Bankruptcy and the Unemployed

Unemployment can make a bad financial situation worse. And out-of-control debts can be a heavy emotional burden that can interfere with your job search.

But there are solutions for people with unmanageable debts. A Chapter 7 bankruptcy, for example, can completely eliminate unsecured debts (such as credit card bills, medical bills and personal loans) in as few as four months. Freed from the burden of having to deal with aggressive creditors, you will be able to focus your efforts on your job search and resuming your career.

Guiding You To A Brighter Financial Future

William H. Oliver, Jr. & Associates is a bankruptcy law firm that helps people obtain debt relief and a fresh start. With more than 35 years of experience in this field, we have the legal knowledge and financial skills that can guide you to a better future. Attorney William H. Oliver can review your situation and explain your options.

Some Important Facts About Bankruptcy For The Unemployed

Though your future may be unclear at this point, better days certainly lie ahead. These facts may be of some comfort as you decide if bankruptcy is the right solution for you:

It is usually better to file bankruptcy when you're at a low point — You have lower income when you are unemployed, meaning that the Chapter 13 repayment plan will take less of your income than it would if you were employed. Once you do become employed again, your monthly debt repayment will stay constant, providing you with significantly more income than if you hadn't filed bankruptcy.

Your unemployment benefits are exempt — Creditors cannot take this income from you during a bankruptcy.

Your retirement accounts are protected — Your 401(k) and IRA accounts, and any pension rights from a previous employer are exempt and out of the reach of creditors, though there is a cap of $1,245,475 for IRAs.

Few employers run credit checks — Even if a prospective employer does do so, you may be able to provide a persuasive explanation regarding the reasons for your bankruptcy. Chances are good that a bankruptcy will not adversely affect your career.

Contact A Bankruptcy Lawyer In Neptune And Toms River

To learn more about bankruptcy and the unemployed, and how we can help you get debt relief, contact William H. Oliver, Jr. & Associates. We serve clients in Monmouth County, Ocean County and elsewhere in central New Jersey.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.