You may have heard that our current economy is being classified as a “middle class recession.” This phrase was coined because statistics show that bankruptcies filed by individuals who make more than $60k per year increased significantly beginning in 2008 when the economic recession began.
Statistics show that since 2008 bankruptcies have increased among higher wage earners and professionals. Especially impacted are people in the real estate profession; namely contractors, developers and agents. Following down the line are developers, builders and the many related tradesmen. Few people have been left unaffected.