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When you are living directly off of your paycheck or don’t have a lot of savings, being laid off from your job – even temporarily – can be devastating. If your Texas employer has reduced its staff (including your position), you may be exceedingly stressed about keeping up with bills, your mortgage, credit card bills, taxes, and/or car payment. You may just be left wondering how you are going to get through this difficult period of time.
Become Extremely Money-Conscious
If you don’t have the finances to pay your debts, your creditors will eventually take action against you in order to get paid. This could be anything from repossessing your car to foreclosing on your home, to filing a lawsuit against you for payment. While this is very overwhelming, the first thing that you may want to think about is how to bring in more money, while spending less. How can you do so? The following things may help:
- Pay attention to where you are spending your money. Are you eating out five days a week, buying an excess of produce that goes bad, or taking extra long hot showers?
- Reduce your spending. After paying more attention to where your money is going, you can then begin to figure out areas in which you can reduce your spending. If you’re eating out too much be sure to cook at home, if you are buying too much produce that goes bad, plan out your meals ahead of time. Can you cancel any unnecessary subscriptions – even temporarily?
- Only spend on necessities. Unless you truly need something. Sure we all like nice things, and sure we all want to improve what we have over time. But if you can make do with the same TV, couch, and car that you have, now probably isn’t the time to spend on something new.
- Look for work wherever you can. Even if you can’t find a full-time job, maybe you can find a couple of part-time jobs while you continue to look. Sites such as Indeed and Monster may be a good place to start. Now isn’t the time to be picky.
- Exhaust your resources. There are many ways – especially in today’s world – to find assistance available to those who have been laid off from their jobs. Make sure that you explore as many resources as your can.
Even after you are able to save your dollars and make additional income, even after you have been offered a new full-time job or even your old job, it may still be too late to pull yourself up out of the financial crisis that you have found yourself in.
Luckily, there are options for debt relief. A knowledgeable and compassionate attorney can help to walk you through each step of the process for filing for bankruptcy in order to obtain a partial or complete discharge of your debts.
Toronjo & Prosser Law Helps Those Who Are Dealing with Bankruptcy
It’s undoubtedly stressful to realize that you don’t have enough money, and even more stressful when you realize that filing for bankruptcy may be your best option. That’s why it’s so important to consult with a qualified and experienced Dallas bankruptcy attorney. At Toronjo & Prosser, our qualified Texas Bankruptcy Attorneys can help you to navigate the process. To learn more or to schedule a free consultation contact us online or call us today!