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Common Concerns & Questions About Bankruptcy

Unemployment could be the cause behind Chapter 7 bankruptcy

| Jan 19, 2018 | Chapter 7 |

We have all had that friend, family member or co-worker who was suddenly let go from their job. It can be a shock, both emotionally and financially. Sometimes, despite a person’s best efforts, it can cause a term of unemployment. With many people living paycheck to paycheck to begin with, a bout of unemployment can have catastrophic consequences.

These consequences can include crippling debt due to an inability to bring in income to pay outstanding debts or other financial responsibilities. Most people require a paycheck in order to pay their bills and support their family. So, understandably, a lack of income can cause everything to go awry. Chapter 7 bankruptcy can help to wipe the financial slate clean and start again.

At the Law Office of Gordon Mosley, we have helped countless clients break the cycle of debt and start fresh. Many Tyler residents have found how liberating a bankruptcy agreement can be and have taken advantage of the opportunity to get their finances into a more manageable position. Each personal bankruptcy situation is different and thus there are different bankruptcy options to suit a variety of circumstances. While bankruptcy can have pros and cons, for many the pros outweigh the cons associated with filing for Chapter 7 bankruptcy.

Thinking about your own financial situation, is it out of control? Do your debts control your life? It may be time to get your finances under control with a bankruptcy solution. Find out how bankruptcy can help to absolve or consolidate debts into a manageable financial situation that may have been brought on by a bout with unemployment.