The coronavirus (COVID-19) has impacted almost everyone across the United States when it comes to personal finances. Many people have either lost their jobs or settled for significantly lower incomes. Others have had to drop out of college due to the rapid changes in education. This has led some people to fall behind on bills, dig deeper into debt, deplete their savings, and fall into bankruptcy. If you ever find yourself going into bankruptcy, talk to a Tennessee bankruptcy lawyer who can help guide you through the process.
Effects of COVID-19 On Personal Finances in Tennessee
The effects of COVID-19 on Tennessee’s personal finances have been rough since the beginning of this long transition to a different way of living. Not only are people worried about losing their jobs as the pandemic unexpectedly changes, but people also have to worry about bills if they find themselves with a lower income than they are used to. Throughout the United States, around one-in-four people have been struggling to pay bills on time and many have had to use up most of their savings to cover this.
Using up the savings you built up over several months or years is not something most people want to do, but looking at the other side of things, this is what savings is designed for. A savings account is your last-minute resort when you have no other financial options and need money right away. If this means using your savings to cover bills during the pandemic, then this is better than many of the alternatives like debt or bankruptcy.
Others have borrowed money from loved ones, up to one-in-six people in the United States, after running out of financial options. Some have had to use the food bank for the first time in their lives.
How You Can Recover Your Personal Finances in Tennessee
Do not panic if you were one of the people in these tricky financial situations because there is hope with Tennessee financial recovery methods. These additional options and financial strategies might be able to help you escape potential financial traps and pitfalls. Meanwhile, we can hope for the next stimulus check as a result of the CARES act.
When you cannot pay your bills, you can contact the lenders or creditors to explain your situation and ask for alternatives. Prioritizing bills, cutting unnecessary expenses like entertainment or dining out, and tracking your monthly spending can all help you manage an effective Tennessee budgeting plan. This can help you gain greater control over your financial situation, rather than playing a guessing game.
If you lost your job or cannot find a job, you might want to look at unemployment programs or insurance. You can also seek assistance from the Lost Wage Assistance (LWA) program.
Bankruptcy Lawyer in Chattanooga, TN
Managing finances in these uncertain times can be stressful. Consider seeking guidance from our lawyers in Chattanooga, Tennessee, and North Georgia if you find yourself slipping into bankruptcy. Call Tom Bible Law at (423) 424-3116 to speak with a Bankruptcy attorney in Tennessee for a free consultation today. Our Tennessee bankruptcy attorneys are located in Chattanooga, Kingsport, and Tullahoma.