In a recent study, Hialeah is considered one of the toughest cities to get a job in. For residents of Hialeah, this may not come as a surprise. The city has had a lot of growth over the years but it still has an unemployment rate of over 7%. Although that percentage may not seem like much, with a population of 234,451, it actually translates to about 1,000 people of the “employable age” range without work.
Unemployment is a major reason why our clients choose to file for bankruptcy. Whether it is for a short-term period or indefinite, the loss of wages can create some major issues when it comes to paying your creditors. One late payment can create a wave of added fees that can quickly escalate if not taken care of right away. Without a source of income, many individuals may choose to pay for necessary expenses with their savings instead of their credit cards. They may also use their credit cards to pay for necessary expenses if they do not have a savings account to fall back on. Again, this can create a snowball effect of added debt if there is no timeline to be able to find a new job and repay your debt.
If you find yourself in the situation where you are unemployed and finding it hard to stay afloat with all of your creditors, a chapter 7 bankruptcy may be a good option to consider. To review your options with Hialeah bankruptcy attorney Alberto H. Hernandez, please call our offices at 305-820-0334. At the Law Offices of Alberto H. Hernandez, P.A., our first consultation is always free and the added peace of mind is priceless.
Source: Miami Herald