With all the residents in Richmond, Virginia that have gone bankrupt, business owners may be facing the same scenario themselves. Most bankruptcy lawyers in Richmond understand that a lay-off is probably one of the most difficult times in your life. Most of the time, you don’t know what you’re going to do next or how you’re going to cover your bills.
It’s an especially frightening position for someone if they were already struggling to pay off debt. Those who have suffered a lay-off these days are faced with a slow economy rebound, often without much in the way of opportunity. Many workers are forced to accept lower-paying jobs that cover only the bare necessities, but don’t allow repayment of current debt.
When facing situations like these, you basically have one or two options, you can continue struggling to make ends meet, tap into your pension or you can contact a qualified local bankruptcy attorney to get a free consultation. Most people either continue struggling or opt for using up their savings accounts before resulting to bankruptcy.
An Alternative to Tapping Your Pension
Before you are tempted to use up all your savings and start dipping into retirement or pension funds in order to maintain debt payments, give us a call. We can talk over your options for filing a Chapter 7 Bankruptcy. Although, it won’t give you an income, it will allow you to erase almost all of your outstanding debts and give you the opportunity to adjust your budget to fit your new circumstances. The other possibility is: if you do have a job, but it’s not as good as the last one, is filing Chapter 13. It will allow you to reorganize your debts and pay off smaller amounts over a period of time.
Every case is going to be different, so it’s important you meet with an experienced attorney who can work out the best plan for you.