Being laid off from your job can be disheartening and financially stressful but it does not have to be. You have multiple options for bouncing back after a layoff. Exploring what steps you can take to recover from layoff may help you secure your finances and rebuild your career. Feel free to reach out to a Chattanooga bankruptcy lawyer if you have questions or concerns about your finances after being laid off.
Initial Steps After Layoff
The initial steps after layoff are important for securing your financial future. One of the most important steps during this phase is budgeting. If you have already saved between six months and 12 months of income, then you are already ahead of the recovery process. However, money can disappear fast when you have bills and no income.
This is why budgeting is crucial for almost anyone who has just been laid off from work. Budgeting will keep your finances secure until you find a new source of income. What budgeting involves is calculating your total monthly expenses and asking yourself which costs you can cut to save money.
Remember, this is a temporary measure until you find a new job. Cutting unnecessary expenses now could mean the difference between falling into a financial crisis and financial recovery. However, if your finances are low, applying for unemployment benefits until you find new work might be necessary to keep paying bills.
Do not hesitate to ask your former employer about benefits. Some employers offer multiple benefits for being laid off like insurance coverage, your final paycheck, severance pay, 401k contributions, and job placement assistance. These benefits may not only help with paying bills but may also help with finding a new job.
How a Lawyer Can Help You Bounce Back
Working with a financial lawyer can be helpful when you are not sure what to do after being laid off. A lawyer can work with you to examine your financial situation and determine the best options at your disposal. Knowing the process for hiring a lawyer can help with this.
The most important part of hiring a lawyer is the interview process. A lawyer may interview you by asking questions to assess what services they can offer you. At the same time, do not hesitate to interview lawyers about their experience, what they can offer you, and how they charge legal fees.
Before committing, feel free to ask around and search for online reviews of any lawyer you are considering hiring. Make sure the lawyer you choose is the right fit for your financial situation. Find out what the total costs will be estimated to be when deciding if this is right for you.
Contact Tom Bible Law for Legal Help
You may not have to go through the financial stress of layoff alone. Feel free to contact us at Tom Bible Law by dialing (423) 424-3116 for a consultation today about your financial options. Our legal team of Tennessee bankruptcy attorneys can help you determine your best financial and legal options based on your unique situation. We are located throughout the Tennessee cities of Chattanooga and Tullahoma.