Effects of the U.S. Government Shutdown

The government shutdown is still effecting millions and has raised concerns for many. Financial problems have hit those who are being effected by the shutdown. With furloughs and layoffs increasing while bills continue to accumulate, it is important for Americans to know that there are ways out from towering debt.

American confidence in the national economy has plummeted more since the government shutdown then in any week of the financial crisis in 2008. Statistics will show that the Economic Confidence index has decreased from 12 to -24. According to a Gallup survey, 67% of Americans believe the economy is getting worse. The Economic Confidence Index is constructed from these two following items:

    1) Americans’ perception of economic conditions in the U.S.; AND
    2) Americans’ perceptions of if the economy will improve or get worse

How the Government Shutdown Effects Small Buisinesses

The current situation is negatively impacting small businesses on a national level. Businesses that depend on federal agencies are being effected even worse. Similarly, businesses that were in the process of receiving government loans have also felt the pain of the government shutdown. Needless to say, companies whose only clientele are being affected the most severely and are even at the point of laying off workers whose jobs are not seen as vital to the company.

Small Business Administration (SBA) loans which were previously approved (just prior to shutdown) are now currently on hold because lenders were unable to file the loans with the SBA before the shutdown hit. According to leaders in the lending industry, even an immediate halt of the shutdown would not stop substantial delays. Tourism has similarly been effected due to the closing of the nation’s national parks and attractions.

Chapter 7 Bankrupty as an Option

With the government shutdown effecting small businesses, government constractors, those who work in the tourist industry and countless others, it is important to be aware of financial options to assist with debt relief. Declaring chapter 7 bankrupty can clear all consumer debts and provide much needed relief for individuals of all varieties.The process for declaring bankruptcy is painless and does not require an inordinate amount of time.

Fairfacbankruptcylaw.com sends its support and best wishes to all those who are being negatively affected by the shutdown. If you would like free information on the chapter 7 bankruptcy process contact us today. We are here to help and only an email or phone call away.