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Huge bank layoffs could result in financial challenges for some

The past economic downturn affected many people. It caused them to be laid off, foreclose on their homes and file for Chapter 13 bankruptcy. As a result of the great financial stress that was felt nationwide, banks hired thousands of new employees to assist in processing loan modification requests and handle the influx of individuals who wanted to sign up for the excessively low interest rates.

Years later our economy is working its way back on track and things aren’t quite as dire for some as they once appeared. As a result, however, banks say that they are letting go of thousands of employees because they no longer have a need for their services. Bank of America reported that during the past year their company cut over 20,000 jobs. JP Morgan Chase said that they have plans of decreasing staff by 15,000. Additionally, Wells Fargo announced that they will cut around 3% of their staff, which totals to over 2,000 employees.

Many of these lenders claim that they will try and find internal positions for as many of the downsized workers as possible, but the grim reality is that a large majority of them will likely be out of work and may even have a difficult time paying their bills.

Hopefully, in time, the economy will be stabilized enough that bank workers, and others who lose their jobs, can bounce right back without facing a negative financial impact. Fortunately, Chapter 13 bankruptcy is available for those who are seeking debt relief.

Source: LA Times, “Banks shed thousands of jobs as housing market improves,” E. Scott Reckard, August 22, 2013

  • "When I first came to the decision to file for bankruptcy, I had no idea where to start. I began researching attorneys on the internet and came across the information for Tim Sierra. Since he specialized in bankruptcy and had a lot of experience......"
  • The process of going through bankruptcy could be very overwhelming but Tim made me feel at ease and I felt that my needs were being taken care of. I truly feel that he had my best interests in mind and the lines of communication were always open....
  • "I had to file a Chapter 7 bankruptcy. I didn't know anyone who could refer someone so I took a chance and just looked on the Internet. I don't remember exactly why I chose Mr. Sierra, but I am glad I did..."
  • He was honest, straightforward, and hard-working. In my case I ended up with some extenuating circumstances and he handled the matter professionally even though I'm sure the work probably exceeded what he originally felt it would be....
  • I don't ever write reviews, and I had no prior relationship with Mr. Sierra. This review is simply being written as a service to others that Mr. Sierra is an excellent attorney and should be considered for your needs if you need one....
  • "I'm very happy to have been referred to Tim for my Chapter 7 filing. He was knowledgeable in his field and very responsive in replying to any questions or concerns I had. Tim was also very accommodating with meeting times..."
  • " I recently was in need of Mr. Sierra's services and I found him to be very understanding and helpful in my particular circumstance. He met with me and explained everything in full detail and also answered every question that I had....."
  • " I recommend Timothy Sierra a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy."
  • " Bankruptcy is a private and personally devastating life event. Timothy Sierra and his assistant, Nancy, made the process as painless as possible. They kept in close contact via phone and email so I always knew what was happening in my case...."
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