With no vaccine in sight, and with many workforces cutting back on a permanent basis, some of our clients are facing a very long-term struggle for financial survival. They’re adapting, but overcoming the hurdles of lost income may require something above and beyond what our clients can do without help. The coronavirus situation is getting worse. There’s no vaccine in sight. Businesses are still closing, by the tens of thousands. In fact, major newspapers report that since March 1, 2020, more than 100,000 businesses have permanently closed. Those businesses that are managing to survive are not expanding their workforce.
For many families, it’s time to consider filing for bankruptcy. It’s a powerful option that provides vast benefits and, most importantly, peace of mind. Filing for bankruptcy will trigger an automatic stay (halt) to prevent creditors from taking action to collect debts, prevent them from repossessing your property, and stop them from harassing you by phone or by mail. These protections are instantaneous, and kick in the moment the petition for bankruptcy is filed.
The two chief forms of bankruptcy for individuals are referred to as Chapter 7 and Chapter 13. A Chapter 7 filing, if you go that path, will entirely wipe out the debts covered by the bankruptcy. A Chapter 13 filing will allow you to restructure your debts, and come up with a payment plan that you can live with. Whether you qualify for Chapter 7 or Chapter 13 depends on your current and future personal financial situation, your assets, and your debts.
Questions About Your Options? Call Us for a Free Consultation.
Our practice is exclusively limited to helping employees in workplace-related matters. That includes helping employees work through financial crises caused by the loss of employment. We can tell you about your options and rights relating to bankruptcy, and we can assist you if you choose this option. Common questions include, “What does it cost to hire you to file bankruptcy for us?”, ” How long does it take?”, and “How long will it affect our credit?” The good news is that filing for bankruptcy is relatively expensive, does not take long, and – depending on your perspective – will not affect your credit for a terribly long time. It will in the short run, of course, but the peace of mind that comes with wiping out debts and starting with a clean slate vastly outweighs the relatively limited period of time that it will affect future purchases.
Give us a call, at 800-663-7999. The peace of mind you’ll gain, just from knowing the answers, is well worth it.