Maybe you missed too much work to stay at home with a child battling an ongoing illness, or perhaps your unreliable car meant clocking in late one time too many. Maybe, through no fault of your own, your company had been struggling and was forced to restructure their employees, laying off dozens, hundreds, even thousands of workers. Or perhaps technology simply rendered your job obsolete. No matter the circumstance, you’ve found yourself unemployed. What now?Hopefully you’re entitled to receive unemployment, which could help you pay your bills and living expenses until you find another job. But sometimes, our own thoughts can get in the way of returning to the workforce. You might be thinking your job will come back or your business will spring back into profitability, when this might be wishful thinking, at best.

Should I take a lower-paying job?

You might have lost your job, but did you lose your debts along with it? I’ve never heard of such a case, folks! If you’re having trouble finding a new job at the same level of pay and prestige as your old job, should you consider taking a lower-paying job at a lower class of work than what you were used to? The answer is, simply put, yes. If that’s what you have to do to make ends meet and pay the debts you owe, then yes. You can always continue watching the job boards online or in the community to find a higher-paying job that makes full use of your skills, but for now, take the lower-paying job to get back in the workforce.

This advice is, of course, contingent upon finding a new job in the first place. What happens in the event that you cannot find another job?

Consider an Experienced Memphis Bankruptcy Lawyer

If you find yourself jobless and are having trouble paying your debts on unemployment alone, consider a Chapter 13 bankruptcy. A Chapter 13 will usually allow you to keep your house and your car with a much reduced payment on your overall debt. A Chapter 13 allows you to consolidate your credit card bills, making your monthly payments much smaller and more realistic while you depend on unemployment. And yes, you can fund your Chapter 13 with unemployment compensation. Make sure you call an experienced Memphis bankruptcy lawyer to help you file your Chapter 13.

However, if you find yourself jobless and unemployment has run out, you might consider a Chapter 7 bankruptcy. With a Chapter 7, you can discharge your dis-chargeable debt, like your credit card loans, medical bills, etc. You can use a Chapter 7 bankruptcy as a powerful financial tool to reduce the burden of your debt while you work to get back into the workforce and to get your life back on track.

If you find yourself in this position, you need the advice of an experienced Memphis bankruptcy lawyer. My team of lawyers and I are here to help you. Call 901-327-2100 today for a free consultation.