Many people unfortunately lose their job. This all too common in the world. No matter how hard we work and even if we are a model employee there are just times where life hits you in a way you weren’t expecting.
Maybe you get laid off, or a massive change in structure leaves you without a position, or your company has just decided that they don’t need your services anymore and choose to let you go. Whatever the reason there are many ways you can lose your job in this world. With so many ways to lose your job, there are also many ways that you can be put into financial strife.
When someone loses a job they are also losing a significant amount of, if not all, of their income. That income is what these people use to live their lives and pay for their amenities. Not everyone makes enough to pay for everything on their own. Sometimes they need assistance and are already doing everything they can to scrape by.
These are the people who are the most vulnerable when it comes to bankruptcy. They already are barely scraping by as is and when a significant life change such as a job loss happens they become extremely financially vulnerable. Not an enviable position to be in at all.
This is why it’s so unfair when it’s just assumed that someone that is filing for bankruptcy is a person that was unable to properly budget themselves. It’s not accurate. These are almost always people that are in vulnerable positions trying to just make it by. When a sudden change happens in their life they are suddenly unable to pay basic amenities such as:
- Car payments
When we lose our income we lose more than just the ability to pay for possessions. We lose our sense of security. We immediately become concerned about how we’re going to maintain our current life. This can lead to dangerous mistakes that cause even greater financial strife.
Don’t Take Out Unnecessary Loans
When you are in need of money quickly you are likely going to consider taking out a loan. Depending on the situation this could be beneficial to you, but you must also consider a few factors. Especially if it’s post job loss.
How soon until you get a new job?
Are you certain you will be able to get a new job quickly and thus able to pay the loan off fast? Then a loan may be a good option for you. The problem is many people that are in these situations are already not well off financially as is.
Bankruptcy is when your debt is far too deep and there doesn’t seem to be a potential exit strategy. People who lose their jobs end up in this situation by maxing out credit cards, taking on loans they can’t afford, and missing payments because they have to decide between food or the mortgage that month.
If this is the situation you’re in then don’t let it be. Look into your options and find ways to receive help. You may already be deep enough into financial strife where you qualify for bankruptcy. If this is the case then we can help you.
Come to our firm in Maui for a consultation about your bankruptcy. The first consultation is always free and we will be able to see if this is what you need to recover from your finances. Then if we do believe that you need to file for bankruptcy we will begin the steps necessary to make that process happen.
If we decide that filing for bankruptcy is the best option for you the next step will be deciding what kind of bankruptcy you can file for. Since this is going to be medical related it’s possible that you just need the ability to pay it off in a reasonable manner. Unfortunately, if the bill is far too high you may be forced to liquidize assets to ensure that your bill is paid off.
If you must file Chapter 7 bankruptcy then your medical debt is going to be removed from your name in exchange for the liquidation of valuable assets. This process can feel painful, but it will ensure that you are debt free after you have completed the bankruptcy process. Your life will be better off once you are free of the debt that is hounding you everywhere.
If you have a certain level of income, and we can argue that you qualify for it, you may qualify for the slightly more favorable Chapter 13 bankruptcy. With Chapter 13 you will not be forced to give up many, if any, assets. You will instead have your debts rolled up into a lump sum that must be paid off monthly.
Are You Near Bankruptcy? Call Blake Goodman
If you think that you may be nearing bankruptcy then it may be time to call Blake Goodman. His firm can assist you during a time where you need help the most. If you’re worried that speaking with a lawyer will push you further into debt then don’t be. Consultations are free.
You can best contact our firm by using our phone number (808) 426-2004. We are always willing to help our clients get through tough times like bankruptcy. Do not let the loss of a job ruin your life and take you further into debt. Call Blake Goodman today. Bankruptcy may save you.
Not in Maui? Come see our other offices!
At Blake Goodman, we strive to help as many of you as possible. This is why we have offices in not only Maui, but in O’ahu as well. Be sure to check out our other website DebtfreeHawaii.com to read about our other locations.
You may be in need of help for bankruptcy in a place other than Maui and we want to help you. We will do our best to help any residents of this beautiful state. Everyone deserves someone to represent them during bankruptcy.