Job Loss Help
Coping with job loss is one of the most difficult things a person can face. And, nowadays, it seems like more and more people are forced to make tough choices because of lay-offs.
Losing a job puts the same pressures on anyone. Regardless of how much you made, your savings or preparations taken, lay-offs can be devastating.
First and foremost is the stress. From your finances to your family, after a job loss you may be feeling stress from all sides. Even if you have a safety reserve of money, you can go through this quickly – even if you live frugally.
Under these circumstances, even the fiscally responsible can go into debt. Job loss can create debt from a number of sources:
- Credit cards. With less income, you may be forced to rely on credit
cards more. If you miss a payment or go over your limit, fees and
interest rate hikes could quickly multiple your debt.
- Mortgage. A mortgage often requires 30 percent or more of a person’s
regular paycheck. After a lay off, unemployment insurance and credit
cards may not be able to cover the monthly payments.
- Car payments. Your car payment and insurance may been easily affordable
before the lay-offs, but now those same bills will require you to come
up with serious cash each month.
- Utility bills. Your paycheck may stop, but the light and water bills won’t.
- Household bills. Sometimes, to find a job you have to spend some money.
To put gas in the car for interviews and keep food on the table you’ll
need to keep spending.
If you’re late on a payment even once you may begin to receive letters or phone calls full of threats from your creditors. This will only add to your stress.
Surviving job loss will mean you’ll have to juggle all of these obligations until you find more work. And – here’s another stress – you may not know when that day will be.
Right now, you may be feeling like everything is out of your control. But there is good news, there is help available, and you can retake control of your life. The federal and state governments can offer you debt relief and protection.
Get Help Gaining Control of your Debt
If you’re in debt because of a job loss, filing bankruptcy may give you the opportunity to help you regain control. Depending on your circumstances and what you need, bankruptcy may eliminate your debt or provide the protection from lawsuits and creditors to get your debts cleared.
To fully understand how bankruptcy can help, speak with a local bankruptcy lawyer. Simply fill out the free case review form on this page, and we’ll connect you, right away, with a bankruptcy attorney near you.
Get help if you incurred severe debts due to: