Nothing is certain, but when the economic climate of the country becomes rocky, it is understandable to feel nervous about the future. For many, this may mean worrying about their vacation plans or their retirement. However, if you are already struggling to pay your debts, you may have more immediate concerns.
A job loss, even a temporary layoff or furlough, can be a devastating blow to a delicate budget. If your Texas company recently reduced its staff, you probably have very real fears for your family’s well-being, especially if you are falling behind on debts such as your mortgage, car payment, taxes or credit card bills. Like many these days, you may wonder what you can do to get through the hard times.
Doing whatever you can
If you are unable to pay your debts, you probably understand that eventually, your creditors will take action. This may mean repossessing your vehicle, filing a lawsuit for payment or starting the foreclosure process on your home. Your first concern may be to find a way to bring more money in while avoiding spending money carelessly. To meet this goal, you may try some of the following steps:
- Become conscious of where your money goes. Are you eating out, buying groceries you never use, or needlessly running up electricity and other utilities?
- Make some tough decisions about where you can reduce spending. Can you cook meals at home, give up subscriptions or make other sacrifices temporarily?
- Put a stop to unnecessary spending. Will your current TV, game system, furniture and devices carry you through this brief time of struggle?
- Find a job to tide you over. Are you willing to take part-time work while you look for a new job or until your old job re-opens?
- Look for assistance. Have you explored the many resources available to help laid-off workers through difficult times?
While it may seem like a lonely time, you are not alone in your struggles. Nevertheless, your main concern may be that any steps you take now will be ineffective bandages on your financial crisis. Even after you are back at work, the time when you had no income may result in irreparable damage to your already fragile debt situation.
Fortunately, you have options for seeking debt relief. A compassionate attorney can walk you through the process of filing for bankruptcy debt relief with the goal of achieving a partial or complete discharge of many of your debts. Reaching out to an attorney as soon as possible will help you obtain the immediate benefits of a bankruptcy claim.