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In 2000s, middle class saw declines in income, net worth Atlanta, GA

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In 2000s, middle class saw declines in income, net worth

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The first decade of the 2000s was hard on the middle class, according to a new study from the Pew Research Center. During those 10 years, both median income and median net worth fell for middle class households, and the middle class itself shrunk. The reasons for these declines are the common culprits behind so many of the lasting negative effects of the economic recession: unemployment, underemployment, the loss of home equity and underwater mortgages.

Specifically, median household income dropped by $3,500 for middle class households, and median net worth dropped by a staggering 28 percent. This is largely due to falling incomes as well as losses attributed to the economic recession that took place during the latter part of the decade.

The number of Americans who can be classified as middle class, with a household income between $39,000 and $118,000 for a three-member household, has dropped as well. In 2011, 51 percent of Americans were defined as middle class, a 10 percent from the early 1970s. About half of this number is made up of people who moved to incomes above the Pew’s middle class cutoff, with the other half represented by those who fell below it.

These financial losses seem to have caused rampant pessimism among members of the middle class. The number of people who think their children will be better off than they are has dropped by 8 percent, and 85 percent say that it was more difficult to maintain a middle class lifestyle in the 2000s than in years before.

Source: USA Today, “Study: Middle class poorer, earned less in 2000s,” Tim Mullaney, Aug. 22, 2012

The attorneys at our Atlanta bankruptcy law firm helps people who have found themselves in debt due to a loss in income. To learn more, please visit our bankruptcy practice page.

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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