Where To StartStep #1 is to use our free bankruptcy evaluation below to get more information about bankruptcy.
Available OptionsAs with anything, the sooner you act, the more options you will have. Start on our free evaluation below.
Rebuild Your CreditAfter bankruptcy, your bills will be lower, but it's crucial to rebuild your credit ASAP. We'll help you there too!
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Job Loss And Filing Bankruptcy
During most recessions, the threat of layoffs is real—and the current economic situation is no exception. Things are indeed tough for many Americans. In fact, the unemployment rate is through the roof right now at 8.5 percent, up from 3.4 percentage points from the same time last year, according to the U.S. Bureau of Labor Statistics. Unfortunately, no state is immune from the issue. From March 2008 to March of this year, unemployment rates were up in all states, including the District of Columbia.
If you’ve lost your job or you’re feeling other effects of the recession, read on for information about job loss and bankruptcy and what Chapter 7 bankruptcy may offer you.
If you lose your job and find yourself unable to pay your regular monthly bills, bankruptcy may offer you the financial relief you need. Chapter 7 bankruptcy does not require you to make regular payments to creditors, it is often more feasible than the other type of personal bankruptcy (Chapter 13) for those without steady income.
The protection a Chapter 7 bankruptcy affords is, in many ways, very good for someone who is unemployed. This is because a Chapter 7 bankruptcy is generally recommended for someone who has any of the following: little or no income, little or no income left after paying bills, have significant credit card or medical debt, have little or no equity in their home, and/or have very few possessions besides necessities.
From the time you know there may be a problem with paying future bills, you should speak with an attorney about bankruptcy. The bankruptcy laws may change again to make it harder for you to qualify for bankruptcy or even make it impossible.
By using our form on the left, we'll send you our free bankruptcy ebook and make sure you are put in contact with a local attorney who can help you determine if bankruptcy is right for your situation.
As with anything, timing and knowing the right information about bankruptcy is key to making a good decision and saving your credit. So don't wait any longer and get started today.
"Bankruptcy can give you the time you need to get back on your feet after a layoff or loss of job." Some people also worry about losing their job while they are in the middle of filing for bankruptcy. For example, if you are filing for a Chapter 13, you may lose your source of income to make the future payments. In this case, you could convert the Chapter 13 to a Chapter 7. This would eliminate the need to pay back your creditors. You could also get a Chapter 13 forbearance or an extension of the repayment plan. This would give you additional time find a new job and begin making payments again.
Another important issue with filing for bankruptcy is that it may effect your ability to get a job in the future. This is because many companies check credit and may choose not to hire you because of your past credit and/or bankruptcy history.
Filing for bankruptcy doesn't have to be scary, just make sure it's your best option before moving forward.
Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Learn about everything you need to know about the Bankruptcy Courts here!
