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Recession caused wealth gap to widen between races, part one Atlanta, GA

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Recession caused wealth gap to widen between races, part one

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The ongoing economic recession has caused devastating financial harm to millions of people in Georgia and throughout the country. However, according to recently released data from the U.S. Census Bureau, the recession has had a disproportionately negative effect on certain minority groups, many of whom have been hit hard by the collapse of the housing market, often leading to foreclosure, as well as a persistently high unemployment rate.

Specifically, the Census data focuses on Hispanics and blacks, both of whom are currently experiencing the widest wealth gap from whites in over 25 years. In 2009, the median wealth of white households in the United States was $113,149. In comparison, the median wealth of Hispanic and black households was $6,325 and $5,677, respectively. Clearly, there is a staggering difference in wealth between white and minority households, with ratios of 18 to 1 for Hispanics and 20 to 1 for blacks.

In addition, Asian households saw a significant decline in median household wealth, dropping from $168,013 in 2005 to $78,066 in 2009. This is largely because Asians tend to live in California and other states that have been the hardest hit by the housing market crisis.

According to the Census data, one main reason for the disparity in household wealth is the unemployment rate as it applies to specific industries. Because Hispanics tend to work in construction, they experienced significant job loss when that industry slowed following the housing market crash. In sum, blacks currently have the highest unemployment rate of any minority group in the country, at 16.2 percent.

We will continue our discussion of this topic in a blog post later this week.

Source: Atlanta Journal-Constitution, “Wealth gap widens between whites, minorities,” Hope Yen, 26 July 2011

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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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