The economy has been a challenging one for many families in recent years, and many people are still feeling the effects of a less than fruitful job market. For the unemployed, daily living expenses become a huge burden and past due debts are simply out of the realm of payment possibility. The key to gaining control is knowing your options and taking action against your financial hardship.
Steps For Success
Many people say the solution to unemployment is to “just get a job”. The truth is that some people are overqualified for many of the available jobs and others aren’t experienced enough for those that pay what is needed to make ends meet. When employment challenges make paying for essential living expenses like housing, food and utilities difficult it can seem as though you have no options. Some turn to credit cards to fund these expenses, racking up much more in debt than they can afford to repay. But, what other solution is there?
First, don’t be afraid to ask for help. Borrowing from family is one solution, but not always a comfortable one to face. Local food pantries can help provide assistance and county housing authorities are also available to help support those in need. However, if your debt troubles extend beyond funding the necessities and you are dealing with the threat of foreclosure, repossession, eviction or harassing creditors, bankruptcy could be your better solution.
When you file for bankruptcy, you will be given a quick source of relief from such threats. In bankruptcy, you will be able to have many of your unsecured debts eliminated and some secured debts negotiated into a payment plan. One of the positives about being unemployed in the bankruptcy process is that you could be eligible for Chapter 7, in which much of your debt is discharged with ease. However, only an experienced Dayton bankruptcy attorney can help you determine if bankruptcy is a solution for you. Be sure you have help when navigating the bankruptcy process for debt relief.