Job Loss and Bankruptcy


For many people the first thing that comes to mind when they have faced a job loss is bankruptcy. If you have been out of work for an extended period of time and you do not see any way to service your debt you need to talk to a good Chicago bankruptcy lawyer about your options. Take control of your financial future by getting as much unemployment help as soon as you suffer a job loss. It is important to remain positive and to take proactive steps towards maintaining a good financial footing even if you are out of work. Declaring bankruptcy through a bankruptcy attorney may be one of those steps.

Financial Tips for Illinois Unemployed

The first step is to make sure that you apply for and receive your unemployment benefits. This form of unemployment help can go a long way towards settling some of those monthly expenses. This will probably not be enough to cover your existing monthly debt repayments, so you will need to look long and hard at your overall debt and make economies wherever possible.

Try to cut back on any unnecessary items in your household and set aside the savings for immediate payment of your debt. The way to avoid financial ruin is to face it head on and not run away from it. Ignoring your debt will just drive you further into a downward spiral and will result in a bad credit rating for you. It is very hard to shake off the shackles of a bad financial rating and with just a little forethought; you might be able to avoid any blemish to your name. Remember that having a bad credit rating can affect your chances of finding a new job, as many employers are looking into the financial records of all potential employees. You need to do everything you can to keep yourself in the best shape so that your job searching is not fraught with added stresses.

If your debt situation gets so bad that you are being threatened by a lawsuit, it might be prudent to get help from a reputable bankruptcy lawyer in Chicago. Don’t leave things until you have no room to move. Let a lawyer do the talking for you and advise you about the different types of bankruptcy and the avenues of help that are open to you.