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Take a Breath

If you have ever lost your job, you know that the reason you are unemployed is irrelevant when it comes to feeling anxiety over the uncertain financial future you are facing. Even if you have an emergency reserve, the odds are it is not as big as you now wish it would be and you feel guilty for even the most minor purchase. The tension all this is causing radiates into your family life and you find yourself “short-fused” towards the ones you care for the most. 

 

It may seem premature to consider a bankruptcy consultation at this point. After all, you're still optimistic you will find a new and better job and it will all get resolved. The odds are you'll experience some long term financial distress before you secure that new and improved job. How you deal with that distress and the choices you make now may prove significant in the future, even if the goal is avoiding bankruptcy. 

 

Take Action

The first step to surviving unemployment or underemployment is budgeting and disclosure.  It is important to be aware of your monthly commitments: installment payments (mortgage and auto notes), adjustable, but necessary spending (food, gasoline, utilities, out of pocket medical) and adjustable, non-necessary spending (laundry, recreation,  yard care) and allocate your resources accordingly.  Once you have established a budget that will either maximize you reserve or work with your reduced income, it’s time to disclose it to your dependents. 

 

Consult an Attorney 

Surviving unemployment or underemployment is a joint effort from you and your dependents, especially the younger ones, who may not understand the situation at this time. However, how you handle this may prove to be a life lesson they will remember and admire in the years to come. 

 

I encourage you to schedule a bankruptcy consultation with me within the first weeks of your unemployment to discuss your options and hopefully minimize your anxiety.