Handling Debt After Job Loss

Organizing Your Finances After a Job Loss

Times are tough. Unemployment is a very real concern for many people. With job loss comes added financial stress. Which overdue bill should you pay first? How can you keep your head above water? Is bankruptcy an option?

At Bunch & Brock, Attorneys at Law, in Lexington, Kentucky, we understand the troubles our clients face after a job loss. In our more than 30 years of practice, we have witnessed many ups and downs in the economy. This experience has given us invaluable insight how to keep you afloat during rough times.

Attorneys at our firm are here to help you during a period of unemployment. They can assist you in making decisions that maintain your best interests while stabilizing your financial future. To discuss your situation with a knowledgeable lawyer, contact us at 859-254-5522.

Tips for Prioritizing Your Financial Obligations

Even when income stops after a job loss, the bills do not go away. You are still responsible for everyday living expenses, car payments and a seemingly never-ending array of credit card bills. Before considering a bankruptcy, filing, it may help to prioritize your financial obligations. Obvious priorities include:

• Paying family necessities like food and essential medical expenses
• Paying your mortgage or rent
• Keeping your utilities on to keep your home livable
• Paying your car payments and auto insurance
• Staying current on child support payments
• Paying income taxes

Defining Low Priority Expenses

Some bills and expenses may be a lower priority than others. Consequences for non-payment may not be as harsh or as immediate. These financial commitments may include unsecured debt or loans using household goods as collateral.

Debt collection efforts by creditors should not persuade you to move a debt up in priority. A debt collector is unlikely to provide good advice. Threats they make are not often followed through and can sometimes even be illegal. You make the choices about your debt, deciding what is a top priority and what can wait.

For questions regarding finances following a job loss or to discuss options for debt relief, contact Bunch & Brock, Attorneys at Law.