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Out Of Bad Situations

Bankruptcy could help if you’ve lost your job

On Behalf of | Apr 10, 2020 | Chapter 7 Bankruptcy

You never expected to be in the position you’re in today. You’ve always worked hard, and you had put away enough savings to take care of yourself for three months if you lost your job. You never thought that you’d lose your job and be unable to find a new one within that time. 

Unfortunately, that’s the position you’re in now. You have credit cards, medical debts and other bills that are a significant cost to you each month, and without a job, you won’t be able to pay them much longer. You’re in a position where you want to pay what you owe, but you’ll need to make decisions about whether to pay a bill or put food on your table.

This is the right time to start talking to your attorney about debt relief options. Chapter 7 bankruptcy could be a good solution that would help you eliminate unsecured debts and reduce your monthly bills, so you can survive on less. Whether you need to be able to live on unemployment or are just trying to make do with the part-time job you could find, bankruptcy could be a good choice to help you get your finances back on track.

When you talk to your attorney about the potential for filing for bankruptcy, remember to bring your financial statements, like your bank account information and any investments you have. You’ll need to know what assets you have if you choose Chapter 7 bankruptcy, because some may need to be liquidated (depending on your situation). 

Bankruptcy can be a good choice when you feel like you’re in a bind and can’t see a way out. Our website has more on what to consider before you pursue bankruptcy.