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Job Loss and Bankruptcy

  • Friday, March 28, 2014

    Out of Work? Bankruptcy can Help

    On the road of life, there are bound to be speed bumps. But do you feel like your street has had nothing but bumps lately? Often, the loss of a job can result in insurmountable debt. Your credit card bills, mortgage statements and car payments once were reasonable expenses. But after losing a job, they have suddenly become impossible obstacles. This is the story of a client who came into our Arizona bankruptcy law office to speak to one of our attorneys just one short year ago.

    Surprise! You’re Fired!

    The economy has surprised more than one of us in recent years. People who have never been without a job are finding themselves experiencing the surprise of a lifetime, showing up to work only to find all of their personal belongings in a cardboard box on their desk.

    This exact scenario happened to our client. She had worked for the same telemarketing company for ten years. Her company lost an important contract because of the downturn in the economy, and they were forced to start laying off most of their workforce. Even though our client thought her job was safe because of her seniority, she showed up one day to a box on her desk.

    The Postman Cometh

    Our client wasn’t one to pay her bills late. In fact, she had never had a late notice in her life. She paid all of her bills the same day they arrived. But after losing her job, she quickly learned to fear the mailman.

    Without income or a severance package, she attempted to survive on unemployment. But it simply was not enough money to pay her bills. And once she depleted her savings, the late notices began to arrive.

    Bankruptcy: Her Last Resort

    After months of trying to find other ways to pay her bills, our client reached out to friends for help. She was too proud to take money from others, but she was running out of options. It was then that her mother suggested bankruptcy.

    She reluctantly came into our office and spoke with an attorney. Though she had her reservations, she quickly realized that bankruptcy could eliminate her credit card debt and allow her to focus on catching up on her mortgage and car payments.

    Our firm guided her for several months while she concentrated on catching up on her car and home. Our attorneys helped deflect creditor calls and threats of repossession, giving her enough time to get current on her mortgage and car so we could file her case.

    In a few short months, her credit card debt was officially eliminated. She no longer feared the mailman, and was no longer harassed by creditor calls. This allowed her to concentrate on her search for employment, and she found a job only a few weeks later.

     





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