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With America facing record unemployment numbers, many people simply don't have the income needed to cover their expenses. Smaller paychecks and unemployment benefits just don't stretch far enough. Before long, the bills can get high, interest can add up and debt may become overwhelming.
Fortunately, Chapter 7 bankruptcy exists as an option for eliminating debt when you don't have much regular income. In fact, Chapter 7 was specially designed to clear debt without requiring filers to repay their bills.
This video talks about your options for clearing debt when you're unemployed, and why now may be a good time to take action against your debt.
KEVIN CHERN, BANKRUPTCY LAWYER: What happens if I file bankruptcy and I'm unemployed?
We're going through an unprecedented time in our economy. Inflation is affecting many. There are a record number of people unemployed.
The unemployed, in particular, are facing a difficult time. Unemployment benefits and savings only go so far. If you're unemployed, you may have credit cards, medical bills, personal loans and other unsecured debts.
Unfortunately, when you're unemployed the funds often just aren't there in order to repay those bills.
One of the very advantageous things about Chapter 7 bankruptcy is it eliminates most of the unsecured debts that many individuals have without repayment.
For instance, credit cards, medical bills, most personal loans, and collections; all of those may be eliminated in a chapter seven case. That's one of the main advantages about filing Chapter 7.
Particularly when you're unemployed, that's a great time to take care of your financial situation, eliminate your debt, so that when you do get back to work, which will happen, you've already eliminated the debt and you don't have to worry about things such as garnishment at your new job.
So if you'd like to find out more information about how filing Chapter 7while you're unemployed may be advantageous to you, you can do so by filling out the form on this site. Or call the toll free number and we can have you on the phone momentarily with a bankruptcy attorney near your home.
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