the payroll/insurance, we were paying $56/month for her insurance. Since she's been terminated, we had to pick up her insurance $500 per month (at least because of her surgery we've met all copay/deductible for her), in addition to our regular bills, our mortgage just adjusted up $130/month (property tax and insurance changes). Our money is beyond maxed out, we have a virtual meeting next week with a bankruptcy lawyer for a possible chapter 7. Even the money I used to make doing Uber/Lyft isn't there like it used to be, I've gone from $350/week to $180/week, and that's going to drop again as I for health reasons I can't wear a mouth/nose covering, and they are both requiring it beginning June 1st.

 

I truly hate to hear of your circumstances. If there’s a home involved, that’s going back to the Bank, I suggest getting forbearance, for now, and stretching out the foreclosure as Long as possible. Live in the house for free, as long as possible. If the Lawyer doesn’t seem very confident, find another one. I went through 4-5 different phone interviews, before finding a Pro. Most just want an easy quick buck. Has to be an expert Bankruptcy Lawyer. And if it goes down, it’s not the end of the world. More like a fresh start. Sometimes it’s all you can do. Doesn’t Change who you and your wife are, life goes on. It can be a burden lifted off your backs. A positive, instead of a negative. You have a right to plan the Bankruptcy, to your advantage, and can reaffirm any loans you have, such as a car. You have some choices in the process. Good Luck.

 

15,000 miles for the month of May, that's a LOT of driving. WOW!!

God bless every American and their families! God bless the U.S.A.!