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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.

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$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


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$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


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Pasco Office

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





Maps & Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.