05 Apr Unemployment Rates Top 8.5%
Jobless rates across the nation now top 8.5%. The are the worst numbers seen since 1983, and they are expected to continue to rise. NC and SC are said to be some of the hardest hit states, with February statistics showing 10% unemployment or higher.
Without a paycheck, armed only with hope that they will find employment soon, many people have turned to credit to try to make it until they find a job. However if / when they do find a job, the question will then become “will that job pay enough to pay off the debts used to house and feed their family accumulated while searching for the job?” The less debt you accumulate, the better chance you have of being able to do that.
While on limited income, it is important to prioritize what payments must be made, and what payments are skipped. Sometimes there are no good solutions, when someone simply doesn’t have the income to pay everything without going further into debt.
When faced with the choice of paying your mortgage, buy food or gas to get to work, keep your electricity on, or pay on a credit card you owe, what are you going to do?
Many creditors harass or threaten borrowers if payments fall behind, and many of these creditors are owed for loans, credit cards or medical bills. These types of unsecured debt collectors may not be able to do anything that will immediately affect the borrower, but you need to find out what they can do. If you find yourself without money to pay your monthly bills without getting further into debt, if you find yourself asking friends and family for help, or you find yourself wondering whether you should pay your house payment or pay a credit card company, you should talk to a good lawyer to find out what each of your creditors can do to you if you don’t pay.
Bankruptcy might provide a solution to help you get back on your feet again and reduce or eliminate debts if you are in over your head. But if you can make it through without getting further into debt, you might be able to avoid filing for bankruptcy at all. Consult an attorney for laws specific to your state.
Latest posts by Susanne Robicsek, North Carolina Bankruptcy Attorney (see all)
- New Bankruptcy Forms: Easier, Or More Problems? - January 20, 2016
- Forget about Bankruptcy - August 29, 2013
- After Chapter 7 Bankruptcy Discharge: Can You Take A 401k Loan? - March 13, 2013
- What Is A No Asset Bankruptcy Case? - February 13, 2013
- Bankruptcy Basics: When is Chapter 7 A Good Option? - January 13, 2013