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Posted On: July 26, 2010 by Scott Sagaria

California Unemployment and Bankruptcy

A Sacramento bankruptcy attorney comments on California Unemployment and Bankruptcy

California’s unemployment rate grew slightly to 12.5 percent in January, the state Employment Development Department reported Friday. Meanwhile, the national unemployment rate held steady at 9.7 percent. Despite the increase in unemployment in January, the state added 32,500 jobs. The construction industry saw the largest increase with an additional 16,200 jobs.

The obvious effect of unemployment is increased delinquency on debts owed. The longer in delinquency status the more likely will a lawsuit by the credit cards be initiated.

Unemployment also leads to the delinquency in the mortgage payments. Unemployment is a factor used in mortgage loan modification. In order to keep the home, employment is necessary since unemployment benefits will run out.

Bankruptcy should be considered if you’re facing mounting bills, a lawsuit from a credit card company or bank or face foreclosure on your home.

Take advantage of a free consultation with an attorney at Sagaria Law to best understand your options.


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Posted In: Unemployment

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