The city of Waterloo has published a report this week comparing changes in major economic indicators between now and this time last year. Its findings show economic improvement in many of the measured categories.

For example, compared to this time last year, Waterloo’s unemployment rate decreased while the number of vehicle registrations increased.

Notably, bankruptcies declined drastically between years, from 87 in the first quarter of 2011 to 45 in the first quarter of 2012.

While bankruptcies may be on the decline, it is still important to know that it remains an option for those who need help escaping from crushing debts. If you feel overburdened by debt, contact the Cedar Rapids bankruptcy lawyers of Hong Law, PLC, at 319-632-1400.

Former NFL star and television personality, Warren Sapp, has now filed for bankruptcy protection in order to cover back child support and other debt.

According to court documents, Sapp owes nearly $6.7 million to creditors. Sapp’s monthly income is said to be at $116,000 and his total assets are close to $6.4 million. Officials have stated that all of the assets including, shoes, a watch and a lion skin rug, will all be liquidated in order to pay his back child support.

His child support payments total to almost $75,000 a month. A study done by Sports Illustrated Magazine stated that nearly 78 percent of NFL players file bankruptcy, or have serious financial issues,  within two years of retirement.

If you or a loved one has been considering filing for bankruptcy, you need representation on your side at this time that will be able to discuss your options with you. Contact the Cedar Rapids personal bankruptcy lawyers of Hong Law, PLC, by calling 319-632-1400.