Bankruptcy: The Sure-Fire Solution To A Loss Of Income

Written By ipink edy on Thursday, August 1, 2013 | 3:52 AM


A sudden loss of income will necessarily raise a number of worries. Losing your job will raise concerns about putting food on the table for your family. You'll be anxious as to how long your savings will last. You'll wonder how long it will take before you find another job. All of these fears are normal. The best way to overcome them is to find some unemployed help.

There are a lot of ways to survive a loss of income. One of these ways is to properly allocate finances so that whatever savings you have lasts. Then there's taking out a loan to finance your daily needs while you look for new work. If things get really bad, you can seek help from assistance programs offered by NGOs and government agencies. As a last resort, you can consider filing for unemployment bankruptcy.

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In order to be able to effectively apply for unemployment bankruptcy, it's best to consult with an experienced lawyer. While you might think of a lawyer as another bill to pay, a lawyer will prove to be a good investment. For one thing, he or she will know all the options available to you in your state. Your attorney will also know under what type of unemployment you will be categorized in. Having a lawyer will basically speed up the processing of your bankruptcy because he will know where to go and what documents to secure.

There are two types of bankruptcy that you may be qualified for. The first is a chapter 7 bankruptcy. This form of bankruptcy actually allows you much more room to adjust for your loss of income. If you qualify for a chapter 7 bankruptcy, this means that your previous debts and sometimes your unemployment loans may be canceled after certain properties are repossessed. However, a number of properties are actually protected from repossession under this bankruptcy so chances are you won't lose any at all.

The second type of bankruptcy is a chapter 13 bankruptcy. This type of bankruptcy allows for an extended period of payments for existing debts which usually ranges from 3-5 years. When you avail of this, your property still receives the same protection that it would during a chapter 7 bankruptcy. This will allow you time to cope with the loss of income.

A loss of income isn't impossible to overcome. Should you exhaust all efforts in trying to save your finances and still end up with nil, then bankruptcy might just be the thing for you.


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