The loss of a job can have significant repercussions not just for you but for everyone else in your family. You may even need to file for bankruptcy after consulting with an experienced attorney. Job loss can send impacts throughout your personal life as you struggle to figure out the next way to move forward, particularly if you did not have an emergency plan in place. New studies have linked the loss of a job and other financial consequences associated with it to a higher risk of mortality.
Finding out that you’re extremely behind in your financial obligations is a cause for stress. Trying to regain your footing without success can amplify those problems and cause further strain and problems.
Information evaluated from the Great Recession from 2007 to 2009 and a 20-year period surrounding it provided health researchers with an experiment that was ultimately published in the Journal of the American Medical Association. Researchers looked at the experiences of more than 8,700 adults between the ages of 51 and 61, who participated in the health and retirement study. The study identified that more than one-quarter of people involved in the study ultimately experienced a major drop in their wealth, and 7% of them ended up in long-term poverty.
The purpose of the study was to identify whether or not losing more than 75% of someone’s self-reported assets over a two-year period was linked to poor health outcomes. The most significant medical finding in the study was that the steep decline in wealth was typically associated with major health problems, including a risk of immortality.
Losing one’s home, which is common for people who are going through foreclosure and may experience bankruptcy, was linked to a much higher mortality rate. If you are contemplating filing for bankruptcy, this may give you the best financial footing you need to move forward after a job loss or other significant event.