Bankruptcy for COVID-19: Debt Relief
The COVID-19 virus has changed the way that many Americans are living their lives today. There are many people sequestered in their homes that cannot go long without reading news about the impact of the virus, with so many events postponed so many Americans unable to work, there are a number of people facing financial difficulty. Lives have changed quickly and many of the people that are practicing social distancing are not finding themselves on their feet financially. The ripple effect of these businesses being closed is affecting Americans that work in nearly any industry. Employers have announced that layoffs may continue as the pandemic rages on and the economy keeps taking a hit. With many Americans not having adequate health insurance or coverage when they are off work, going into the hospital for coronavirus related symptoms or for another condition could lead to financial difficulty that will last years after the event. Bankruptcy for COVID-19 may be the perfect solution to get debt collectors off your back and put your finances back on a positive track.
If you’re laid off and you are hurt in an accident or you have to go into the hospital it’s important to consider contacting your creditors immediately. Being proactive about going into debt will make sure that you can spend a bit more time before your account is sent into a collection status. A creditor may try to sue you or garnish your wages which can be very difficult during this time. What could eventually occur if you are unable to provide any compensation is that your wages will be garnished and a creditor may try to foreclose your home or repossess your car. Many of your creditors will be understanding in these times and the president has even suspended interest on all federal student loans. If you are beginning to face difficulty from creditors however, filing a petition under the bankruptcy code could be an excellent way to preserve your financial future and avoid the harassment of creditors during this crisis.
As soon as you file a petition for bankruptcy, a creditor will be unable to sell or foreclose your home, garnish your pay check or bank account, contact you by phone or e-mail, repossess your car or collect medical or other bills that you are unable to pay. Filing for bankruptcy now can be a proactive choice that you can use to get out ahead of debts that you’ve incurred throughout this difficult time. Whether you’ve experienced an emergency hospital visit or you are in need of assistance with your debts to manage a job loss, filing for bankruptcy can be a crucial decision that could help to protect your finances for the future.
Contacting a bankruptcy attorney can be an excellent first choice in the process of filing for bankruptcy. You can coordinate with a legal professional and learn more about how you could protect your assets, and which type of bankruptcy could be the ideal choice for your future. Our office has bankruptcy attorneys who are working throughout this crisis to help Americans manage their debts and find solutions to protecting their assets in these difficult times. Contact us today if you need support for bankruptcy for COVID-19.