Finding out that you’ve lost your job can bring a lot of worry and stress in your life. Some people are ready for it – they’ve saved up their money and have enough to live off of comfortably until they find a new job. However, others may not have been able to save up enough, or any at all, either due to bad spending habits or things going on in their lives.
This situation is playing out in Tunica as Harrah’s is closing. Caesars Entertainment Corp., which is financially strapped right now, will shut down the casino and the accompanying high-rise hotel on June 2, leaving 1,200 workers in need of jobs.
Here at Darrell Castle & Associates, we don’t endorse gambling and urge you to gamble with caution if you feel inclined to partake in the activity. However, we do endorse a strong job market in Shelby County and many Shelby County residents work in Tunica.
“It is going to affect a lot of people and not just in Tunica or Tunica County, but the whole Mid-South area. I don’t know what the number is but that many people would lose their jobs and they are not all from Tunica. They are from Desoto County, Shelby County and the entire Mid-South area,” Chuck Cariker, Tunica’s Mayor said.
If you’re a Harrah’s Tunica employee, it’s time to take this closing seriously. The date has been set, so you know how much time you have to not only find a new job, but start saving some money if you haven’t already. With today’s job market, there’s no guarantee a sufficient job will reveal itself quickly, and you need to be prepared.
This also isn’t the ideal time to be in debt. If you’ve borrowed a lot of money knowing you can pay it off in the future because of your job, well that job is about to be gone. It’s time to make smart financial decisions and rid yourself of that debt. If you find yourself in a hole, first stop digging. If you are just covered with debt, you don’t have to live with it.
By filing for bankruptcy, you can either discharge your debt through a Chapter 7 or lump all of your debt into an affordable payment plan through a Chapter 13. By doing so, you’ve gotten yourself out of the hole and now have a fresh financial start and a great opportunity to rebuild and become more flexible financially to withstand unexpected events like a temporary loss of job.
However, after the bankruptcy process ends, how strong you come out of it financially depends on how much work you’re willing to put in and what kind of attitude you’re going to have. Bad spending and bad saving got you into this situation, so good spending and good saving will help you avoid it again.
We also have a great 14-week program that will help you called “7 Steps to a 720” that will teach you how to re-establish and rebuild your credit the right way by revealing secrets the credit card companies don’t want you to know.
If you have any questions or if you’re considering filing for bankruptcy, give us a call today at (901) 327-2100 or fill out the “Get in Touch” form below. One of our experienced Memphis bankruptcy attorneys will be happy to discuss your situation with you, free of charge.