Corona Virus and Debt
Due to the extreme measures necessary to prevent the spread of the COVID-19 “corona virus,” many Americans face a serious reduction in income. This will likely make it very difficult for many to meet their monthly debt obligations.
While this particular event, a world-wide pandemic which causes such economic turmoil, is very rare, our economy is no stranger to downturns and recessions. It is the nature of economics that there will times of growth and prosperity, and times of contraction and loss. This has always been the case.
The law has evolved over the centuries to help people when hard times come around. The Bankruptcy Code is perhaps one of the strongest legal tools which has been developed to accomplish this.
If you find that you are unable to service your debts, whether it is a mortgage, a car loan, credit cards, personal loans, or medical bills, the Bankruptcy Code is designed to provide relief for you. The purpose of the Bankruptcy Code is to provide people struggling with debt a fresh start. In most cases, bankruptcy filers are able to keep all of their property, including their homes and retirement accounts.
It helps to get advice on a potential Bankruptcy filing as soon as you become seriously concerned about paying your debts. Bankruptcy may not be the best route for everyone, and even when it is the best option, it is sometimes best to delay the filing. We offer a free consultation to determine the best course of action for you. While we usually have that consultation in person, we would be glad to do so by phone if you prefer.
The attorneys at our firm have a great deal of experience in handling these kinds of problems in difficult economic times. We have seen these kinds of situations before, and we can give you expert legal advice on how to handle them. Again, there is no fee for the initial consultation. If you are worried about how you will handle your debt through this crisis, please give us a call.