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. Before the Coronavirus pandemic hit the US, a sizeable portion of the country was already "two paychecks away from bankruptcy"...
Well, those two weeks are coming soon for millions of people in this country if the government does not continue generous stimulus packages. So far the $600 per week supplemental unemployment benefits to millions of a Americans has been a godsend and kept the economy afloat.
Planning for an uncertain future
Its more important than ever, In these uncertain economic times, that you understand what rights you have under bankruptcy law, as you weigh your financial options over the coming months.
For now, bankruptcies are down, because...
- collection efforts have been held back and
- stimulus payments have given people a life raft, and.
- bankruptcy deals only with past debts, not future debts,
- most people are facing the prospect of lots of debts still ahead, but debts incurred today have not ripened yet into court judgments and wage garnishments
Most bankruptcies happening now are about pre-pandemic, past debts, some of which were incurred in the last recession. People already facing wage garnishment and creditor harassment from those against them.
Learn about bankruptcy law NOW, to protect what you have, going forward
While the timing for filing for bankruptcy may be "not yet," the time for learning your rights under bankruptcy law talk to a bankruptcy attorney IS NOW.
Far too many people make foolish financial decisions in the year preceding their bankruptcy. The debts you are incurring today may not ripen into wage garnishment until next year. Nevertheless, it's crucial to understand how those debts are treated under bankruptcy law, today, so you can take full advantage of the financial protections that bankruptcy law provides in the coming year.
Don't make foolish "financial mistakes" in the next 18 months. You need to "play defense" to protect what you have to keep you and your family safe in these difficult times. more...