In part 4 of this series we discuss job loss which is the second most common reason for filing bankruptcy. Each day, thousands of workers leave the workforce due to layoff, termination or resignation. Equally devastating to losing your job is the loss of income. Many are forced into borrowing money or using credit cards to pay for essential bills.
The loss of insurance coverage and the cost of COBRA insurance also drain the job seeker’s already limited resources. Those who are unable to find similar gainful employment for an extended period of time may not be able to recover from the lack of income in time to keep the creditors at bay.
Are you overwhelmed by the burden of excessive debt due to a recent job loss? If so, contact a Bankruptcy Attorney at 636-724-3355 or visit us at www.bankruptcysolo.com to schedule your no-cost consultation with an experienced bankruptcy attorney.
Bankruptcy is not an indicator of financial failure. In fact, according to the Institute for Financial Literacy, frequent causes of financial distress, which ultimately leader to bankruptcy, include unexpected expenses (56 percent), reduction in income (65 percent), job loss (43 percent) and illness/injury (31 percent). You should not feel ashamed about your financial situation, nor should bankruptcy be viewed as an admission of failure. For many, bankruptcy is the most appropriate option for achieving relief from overwhelming debt. Contact The Wibbenmeyer Law Firm, LLC today to schedule a free, no-risk consultation to understand your options and determine if you qualify for a bankruptcy. Take your first step to a fresh start. The Wibbenmeyer Law Firm, LLC is conveniently located in St. Charles, Missouri. 636-724-3355 / www.bankruptcysolo.com.
Brandee D. Iannelli
St. Charles and St. Louis Bankruptcy Attorney
St. Charles and St. Louis Missouri Bankruptcy Attorney