Many people have found themselves in a financial crisis in light of the coronavirus pandemic. Could bankruptcy be the financial plan you are looking for to get you back on track?
For weeks now our country, and others, have been in the midst of a pandemic with coronavirus/COVID-19. As our government works to keep us all safe, strict social distancing measures have been put into place in most states.
While this is a necessary measure to keep us all physically safe, it has been a financial burden to all of those who have lost their jobs as a result. With restaurants moving to takeout only, salons having to close altogether and more, many people have found themselves either furloughed or without a job entirely. And most people were not prepared for a sudden emergency such as this.
Things evolved rapidly and many people have now found themselves struggling financially to make ends meet. We know how stressful this is and you are likely scrambling trying to understand what the best options for your family are.
Our bankruptcy attorneys are here to talk about the option of bankruptcy and what the COVID-19 pandemic means for it.
We know that nobody wants to file bankruptcy. It isn’t something you necessarily go into your adult life ever expecting to have to experience. But if you are one of the millions who was laid off due to the COVID-19 pandemic, it might make sense – especially if you’re really struggling with debt.
A bankruptcy plan could give you a sense of control during this unpredictable time.
Before filing for bankruptcy, try to make arrangements with your creditors. Some creditors might be waiving payments for a certain period of time or making other arrangements to help keep people afloat. Things like student loans can be deferred and most utility bill companies have been prohibited from shutting services off due to no payment.
Next, plan your financial strategy based on your conversations with creditors. Do these new-found strategies allow you enough money to keep you and your family afloat with the essentials during this time?
If you still find yourself needing an alternative solution, then it is time to explore bankruptcy. And the sooner you file, the sooner you can get back on your feet and start rebuilding your credit.
The main benefit to bankruptcy is that you have the ability to have your debt wiped out (discharged) – such as credit card balances and medical bills. And these are the same type of debts that are most likely to get out of hand during this crisis.
This can help give you more disposable income to keep yourself afloat during this time and allocate additional money toward areas where it is needed.
We understand that these times are hard – things are uncertain and you are feeling an added level of stress. Our team is qualified and ready to discuss all of the options with you and how COVID-19 will impact this situation and your potential bankruptcy case.
Give us a call today to get the discussion started. Let us help you find some peace during these chaotic times.