Has job loss left you in a difficult financial situation?

A number of events can turn your life on its head in an instant. For example, you may have felt steady and secure in your career choice only to find yourself facing unexpected job loss. Now, as you stare down unemployment, you worry about your financial situation.

This worry is understandable because, without a steady income, you could get behind on your bills, find yourself unable to purchase basic necessities and otherwise overwhelmed financially. Fortunately, you can take steps to lessen the negative impacts that unemployment may have as you search for a new job.

What can you do?

After learning that you have lost your job, you may want to take some time to simply dwell in the negative feelings that this situation has caused. However, dwelling for too long without taking action may only make your circumstances worse. Instead, you may want to take a proactive approach with the following steps:

  • Create a budget to help you manage your spending while you go without an income.
  • Prioritize your bills and make at least the minimum payment on those that are most pressing.
  • Contact your credit card companies to request some leeway on your bills by explaining your circumstances. Many companies are willing to work with customers who are facing financial hardships.
  • Determine whether you may qualify for any government benefits programs while unemployed.
  • Work on your resume to make it more appealing to future employers.
  • Avoid taking on any new debt that could make your financial situation more precarious.
  • Cut back on unnecessary expenses where you can.

Of course, you also want to start looking for a new job as soon as possible. Even if you have experience and desirable skills, it is not easy to find new employment. The process could take much longer than anticipated.

What if your situation gets out of hand?

Unfortunately, despite your best efforts, your financial situation could easily become unmanageable. Your debt may continue to increase, and you may find yourself relying on credit cards just to make basic purchases. As a result, your job loss could put you in need of serious debt relief.

On the bright side, various debt relief options could help you get back on track. In particular, bankruptcy may be an option worth your consideration. Though it may seem disheartening to consider such an option, it is one that often offers the most help. Discussing your situation with a Tennessee bankruptcy attorney may help you feel more at ease.

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