On August 1st, 2021, Louisiana stopped paying the $300 per week unemployment insurance supplement, and many people have seen a significant drop in their monthly income as a result.
Without this pandemic relief program, you may wonder how you’ll pay your bills. Consider all your options to determine a solution that helps get you back on your feet.
Evaluate your finances
The pandemic led to decreased earnings and job losses, and many Americans are still waiting for their unemployment payments. Lack of sufficient income may have caused you to incur debt, leaving you with few options for financial stability.
Assess your situation:
- Are your bills more than your income?
- Is your house in danger of foreclosure or are you facing eviction?
- Are creditors suing you for debt repayment?
- Have you received a repossession notice for your car?
- Do you pay your credit card bills with other credit cards?
- Will you need to withdraw money from your 401(k) to pay your bills?
File for bankruptcy
When you become overwhelmed with debts, bankruptcy can help reduce or eliminate obligations. It can enable you to find a path to financial relief through debt reorganization or discharge. This legal process allows you to halt repossession and foreclosure efforts and stop creditor harassment.
Get your finances under control
Filing bankruptcy provides a way to recover from staggering debt. It is your right under federal law and allows you to reassess your budget and create a more stable financial plan. This legal option can give you the breathing room you need to take control of your finances once again.