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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5 Responses

  1. I’ve Got The Gift Of GOODBYE says:

    I lost my job after my ex husband trashed my car out of revenge and have been sued 17 straight years now

  2. Matthew says:

    Hello again sir. I can also relate with what you said in the 2nd half of your video. I used to have a career several years ago and made 50k-60k a year but an injury prevents me from ever being able to do that line of work anymore. Now I can only get jobs make maybe $12/hr. All my bills were relative to what I was making. I did not budget my money well. I have no savings, no 401k, no safety net at all. My earning potential for the rest of my life will be in 20k a year jobs. It will take me months to save enough money to pay a lawyer. I'm living in poverty and I am afraid since I am already 4 months behind on my credit card bills and medical bills that by the time I would have the money for a lawyer that it would be too late because I would have judgements against me garnishing what little wages I do make and they would then go after anything that I would have in my checking account. I just don't know what to do. I really do understand why people take their own lives when in situation like mine. There is no more hope. I don't know if you have any recommendations? I'm very scared sir that it is too late for me. Thank you sir for making videos tho. You do a very good job and seem like you genuinely care.

  3. Matthew says:

    Hello sir. I work at major retail store. I make very little money & have no assets. One of the credit cards I owe money on is to the store I work for. Im 45 yrs old & I have some mental problems. I have no money after my rent. I even have to ration food or not eat sometimes. I'm in severe unsecured debt & have not been able to pay my credit cards & medical bills for over 4 months now. I have only been in this state for a little less than a year. I will be homeless in a few months when my lease is up here & will try to move back to California where I lived most of my life. I hope my parents my will allow me to stay with them while I get another unskilled job at low pay so I can save up enough money to hire a lawyer, this will take another several months with no payments to my creditors. I don't make enough money to pay rent & afford a lawyer at the same time. With my mental problems Im not capable legally defending myself. I read that the company you work for can not fire you for declaring bankruptcy UNLESS you owe them money, which I do. I will quit my job when lease is up in 3 months & drive back to California. It will be warmer there if I am homeless. If my parents will take me in they will not have this affect them in any way or I definitely won't be allowed there. To avoid them being involved can I pay them rent so their income would not have to be disclosed in the bankruptcy filing? I will have to quit my job here. Will that affect me (quitting my job)? If living with my parents if I pay them what I can afford in rent will that make it so they won't be involved? Can I talk to a lawyer in this state or do I call a lawyer in California where I am from?. I am sorry for all the questions & would very much appreciate if you could respond to me. I'm just in a lot of trouble and I don't know what to do. I was in a hospital because I tried to end my life because of this and now have hospital bills too that I can not pay. Thank you sir. I hope you have a good day. You seem like a very nice man.

  4. STEVEONLI says:

    Thank you for this video series.

  5. KENNETH WHITE says:

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