Many businesses have continued to count their losses following the overwhelming cases of looting and vandalism perpetuated during the protests staged to decry the police killing of George Floyd in Minneapolis. Some irate protesters took advantage of the civil disturbances to burglarize national chains and local businesses thereby worsening the existing financial stress earlier occasioned by the outbreak of the coronavirus pandemic. Unfortunately, many businesses in Pennsylvania were affected by these riots, losing thousands of dollars in cash and worth of merchandise.
Businesses will now have to rely on their insurance companies to indemnify them against the losses incurred due to the lootings and destruction of their property. However, not every business has that option. While large chain businesses can afford to buy expensive policies to insure their inventory and property in the event of an outbreak of civil disturbances, only a few local businesses can.
If your business was affected, and your insurance policy doesn’t cover the losses, one of the options to clear off your debt is filing for Chapter 7 bankruptcy.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is a relief option that helps you clear off many types of unsecured debts. A bankruptcy trustee gathers and sells your nonexempt assets and then uses the proceeds generated to pay holders of claims – your creditors. In most cases, leftover debts are discharged which frees you from any legal obligation to pay them off.
What are the Benefits of Filing Chapter 7 Bankruptcy?
Some people normally equate filing for bankruptcy to losing their home, car and becoming financially incapacitated to cater for themselves and their loved ones. But that’s very wrong. Filing for bankruptcy is a better option that prevents you from sinking deeper into the pool of debt.
Filing chapter 7 bankruptcy doesn’t have to spell a financial doom for you. Instead, the provision enables you to completely eliminate different categories of debts such as business debts, personal loans, past due rent that might have resulted from the riots in Pennsylvania.
This type of legal arrangement helps you to obtain a financial fresh start. In most cases, filing for bankruptcy places businesses in a better and stronger financial situation than they were prior to the filing by the time the case is over.
Where To Find The Best Bankruptcy Attorney In Pennsylvania
Not every bankruptcy case goes smoothly as there are instances in which creditors may object to a discharge for certain reasons. Some other time, the court may be displeased with the way exemptions are claimed. That said, you need an experienced lawyer who can vigorously advocate your position and ensure that your bankruptcy is resolved in the most favourable way. One of the best lawyers you want to hire for the job in Pennsylvania is attorney Michael Alan Siddons.
Michael Alan Siddons is a highly qualified attorney that combines his unmatched expertise with years of experience to handle your bankruptcy claims without any hassles. He makes sure that you get the best and most affordable solution that helps you solve your financial struggles. Unlike a debt consolidation company, the law offices of Michael Alan Siddons are ethically bound to keep your best interests in mind. For more information, you can visit https://siddonslaw.com/ or call 610-255-7500.