RJ and Makay

>> Read More RJ & Makay Blog Posts

The cost to file for Chapter 7 bankruptcy protection is too steep for the estimated 200,000 to one million Americans expected to file this year, according to recent research submitted to the National Bureau of Economic Research.  A group of professors from Columbia University, the University of Chicago and Washington University in St. Louis also estimated that another 200,000 people who otherwise would not have enough money to file for bankruptcy will use tax return funds for filing costs.

Last week the National Bureau of Economic Research announced that the recession ended in June 2009. However, 74.5% of 665 polled financial advisers don't feel like celebrating.

According to an InvestmentNews online survey, almost half of the advisers who participate in the survey described their clients' financial situations as about the same as they were in 2009.

Sixty-one percent of advisers said the most significant factor contributing clients' reluctance to invest was due to the economic uncertainty.

According to a recent Wall Street Journal article, the National Bureau of Economic Research has determined that the recession which began in December 2007 ended in June 2009.

The decision by the NBER means that any future downturn in the economy would be considered a new recession and not a continuation of the recession that began in 2007.