REASON # 4 TO FILE FOR BANKRUPTCY Recent Loss of Employmentby Victorianne C. Maxwell (Maxwell Law Firm, PLLC)
REASON # 5 Recent Loss of Employment
BY Maxwell Law Firm
Bankruptcy and job loss are never planned or expected. But in today’s economy a lot of people are having to file in order to save their assets and make sure they can at least take care of their basic needs. Unemployment Insurance is helpful, it will not be enough to pay all of your expenses. Once you have drained your retirement and savings accounts, you will find it harder than ever to stay current on your bills. You might already realize that losing your job right now may not be the best thing for your income and for your budget. You can prepare right now to handle bankruptcy and job loss. Bankruptcy is a protection that law provides so that you can have certain debts forgiven (discharged) so you have have a fresh start. Bankruptcy and job loss are becoming more frequent, so you don’t need to feel ashamed. Bankruptcy has the same impact on your credit as a foreclosure and can wipe away most debt and delinquencies on your credit profile. You will most likely be better off after you file (Credit score) and financially than before.