' Filing Bankruptcy While Unemployed - Law Offices of Robert M. Geller
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Why Filing for Bankruptcy During Unemployment is Beneficial

If you’ve recently – or not so recently – lost your job, you are not alone. The economy has been stagnant for some time and many people who are out of work have been searching for employment for a long time. Many have even given up their search, realizing they’ll never find what they need to make ends meet.

Chances are, no matter how long you’ve been unemployed, you’ve felt the strain of financial woes and possibly even stretched yourself too thin when it comes to debt. The good news is bankruptcy is a tool you can use to create a better situation and alleviate some of your worries. Bankruptcy won’t find you a job, but it can help you manage your debt while you continue to search.

Filing During Unemployment

You might be tempted to postpone filing for bankruptcy until you get a job. After all, it costs money to file, so wouldn’t it be better to wait until you have some income to file?

It’s true, you’ll need to pay to file, but it’s also true you have limits when it comes to filing for bankruptcy. In order to quality for Chapter 7 bankruptcy – the kind that allows you to discharge the bulk of your debt – you need to have limited income. And there’s no more of a limited income than not having a job. Waiting until you are employed again could result in your income being too high to qualify for Chapter 7, which is a simpler process and costs you less than Chapter 13.

To learn more about whether you qualify for Chapter 7 bankruptcy, check out information about the bankruptcy Means Test here.

Making Bankruptcy a Priority

If you are unemployed and you are dealing with a mountain of debt, filing for bankruptcy should be one of your main priorities. It’s best to do it before things get too out of hand because you’ll need to pay to file and to pay for an attorney’s assistance. The best thing you can do is view bankruptcy as an investment in your future – you’re taking a step that will help you get back on your feet and be part of your own personal financial recovery.

Eliminating your debt and all of the stress it brings is a move in the right direction, and can actually make it easier to focus on your job search without so much anxiety hanging over your head.

Bankruptcy: Good for All

It might come as a surprise to learn that your personal decision to file for bankruptcy could actually improve the economy overall. Granted, you filing isn’t going to completely turn things around and a recovering economy comes from a mix of several things. However, by eliminating your debt and moving toward more financial security, you’ll be participating in the economy sooner than if you continued to drown in debt. It’s a small benefit, but a benefit nonetheless – and should help you feel better about filing for bankruptcy.

If you would like to know more about bankruptcy and why it’s a great time to file when you are unemployed, we can help. Contact the Law Offices of Robert M. Geller at 813.254.5696 to schedule a consultation or to speak to someone about beginning the bankruptcy process.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Can You Cancel a Bankruptcy?

Bankruptcy is an option that can save individuals and businesses from financial ruin. However, the process can be a long...
Read More

Does Bankruptcy Clear Child Support Arrears?

Bankruptcy is a legal process that provides relief to individuals who cannot pay their debts. One common question among individuals...
Read More

Is Alimony Dischargeable in Bankruptcy?

One of the biggest concerns that people have when considering bankruptcy is the effect on their financial obligations, including spousal...
Read More

Should You File Bankruptcy Before or After Divorce?

Marriage and finances can be a tricky combination. Timing is also an issue when it comes to filing for bankruptcy....
Read More

What’s Better Bankruptcy or Debt Settlement?

The idea of being trapped in debt can be overwhelming and all-consuming. Financial struggles can happen to anyone through no...
Read More

Can I Keep One Credit Card During Bankruptcy?

The decision to file for bankruptcy is never easy. People considering this option often struggle with financial stress, debts, and...
Read More

How Does Inflation Affect Credit Card Debt?

Credit card debt can be overwhelming. This is especially true during times of inflation. What is Inflation? Inflation is a...
Read More

Can Personal Bankruptcy Affect My Business?

If you’re a business owner considering filing for bankruptcy, it’s important to understand how this decision impacts your business. From...
Read More

Can You File Bankruptcy with Money in the Bank?

Bankruptcy is a serious decision and has major consequences on your credit as well as your overall financial situation. If...
Read More

Will Declaring Bankruptcy Affect My Spouse?

Are you considering declaring bankruptcy? Are you married? If so, you may be wondering how it will affect your spouse....
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions