There is constant buzz in the media about how the economy is improving, how the real estate market is picking up and the recession is going away. Much of this is true. The question that I have, from my perspect
1. The poverty rate in New Jerey is the WORST since the 1960 census. AND it is expected to get even worse after the damage from Sandy reflects in the 2012 numbers.
2. Over 31% of New Jersey’s children live in poverty. The rates of poverty are staggeringly high in our urban areas – Camden at 79%, and several other cities over 50%.
3. The unemployment rate remains over 8%. The jobs that are out there tend to be, for the poorest, temporary or part time, without medical or other benefits that would alleviate their dire situations.
These are scary figures, especially for someone in my areas of legal practice. There is a terrible and growing divide between haves and have-nots in New Jersey that may well be permanent and damaging to our economy as a whole, condemning whole swaths of society to being a long term underclass. One of the common factors for many of New Jersey’s poor is staggering debt loads. Often this is the result of the events that took many from middle to lower middle class life into poverty.
Those of us in bankruptcy and debtor representation practice work hard for our clients and try to help them find their way out. Even if we can’t get them better income, or jobs, we can still help them make the best of their situation by eliminating expenses that they cannot afford, while allowing them to meet their basic expenses.
The Law Offices of Scott J. Goldstein, LLC is a law firm representing individuals, families and businesses in bankruptcy and reorganization in New Jersey and New York.