Tag: Tennessee bankruptcy lawyer

How to Manage Your Finances After Being Laid Off

How to Manage Your Finances After Being Laid Off

With people losing jobs due to the coronavirus left and right, you may be wondering if you will be next. If you were next, then you might find yourself trapped in a terrifying financial situation. Whether this is the first or second time you have been laid off, there are detailed steps you can take to help secure your financial future and avoid major financial downfalls. If you have any questions about this or fears of bankruptcy, then feel free to talk with a Tennessee bankruptcy lawyer for advice. 

Vital First Steps After Being Laid Off

There are several vital steps to be taken after being laid off. One of the first things you will want to do after being laid off is to do a check-up on your financial situation. See how much money you have in your checking and savings accounts, then try to calculate how much money you usually spend in a typical month, how much money you have to spend each month, and how long you can survive on the money you currently have.

How to Manage Your Finances After Being Laid OffWhat you can use this spending information for is a list of priorities. Once you have your financial priorities straight, that is, what you are obligated to spend your money on, then you can start figuring out what you can cut from your spending. This could be something simple as not going out to eat for a while, not buying movies each week, or saving more money on groceries. 

Remember, this is temporary until you find another job. The goal is to conserve as many resources as you can in the meantime. Two other vital steps you can take are having a job search plan and considering unemployment benefits as a worst-case scenario. Most cities have public job centers that are designed to help quickly match you with a compatible job. 

Steps You Can Take to Manage Your Finances

There are also ways you can manage your finances after a job loss by creating an effective survival budget. Creating a survival budget is often easier than enacting and maintaining this kind of budget. This process takes quite a bit of restraint and self-discipline. 

A survival budget is a limit on how much money you spend while also a priority of what you will spend your money on. The golden rule of any survival budget is that you spend money on your family first, then on creditors. You have to be able to put food on the table and pay bills before you can pay debts. Contact any creditors that you may be unable to pay right away and explain your situation. 

Stop paying for unnecessary bills like Netflix or a landline phone when you have a cell phone, at least until you find a job. 

Bankruptcy Lawyers in Chattanooga, TN

Coming close to bankruptcy in Tennessee is daunting, to say the least. If this has happened to you, then do not hesitate to reach out to our legal team who has helped clients in Chattanooga, Tennessee and North Georgia.

Contact a Bankruptcy attorney in Tennessee today at (423) 424-3116 for a free consultation or leave us a message on our contact page. Our Tennessee bankruptcy lawyers are located in Chattanooga, Kingsport, and Tullahoma. 

Are SSI Recipients Eligible for Stimulus Checks?

Are SSI Recipients Eligible for Stimulus Checks?

As someone receiving Supplemental Security Income (SSI), you are likely wondering whether you are still eligible to receive a stimulus check for the coronavirus (COVID-19). The good news is that you should be eligible according to the Internal Revenue Service (IRS) as long as certain requirements are met. The amount you receive depends on a few factors. If you have not received a stimulus check yet, figuring out what went wrong is important. Talk to a Tennessee bankruptcy lawyer if you have questions or concerns.

Stimulus Check Eligibility When You Have SSI Benefits

Are SSI Recipients Eligible for Stimulus Checks?Checking your eligibility for a stimulus check can be done by visiting the IRS main website. The IRS has stated that people receiving SSI benefits are still eligible for the stimulus check. One important thing to note is that the following information only applies to people who started receiving SSI benefits before January 1st of 2020.

The IRS will look at your 2018 or 2019 income tax return to see how much money you made during that span. Do not worry if you did not file an income tax return during those years because the IRS will still issue you a payment. You should receive your stimulus check money the same way you usually receive your SSI benefits. This might be through direct deposit to your bank or through a paper check, depending on how you have your SSI payments set up.

How much money you receive from the stimulus check depends on whether you have children and how many children you have. Without children, you should receive $1,200 for your stimulus check. If you have children, you should be given an extra $500 per child. Your child must be a qualifying child who was listed on your income tax return for this to happen.

Will the Stimulus Check Affect My SSI Benefits?

Since SSI benefits depend on income levels, many recipients of these benefits are worried they might lose them because of the added stimulus check. SSI benefits give people who can no longer work the same number of hours, or who cannot work at all, a certain amount of monetary benefits each month. Whenever their monthly income exceeds a certain amount, they can be kicked out of the disability benefits program. For some people, this can mean that you have to file bankruptcy.

The Social Security Administration (SSA) handles everything for SSI disability benefits and stated that they will not count the stimulus check as part of your income. This means that even if your stimulus check puts your financial assets above the SSA-allowed limit, you will still receive your regular disability benefits.

Bankruptcy Lawyers in Chattanooga, TN

When you are facing obstacles to obtaining your stimulus check or SSI benefits, then consider reaching out to Tom Bible Law firm for financial advice. One of our knowledgeable Tennessee bankruptcy lawyers can help you figure out your legal options. Our legal team has helped clients in Chattanooga, Tennessee and Northern Georgia overcome a variety of financial challenges related to bankruptcy. Call a bankruptcy lawyer in Tennessee at (423) 424-3116 or leave a note on our contact page today. We have offices located in Chattanooga, Kingsport, and Tullahoma.