The corona virus pandemic has left millions without jobs. It has almost destroyed the economy. Forget profits, a large number of people are worrying about paying for their basic expenses. Many business owners are thinking of filing for bankruptcy. However, with lockdowns still in place and the virus still rampant, people are wondering how to file for bankruptcy.
Law firms are running. You can contact a Chapter 7 bankruptcy lawyer in Hemet, if not face-to-face, then through phone. Online filings are on. Court proceedings are happening virtually.
So, if your finances are crumbling, you mustn’t wait more. Please consult a lawyer who can guide you regarding the right thing to do at this time.
Time to pick the pieces
Looking at the surge in filings for unemployment, a recent post in the New York Times described the economic situation in three little words, “It’s a wreck.”
Due to the mass closings of businesses in the wake of the spreading virus, more than 3 million new unemployment filings were done recently. Experts predict that about a million more jobs might vanish. A lot of businesses that have been shut down may never open again.
Americans (and almost the whole world for that matter) are facing extreme financial crisis. And the situation is still unpredictable. On one hand, we must protect our health; on the other hand, we must protect our finances.
It’s bankruptcy all around
Lawyers anticipate a surge in bankruptcy cases. People who have been rendered unemployed due to Covid-19 outbreak and are unable to pay their debts prefer Chapter 7 to Chapter 13. This is because the former eliminates all accrued debts. It gives you a chance to start afresh, wiping off the blotches (debts) and helping you begin with a clean credit slate in a shorter time.
Moreover, according to Prince George’s County bankruptcy law firm, Chapter 7 can be a great option for people who become ill due to the virus, whose creditors are harassing them, and who already are burdened by a colossal amount of debt.
Hope never dies
The government is striving towards providing unemployment benefits with the hope that it will aid workers to sail through the “Corona virus” storm. And as the storm subsides, people are hoping to get back to their jobs or look for new jobs.
Meanwhile, lawyers are burning the midnight oil to help people in financial crisis to file for bankruptcies properly so that their finances get a new lease of life.
As one Chapter 7 bankruptcy lawyer in Hemet puts it, “The virus did what it had to do; now it’s our turn.” With lockdowns easing at several places, people are now looking for ways to rebuild their finances. Chapter 7 poses a good choice for those who have debts to repay and have exhausted their savings.
The “guiding star”
It seems a dark road. Nobody knows what will happen next. Amidst the scenario, a reputable Prince George’s County bankruptcy law firm serves as a “guiding star” to help you walk on the financial path with care and precision. Situations like sudden unemployment and mounting debts can leave a person in frenzy. A bankruptcy lawyer can help you pick the pieces together and rebuild your finances.