At this time a few months ago, you were very happy with your finances. You were carrying a few thousand dollars in debt, but you had also gotten a wonderful job that made making payments (and payments of more than you owed) possible.
Then, you went to work one day and saw a notice on the door. Your employer went out of business, and you were all fired. There was no warning.
You had a month of savings, but you weren’t able to find a new job that quickly. Even when you did, it didn’t pay what your old job did. Now what do you do? You’re swimming in debt, and you’re missing payments.
Bankruptcy can be a good choice for people in your situation. You didn’t plan for things to go badly, and you had a savings in place. Though you had debt, you had been making headway on eliminating it. Needing help now isn’t a sign that you weren’t careful enough or that you made bad decisions. Losing a job, suffering from a medical emergency and other sudden changes affect people all the time.
If you are dealing with debt that is overwhelming and hard to manage, then Chapter 7 bankruptcy could be right for you. Since you’re not yet working and can’t pay what you owe, liquidation bankruptcy could be the right choice. It will help you stop calls from collectors and help eliminate the debts that you have so that you can start over on firmer financial footing in the future. Our website has more on what you can do if you’d like to seek bankruptcy and think you may qualify for Chapter 7.