Underemployment

While the recession of 2008 is over and many Americans are finding work again, underemployment has become a significant factor. Many workers have been forced to accept a job with a salary that cannot sustain their lifestyle. When the “fluff” of your spending has been extinguished and you are now simply trying to keep your home, your car, and food on the table bankruptcy may be your only feasible option.

There has always been a negative thought process regarding bankruptcy, yet filing for bankruptcy is not always due to a person’s lack of judgment or an overabundant lifestyle. For many, underemployment occurs when they do have a job but the income is not stable, consistent, or enough to pay off debts and things they need to survive. Both Chapter 7 bankruptcy and Chapter 13 bankruptcy offer benefits to those who find themselves in a place of underemployment. 

Chapter 7 Benefits:

  • You can typically keep your car and your home
  • Continue to make payments toward car and home; payments can often be reduced in monthly payment and payment period extended
  • You can keep paid-for items such as furniture, car, clothing, etc.
  • Once bankruptcy is completed, unsecured debts such as medical bills and/or credit card debts are discharged. 

Chapter 13 Benefits:

  • Stop foreclosure
  • Stop car repossession
  • Time allowed for you to catch up on past due payments for your car and/or home
  • Wipe out a portion or all of credit card debt and/or medical bills
  • Consolidates bills into a payment plan

While bankruptcy has the reputation of being only for those who wasted away their money and were irresponsible, bankruptcy needs to also be viewed as a means to help those who are underemployed or unemployed. Filing for Chapter 7 or Chapter 13 bankruptcy can relieve your financial stress. Contact Gingold & Gingold, LLC, today. We are here to recommend a solution to get you back on the road to a positive financial future. 


Gingold & Gingold LLC
1718 Peachtree St NW, #385
Atlanta, GA 30309
(404) 685-8800