You Have the Choice to Take Back Control of Your Financial Future.

As unemployment climbs, debt relief might be right for you

On Behalf of | Jan 20, 2021 | Chapter 7 Bankruptcy

The current state of the country has taken a toll on working families in the Miami metropolitan area. In fact, just recently first-time unemployment claims in Florida more than tripled, making it the highest number of weekly claims filed in nearly six months. The pandemic, of course, is the main driving force behind these layoffs even though businesses are mostly free to remain open. Consumers remain skeptical to engaging in business as usual, which has resulted in continued unemployment problems, especially in the dining and hospitality industries.

Are you facing economic woes due to being laid off?

There’s nothing good about being let go from your job. It takes away your stream of income at a time when you might be struggling with more debt. While unemployment benefits might help you to a certain extent, they might not be enough or they might run out. This can leave you in a dire financial predicament. While you’ll certainly want to continue to look for income to help provide some financial stability, you might have debt relief options at your fingertips that can help alleviate some of your debt burden.

Is Chapter 7 bankruptcy right for you?

If you’re struggling to pay certain debts, such as those pertaining to credit cards and medical debt, then using your unemployment benefits or struggling to chip away at them with a low-paying job might not be worth the effort. A better option for you might be pursuing personal bankruptcy, such as Chapter 7. Chapter 7 bankruptcy allows you discharge many debts after some of your assets are sold to pay off creditors as fully as possible. While that might sound daunting, you shouldn’t worry. This type of bankruptcy ensures that you’re left with a certain number of assets to have financial stability even after your bankruptcy is finalized.

Know you options and choose the one that is right for you

Struggling with unemployment and insurmountable debt at the same time can be completely overwhelming. Fortunately, you have a lot of options at your disposal to find relief. To learn more about them and aggressively pursue the one that is right for you, you might want to speak with a bankruptcy attorney of your choosing.


Kingcade & Garcia | A Miami Law Firm