Should You File Bankruptcy After Losing Your Job

Losing your job can be a very unsettling experience, especially if you have family financial obligations and a lifestyle to maintain. However, bankruptcy may not be your best move, at least right away.

As I discuss in this video, a job loss should prompt you to evaluate your #budget, long term debts and realistic job prospects. Bankruptcy, whether Chapter 7 or Chapter 13 assumes a certain degree of stability. If you file bankruptcy with the assumption that you will be re-employed quickly at the same level of income, or if you file with the assumption that you will be out of work indefinitely, and your assumptions are incorrect, you could end up wasting time and money and possibly put your assets at risk.

A better plan is to reduce your monthly expenditures as much as possible, talk to your creditors to buy time and aggressively approach the job market. Within two to four months you will have a much better idea where you stand and you can evaluate the #bankruptcy options more clearly. #chapter7bankruptcy #chapter13 bankruptcy #atlantabankruptcyattorney #jonathanginsbergattorney

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Jonathan Ginsberg
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