Illinois Job Loss Bankruptcy Attorney
Debt Relief After a Sudden Job Loss
Michael J. Logan, Ltd. · Springfield, Illinois
More Than 3 Decades' Experience as a Bankruptcy Attorney
Call 866-258-6719 or E-Mail
If someone in your family has lost his or her job — or has suffered a serious cutback in hours — it is time to think long and hard about short-term and long-term financial survival strategies.
Too many families end up in financial crisis because they ignored the obvious after a job loss and continued spending outside their means.
There are many options for handling the loss of regular income that comes with a sudden job loss. Some are short-term solutions and other strategies may make life easier in the long-term.
The most important thing to keep in mind is that you are not alone. There are options. And, you can get help as you try to make the best decisions for yourself and your family.
Consider All Alternatives, Including Bankruptcy
An unexpected job loss may present only short-term difficulties. Perhaps a new job will be easy to find. In many cases, however, people who lose their jobs find the job-seeking process to be difficult and find that it takes longer than they anticipated to find new employment. In the meantime, what options exist to replace lost income or lower expenses?
- Unemployment insurance may be available. Talk to your employer or your local office of the Illinois Department of Employment Security.
- Talk to your credit card or student loan companies about a hardship forbearance or deferment. Some companies will allow you to suspend monthly payments due to unemployment. It is best to begin this negotiation process before these companies begin formal debt collection procedures.
- Consider personal loans or second mortgages. Think carefully, and obtain sound financial advice, before using loans to cover your expenses during a period of unemployment. If you aren't sure that you'll be able to pay back the loan and manage your existing expenses — a loan may not be the wise approach.
- Consider refinancing your mortgage to lower your monthly payments.
- Consider selling your house, either via a short sale or a normal sale, to get rid of a mortgage payment and avoid foreclosure.
- Consider filing for bankruptcy.
Bankruptcy as an Option to Deal With Job Loss
Depending on the timing of your job loss, bankruptcy may actually be the wisest way to respond to a sudden and unexpected loss of wages. Through a bankruptcy petition, you may be able to keep your home without being threatened with foreclosure. You may also be able to create a debt repayment plan that is manageable with your family's limited finances.
At the Springfield, Illinois, law office of Michael J. Logan, Ltd., we have guided Central Illinois residents through the bankruptcy process for more than 35 years. If you or another family member is unemployed, you can get legal and financial advice from an experienced lawyer. We will help you understand all options open to you — including bankruptcy. We will never force you into a decision to file a bankruptcy petition. Nor will we judge you if you decide that bankruptcy is the route to take.
Instead, you will find our office to be welcoming and nonjudgmental. Our law firm is a place where you can get honest advice from a lawyer who understands the ins and outs of the bankruptcy code and can tell you the pros and cons of a bankruptcy petition given your specific circumstances.
Fill out our confidential case assessment to get a private evaluation of your financial situation. Or call toll free 866-258-6719 to schedule an in-person or telephone appointment with attorney Michael J. Logan.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.