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Bankruptcy And Job Loss | Missouri Bankruptcy Lawyer

The recent recession has taken its toll on American workers. The nationwide jobless rate is 10 percent as of November and 15.4 million workers have been reported unemployed by the US Labor Department. In addition, payrolls have been down for the last 23 months. All in all, millions have lost their jobs and millions more are being paid less than just two years ago.

In some cases, those who lose their jobs and can’t find new ones are watching their unemployment run out and their bills pile up. With mortgages, car payments, medical bills, children to raise, and other monthly financial obligations, it can be impossible to keep your head above water without your regular paycheck.

It follows that a significant number of people are petitioning for bankruptcy in the wake of losing a job. After emergency funds run out and a long job search yields nothing, bankruptcy is a viable option that could save your house and stop the creditors from calling. In fact, bankruptcy laws were created in order to help those in dire financial troubles especially during tough economic times.

Unfortunately, economists predict that jobless rates and a tough job market will continue for some time – possibly years. This, coupled with the poor housing market and other recession woes could make bankruptcy the best option for any number of families affected by the tough financial times. If you are unemployed and struggling to pay your bills, the best way to know if bankruptcy is right for you is to review your financial situation and speak with an experienced bankruptcy lawyer.

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