The chapter focuses on the possible use of the concept of resilience in the sociological analysis of poverty. Resilience in the context of poverty can manifest itself differently: as adaptation to the situation of poverty or escape from it, or as change in individuals or social conditions and environment. Prerequisites for understanding resilience in relation to poverty are (i) a change of the situation and (ii) the ability to overcome the negative effects of change. As an example, the recent economic crisis (2009–2011) in Latvia is reviewed. It had a significant negative impact on the life of the population. Macro-level (government) and micro-level (individual and family) efforts and activities to reduce the unwanted effects and recover from the unfavorable situation are discussed. At the macro level, an austerity strategy was implemented—fiscal consolidation, structural reform and support for the financial system—which worsened the micro-level situation. At the micro level, people were creative and used a wide variety of coping strategies and methods, including a decrease in consumption, the “shadow economy,” emigration and the use of formal support systems. The chapter looks also at social (structural) and individual factors that influence resilience.