Bankruptcy as Part of Your COVID-19 Financial Plan
Some people plan for a rainy day. Few are prepared for a monsoon.
You may never have thought about bankruptcy as something you might need. But you may be facing financial challenges like you've never experienced before.
Its more important than ever, In these uncertain economic times, that you understand your financial options, Including those afforded you by bankruptcy law.
For now, bankruptcies are down, because:
- collection efforts have been held back and stimulus payments have given people a life raft (but all of that may unravel in the next six months), and.
- because bankruptcy deals only with past debts, not future debts, and most people are facing the prospect of lots of debts still ahead
- most bankruptcies happening now are about pre-pandemic, past debts, some of which were incurred in the last recession!
Nevertheless, while the timing for filing for bankruptcy may not be right NOW (if you see mounting debts in the future), the time to talk to a bankruptcy attorney IS now, so you can take full advantage of the financial protections that bankruptcy law provides, and don't make "financial mistakes" in the next 18 months. more...