One of the leading reasons that individuals consider filing bankruptcy and moving forward with filing for bankruptcy is job loss, according to research published on Investopedia. Whether your job loss situation is due to your own decision to leave the position or the company’s decision, suddenly losing your income can be catastrophic.
This is particularly true if you do not have an emergency plan already in place. Many individuals in this process go through the use of credit cards to help support them for their necessities and regular purchases during the short term. Many people do not have money set aside for an emergency, meaning that losing your job can be very troubling and frustrating.
Although this might seem like your only option, credit card debt can quickly mount and become impossible to keep up with. If you are currently struggling to make the minimum payments on all of your credit cards as a result of a job loss, then know that you are not alone and that you do have options including bankruptcy. Bankruptcy may be the only way to discharge a significant amount of debt accumulated after a severe financial situation associated with the loss of your job.
Consulting with a New York bankruptcy attorney as soon as possible may be the best way to determine the right thing for you to do moving forward. Having advice from an expert and someone who can tell you more about how the bankruptcy process works in New York can help you determine what is best for you. Making an informed decision as it relates to bankruptcy could help you get the fresh start you need to move on with your life effectively.Â Job loss happens to many people, and you should not feel alone if you find yourself in this situation. If you are considering bankruptcy, then contact the law office of Jayson Lutzky, P.C. Mr. Lutzky offers free in person consultations for those considering personal bankruptcies. Call 718-329-9500 or visit www.MyNewYorkCityLawyer.com to learn more about Mr. Lutzky