A slight increase in Minnesota's unemployment rate in August triggered worries among many Minnesotans that the state may be losing traction in its economic recovery. The state had been making great strides to crawl out of the Great Recession.
Although the state's September numbers aren't available yet, there are rumblings that the state is still making strides towards full recovery. This should be good news for many people in the Twin Cities who stop foreclosure so they can keep their home.
Slow And Steady Wins The Race
All in all, Minnesota is still ahead of the nation. Although Minnesota lost 2,000 jobs in construction and manufacturing in August, it's unemployment rate was still 5.9 percent, well ahead of the 8.1 percent rate the nation saw during the same month.
To compensate for drop that the state saw in August, the Gopher State saw a boost of 114,000 jobs in September. And while those jobs weren't in the manufacturing and construction industry, they were in the related fields of warehousing and transportation.
Another good sign are the new areas of growth for the state. Jobs were added in education in August and healthcare in September.
While Minnesota's job growth may be slower than the rest of the nation, indications are that the state is branching out and laying a firmer foundation for long-term job stability.
Why You Should Consider Bankruptcy Now
Bankruptcy isn't usually the first thing people think about when the economy is recovering, but there are a few reasons why people should consider it. This is especially true for those whose home values were decimated by the crash in the real estate market.
Chapter 13 bankruptcy allows you to reorganize your debt, eliminating bad debts while getting on top of the good debts you want to keep. Interest rates are often more favorable. In some instances there may be no interest at all.
For homeowners, the greatest advantage of Chapter 13 bankruptcy may be protecting your home. People who have fallen behind on mortgage payments may be able to use bankruptcy to catch up.
The key to a Chapter 13 bankruptcy is having steady income. Because debts are consolidated into one plan payment, people need to have a reliable way of paying for it. An improving economy will provide many people the stability they need so they can reap the benefits of this form of bankruptcy.
Source: www.minnesotadaily.com, "Unemployment rate drops to 7.8 percent," Alexi Gusso, 5 October 2012 and www.startribune.com, "Minnesota jobs stall in August as employers cut 2,000 positions," Adam Belz, 20 September 2012