Border’s bookstore was one of the largest chain of bookstores in the US until it declared bankruptcy last month. Although a 505 million dollar loan was approved by the judge presiding over their bankruptcy proceedings, the group will immediately shut down 75 stores and may be forced to close down more of their stores. In the initial report of their bankruptcy, Border’s Group President Mike Edwards said they may have to close over 200 stores. The loss of these jobs is miniscule in light of the jobs that could be lost if the GOP gets the budget cuts they are calling for in 2012. The GOP budget cuts could total 700,000 total jobs.
Unemployment is a cause for concern in all areas of the US economy but especially in the housing sector. The rates of foreclosures in each state rise as the unemployment rises. Without a job many people must walk away from their homes aided by foreclosure attorneys. The Border’s Group originates in Michigan which is a state that has a high unemployment rate and consequently a large number of foreclosures.
Other states facing high foreclosures include Arizona, California and Florida. The people in these states are facing crisis and must retain foreclosure lawyers to keep them from ruin. The economic crisis facing many US citizens is dire and the economy is slow in recovering which may come too late for many who face losing their homes. Foreclosure attorneys can be saviors for the unemployed and those struggling.
