May 30, 2020

7 points About Bankruptcy During The Coronavirus Pandemic

Things You Should Know If You Are Considering Bankruptcy Due To The Coronavirus Pandemic

With the coronavirus pandemic taking place at the moment, a lot of people feel lost on what they should be doing currently. This is because they don’t know when they will be back to work, they don’t know when things will open back up, where they will be getting their next money from, and so much more. With all of these worries being real problems Americans are dealing with daily, a lot of people may need to consider bankruptcy as their only option.

Luckily, the government has the CARES Act where people received an amount of money as a stimulus check. This is allowing people to avoid bankruptcy for the time being, but that doesn’t mean they can avoid it forever. With the stimulus check only lasting so long, people will have to figure out what they need to do once the pandemic progresses, and filing for bankruptcy may be their only option if they are struggling financially. While bankruptcy isn’t so simple, there are many aspects that everyone needs to be aware of. Some aspects to break down the situation include:

  • Coronavirus Pandemic
  • Filing For Bankruptcy
  • What To Consider
  • Benefits Of Siddons Law Firm

Coronavirus Pandemic

The coronavirus pandemic is causing people to feel lost on what they should do when it comes to their financial status. With people struggling to know where they will get money from for their next grocery trip, for example, people are considering bankruptcy. With the stimulus check currently holding people off of filing for bankruptcy, Siddons Law Firm shares that that won’t last forever.

Filing For Bankruptcy

With people considering bankruptcy due to the pandemic, there are many things that people should know when it comes to filing. People may need to file as a last option when they are struggling financially with bills, credit, debt, and so on. When people think of bankruptcy, they often don’t know all of the details involved in the process.

What To Consider

When it comes to filing for bankruptcy, there are many things that you need to consider. There are a lot of facts and aspects pertaining to bankruptcy that not everyone may be aware of, it is important to know what you are getting yourself into. Things that people need to be aware of when they are considering filing for bankruptcy due to the coronavirus pandemic include:

  1. Evaluate And Understand Your Options
  2. Call Your Lenders First – Full information and details on your debt is very important
  3. Take Action After Relief Program Ends
  4. Understand What Bankruptcy Looks Like
  5. Filing For Bankruptcy Costs Money
  6. Consider Protection For Bankruptcy
  7. Your Financial Life Isn’t Over Due To Bankruptcy

With all of these points in mind, there is a lot to consider before you file for bankruptcy, during filing, and after filing. For example, many people may not be aware that filing isn’t free, which is kind of ironic given the situation. Since bankruptcy can be complicated and have long-lasting effects, it is a good idea to instead try and pay the minimum on all of your bills for as long as you can until work picks up again.

Benefits Of Siddons Law Firm

When it comes to filing for bankruptcy, Siddons Law Firm offers many benefits. With filing costing an upfront amount of anywhere from $2,000 to $3,000, it is good to note that this law firm helps you file while not charging any down payment, unlike many other attorneys in the area. This means that you can spread your payments out over time as it doesn’t cost anything to file.