• GDP Growth Is Weak, But Improved

    The third and final estimate for the quarter from the Commerce Department “pointed to slow growth rather than a recession” as consumer spending and export growth helped gross domestic product grow at an annual rate of 1.3 percent, Reuters reported on September 29, 2011. Export growth rose at a 3.6 percent rate while imports increased at a 1.4 percent rate, leaving a smaller trade deficit. Trade contributed 0.24 percentage point to GDP growth, Reuters said. After increasing 2.4 percent in the first quarter, gross domestic income also rose at a 1.3 percent rate in the second quarter. Reuters said details of the GDP revisions “were consistent with an economy that is on a slow growth track rather than sliding back into recession.”

    While revisions to calculating the GDP can eventually produce positive news, perhaps you are not having such luck with diagnosing your own financial situation. Whether you are in desperate need of foreclosure help or have been experiencing long-term unemployment, you might find that no matter how you twist the numbers, you still cannot meet your financial obligations. Our Chicago bankruptcy lawyers have decades of experience helping clients deal with all the problems associated with bankruptcy . If you are tired of waiting for a more concrete sign that the economy has recovered, our Chicago bankruptcy attorneys can show you how a Chapter 7 or Chapter 13 bankruptcy could help you prevent car repossession or wage garnishment. How has the economy affected you and your family? Does GDP growth make you more optimistic?

  • Home Prices Rise Again, But Experts Warn Descent Is Imminent

    The fourth consecutive monthly increase of a closely watched index of home prices is probably the result of the boost the housing market gets over the summer, economists say. The Los Angeles Times reported on September 28, 2011, that the Standard & Poor’s/Case-Shiller index of 20 American cities was up 0.9 percent in July over June but down 4.1 percent from July 2010. David Blitzer, chairman of the S&P index committee, told the Times that recovery was still a long way off. “Continued increases in home prices through the end of the year and better annual results must materialize before we can confirm a housing market recovery,” Blitzer said.

    A double dip in the housing market was confirmed earlier this year when the index fell below its previous bottom hit in April 2009, but despite four consecutive months of gains since then and the index bouncing back, some economists told the Times they predict prices will drop again in fall and winter.

    The increase in home prices will not offer any immediate solutions for those in need of foreclosure help . If your bank is trying to foreclose on your home, our Chicago bankruptcy lawyers can answer the complaint and defend it in court. If the bank is unwilling to accept a loan modification that would keep you in your home, our Chicago bankruptcy attorneys can also take advantage of the automatic stay that occurs after you file for Chapter 13 bankruptcy. Alternatively, our firm can also explain the benefits of a Chapter 7 bankruptcy filing. Do you believe the rise in home prices will have any effect on the number of foreclosures?