Sudden Job Loss Can Come With Difficult Repercussions

On Behalf of Steele Law Firm PLLC | Oct 10, 2019 | Uncategorized

Some events in life can seemingly come out of nowhere. You may have believed that you were on the fast track in your career and anticipated a promotion at any moment. You did everything you could to be a model employee. Unfortunately, when your boss asked to see you, it was to let you go rather than promote you.

You may have felt shocked at first and questioned what you did wrong. In the end, the company may have let you go for one of any number of reasons other than your performance, including simply having to lay off employees due to budgetary issues. Still, whatever the reason, you felt blindsided by your sudden unemployment.

Possible issues

In addition to the emotional difficulties job loss can bring on, you may face a number of other serious issues as well, including:

• Loss of income: Obviously, if you lose your job, your main source of income will come to an end. As a result, you may face financial difficulties, especially if you do not have enough savings to last a few weeks at least.
• Career setbacks: You likely had the idea of remaining with the same Texas company to pursue your career dreams, but now that the company let you go, you may face career setbacks by having to start over at another company or find employment in a different industry.
• Loss of benefits: You may have relied on the insurance provided by your company, and now that you are no longer employed, you will likely need to pay for coverage yourself.

Unfortunately, you may feel hopeless and overwhelmingly disappointed about your situation. These feelings are understandable, and you may find yourself having a hard time mustering up the motivation to look for a new job or to handle the possible repercussions of job loss. However, if you remain stagnant for too long, your financial issues could become substantial.

Accruing debt

Even if you do your best to apply for jobs and search out leads for openings, you may still have a difficult time finding new employment or finding a position at the same salary level as your previous position. As a result, you could find yourself having to rely on credit cards or loans and end up in a serious financial predicament.

For many people, job loss is the event that throws their monetary affairs completely off track. If you find yourself unable to get your debt under control on your own, you may want to look into your debt relief options, like bankruptcy.