Clients visiting the Zuckerberg bankruptcy law offices are often collecting unemployment benefits. And, as a longtime bankruptcy lawyer in Indiana, I realize that several things are true about clients who collect unemployment:
They used to have jobs, and in fact were working for at least part of the last six months
They became unemployed through no fault of their own
- They are actively seeking full-time work.
As all the Anderson, Bloomington, Richmond, Indianapolis, and Columbus bankruptcy lawyers who are my colleagues know, unemployment is not good for your health. In fact, I read in Fox Business News the other day that “unemployed workers in the United States have a greater risk of death than some of their foreign peers.” In Germany, for example, 75% of the unemployed receive unemployment compensation, as compared with 19% of U.S. workers.
A researcher at Harvard found that “workers who lost a job through no fault of their own were twice as likely to report developing a new ailment like high blood pressure, diabetes, or heart disease over the next year and a half, compared to people who were continuously employed.”
As a longtime debt consolidation lawyer offering Indiana bankruptcy help, I’m not surprised. Here you were laid off and haven’t been able to fully replace your income. You’ve been surviving on a combination of credit card loans, unemployment benefits, and some part-time gigs in between. Meanwhile, the debts continue to pile up. And, if medical bills have been an issue, your situation is even worse.
When people come to me asking me to help stop foreclosure on their home, or even needing payday loan debt help, or help getting back an automobile that’s been repossessed, I can pretty well assume there’s either been a job loss in the family, a serious accident or illness, or both. Without regular income from employment, clients of all economic levels have trouble keeping the bills paid.
Meanwhile, poor health becomes an effect in addition to a being a cause of financial troubles. The Harvard study showed that “only 6% of people with steady jobs developed a new health condition during each survey period of about a year and a half, compared with 10% of those who had lost a job during the same period.” What was surprising to our group of Indiana bankruptcy attorneys was that “it didn’t matter whether the laid off workers found new employment. They still had a one in ten chance of developing a new health condition,” we learned.
The irony, as one of my Richmond bankruptcy attorneys pointed out, is that, the worse the employment and financial situation is for a person, the greater the benefit they can gain from filing personal bankruptcy in Indiana. That’s because, as your personal financial situation begins to improve, you might be less likely to qualify for help under Indiana bankruptcy law!
It’s truly amazing, the tie-in between economic health and physical health. But, what is even more amazing is the tie-in between feeling in control and feeling better about your life.
Often, just filing Indiana individual bankruptcy can provide immediate stress relief. Some of that relief comes because, when people face up to their problems instead of trying to avoid them, they are able to let go of negative feelings and move on with their lives. From a legal standpoint, because of bankruptcy's "automatic stay", filing puts an immediate halt to the legal proceedings and collection efforts which have typically been such a big source of the stress. Whew!
Categorised in: Bankruptcy Indiana
This post was written by Mark Zuckerberg