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 layoffs.
Losing a job puts the same pressures on anyone. Regardless of how much you made, your savings or preparations taken, layoffs 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:
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.
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.
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