American Incomes Continue to Shrink

Posted by Elizabeth Halpern | Posted in Credit Report | Posted on 06-10-2010

“Household incomes shrank for the second year in a row in 2009, as the recession eroded the share of American families earning over $100,000 and swelled the ranks of people who are poor or just barely making it, according to census statistics released Tuesday,” writes Carol Morello on www.washington post.com. These income estimates emphasize the destruction the recession has caused to millions of families in the U.S. Across the country, the median income of $50,221 is down about four percent from its apex since the onset of the recession in December 2007. That year, median household income was $52,384. 2009 was responsible for about $1,500 of that loss. According to the census, nearly one in five households had an income of $100,000 or more in 2009. That was almost a full percentage point less than in 2008. In contrast, almost one in four families earned less than $25,000, an increase of one percentage point.If you are having trouble making your mortgage payments or experiencing other debt, you may be considering personal bankruptcy protection. For a successful Chapter 7 or Chapter 13 personal bankruptcy, you need a great team of experienced lawyers on your side.  For information on filing for personal bankruptcy protection, please call Legal Helpers toll-free today at 800-260-1402 to speak with a qualified and compassionate bankruptcy attorney. You can also log onto www.legalhelpers.com or come into one of our 100 Legal Helpers offices across the country. Your initial consultation is no-cost and could be the key to unlocking the door to your financial freedom. 

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