Tennessee may cut unemployment to just 12 weeks!

Tennessee lawmakers are considering a bill that would cut unemployment benefits down from 26 weeks to just 12 weeks.

The state already has the fourth lowest payout in the nation, at just $275 per week, and if this bill is passed, it will make Tennessee's benefits program among the worst in the nation. Only Florida and North Carolina use the 12 week system.

Those supporting the bill (HB1039) say that Tennessee is struggling to keep money in the 'unemployment trust fund'. Businesses pay into the fund to keep it afloat...and reducing the number of weeks helps relieve that burden.
 
Those opposing it, however, contend that losing those 14 weeks of unemployment pay would put tens of thousands of families in financial jeopardy.  If enacted, the bill would begin in July of 2023.

While this bill may not have an immediate effect (with a 2023 potential date) it serves to underscore how quickly legislators can rip a huge hole in the safety net that struggling Tennessee families rely on in tough times.

Anyone, at any station in life, may find themselves jobless at any point. Are you prepared to survive such a circumstance for weeks or months on end? Many say there are jobs to be had...and yes there may be. But most families are (in all honesty) living paycheck to paycheck. If you compound that with losing a good paying job and are then forced to take a lower paying job...suddenly minor problems quickly become major ones.
 
At the law office of T. Verner Smith, we can help you navigate your way through the rough waters of financial difficulties. Through either financial restructuring, debt resolution, or legal options including but not limited to bankruptcy, there are ways to relieve the pressure and chart a path to a better future. Don't be embarrassed, don't be hesitant, you are not alone, and taking action now is the smart approach.

​Call us at (731) 423-1888 and schedule a free consultation.