Bankruptcy & Job Loss

Bankruptcy and Job Loss: Attorneys in Maui

Unemployed? Struggling with Debt? We Can Help!

Many people unfortunately lose their job. This is all too common in the world. No matter how hard you work, and even if you are a model employee, there are times when 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. 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 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 in Maui. 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.

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 for basic amenities such as:

• Food
• Rent/mortgage
• Bills
• 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 lifestyle. 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 be able to pay the loan off fast? Then a loan may be a good option for you. The problem is, that 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 that 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.

Bankruptcy

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 qualify for.

Chapter 7

If you must file for Chapter 7 bankruptcy, then your 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.

Chapter 13

If you have a certain level of income, and we can argue that you meet the requirements 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, PC, Attorney

If you think that you may be nearing bankruptcy, then it is time to call Blake Goodman, PC, Attorney. Our firm can assist you during a time when 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.