Because of the financial strain Covid 19 has put on so many people, the Law Firm of William H. Lively, Jr. is lowering the up front costs for filing Chapter 13 bankruptcy cases for new clients. If you need to file a Chapter 13 bankruptcy and cannot come up with a large down payment to hire an attorney, contact our office–we can help get you protected for less.

Getting help to pay off debt through an employer

Many Texas residents are dealing with debt. Many would likely say that their financial situation is one of their primary concerns. This debt may be related to credit cards, student loans, or medical bills. Because employers understand the considerable impact that debt has on their employees, some companies in the US have started to offer help to their employees. US companies are taking different approaches to help their employees deal with debt.

One approach is offering employees emergency loans or payday advances. This is a better option than having an employee take out a payday loan from a company that solely provides this service. Other companies offer interest-free loans that get repaid by automatically taking it out of the person’s check.

One of the reasons why these companies are making this effort to help their employees deal with debt is because they know that it will improve productivity in the workplace. One estimation shows that around $250 billion a year is lost in the United States because of absenteeism and lost productivity because employees feel stressed because of their finances. They worry about paying off the money they owe and if they will need to file Chapter 7 bankruptcy or turn to other forms of bankruptcy to get relief from the financial pressure they are under.

Some have the mistaken idea that it is only individuals who are paid lower wages that are worried about debt. The results of the government shutdown that took place in January 2019 shows that this idea is not accurate. Even individuals who enjoy higher salaries had a difficult time covering necessary expenses during that difficult period.

If a person feels that their debt is beyond what they can manage on their own, they may turn to bankruptcy. A bankruptcy lawyer might advise their client on matters relating to finance and help them determine if Chapter 7 bankruptcy or Chapter 13 bankruptcy is the best option for them. The bankruptcy attorney may be of assistance to a client during the bankruptcy process.