What to Do When Your Employer’s Losses Hurt Your Own Finances
Every day, companies go under. From small, family-owned businesses to large corporations, the effects trickle down to everyone involved.
Bearing the Weight of Corporate Cutbacks
For example, a friend of mine works for a struggling medium-sized company. She recently received a notice from her employer that all life insurance benefits were being cut.
They didn’t mean to hurt their employees; they were trying to cut back on something other than pensions. But that doesn’t make the news any easier, and it makes everyone nervous.
For the people working further down the ladder, corporate losses can feel like they come out of nowhere. Suddenly workers can lose their retirements, health benefits, and ultimately, their incomes. And there’s almost nothing they can do about it, no matter how many years they’ve been with the company.
The Domino Effect of Losing an Anchor Client
Here’s a more specific problem I see: Many small businesses rely on 1-2 anchor clients. But if 75% of your business is with one client, what happens when that client goes out of business or decides to use a different company?
Suddenly the smaller business is in serious trouble, and so are all of their employees and contractors to whom the company owes money.
Help When Your Employer Can’t Pay the Bills
These are some of the biggest reasons hardworking Americans come to see me every day at my Memphis bankruptcy firm. Sometimes they’ve done contract work and haven’t been paid in months. Sometimes they’ve lost their jobs or even their whole companies.
As a result, they have to rebuild from scratch. They worry about losing their home or car, or about the credit card debt they’ve had to accrue that they can’t pay off.
These tragic business losses can be unavoidable sometimes, but fortunately there are laws to help you recover. For some people, bankruptcy might be the best option. It can help you keep your house and car and protect you against lawsuits over your debt.
If you can relate to any of this, perhaps it’s time to figure out your options. Contact me today. The conversation is free, no strings attached.