The Coronavirus has affected almost everyone in one way or another. Knowing what to do when your laid-off is important both financially and legally. Unfortunately, the hardest hit are those in the travel and hospitality industries, such as restaurants, casinos, and bars. Many businesses were either ordered to close or people ordered to remain home instead of traveling about. If you are one of those who have recently been let go as a direct result of the pandemic, here are some tips to help you navigate this time:
1. Immediately apply for unemployment. Don’t put it off thinking you might get called back to work. Take action now. You can find out if you qualify by going to U.S. Department of Labor’s website, www.dol.gov/general/location. To file a Nevada unemployment claim online, go to www.ui.nv.gov.
2. If you know you are going to receive a refund, file your tax return as soon as possible. Don’t wait until July 15.
3. Another tip on what to do when your laid-off is to create a budget with your family to help reduce unnecessary purchases. Think long term. Plan that you might not have the income you are used to for quite a while. Then commit together to living within your budget.
4. Brainstorm ways to make money. What are your talents? Can you mow lawns for those who can no longer pay their landscaper? Do you bake bread, cinnamon rolls, etc? If so, you can sell them to your neighbors, etc. Offer services, such as babysitting, teaching piano, helping someone with their website, etc. Think outside the box.
5. Speak with an attorney that specializes in financial and bankruptcy matters to discuss your options. A good and qualified attorney will guide you and can help you negotiate with your creditors. If bankruptcy is one of your options, the more prepared you are, the more benefits you can get out of it. Your attorney can advise you on what to do leading up to filing. For peace of mind, set up a free bankruptcy consultation with David J. Winterton & Associates. We have filed over a 1,000 petitions for our clients. We can help you if bankruptcy is your best option.
6. Stay positive. Make a list of the things you wish you would have known before this all started so you will be better prepared in the future.
Disclaimer: Each business and/or individual situation is different and unique. This article is intended to provide you with general advice only and not to be construed as legal advice. If you would like a detailed approach to your particular situation, please contact David J. Winterton & Associates for a consultation to discuss your options.