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Bankruptcy & Covid-19

Have You Been Laid Off Due to the Coronavirus (Covid-19)?

Bankruptcy & Covid-19: Bankruptcy Just Might Be The Right Option.

If you’re one of the millions laid off due to the coronavirus outbreak, bankruptcy might be the answer.  This is especially true if you’re struggling with debt. Currently, bankruptcy & Covid-19 seems to be an increasing trend. During this unpredictable time, learn how a bankruptcy plan can help give you a sense of control and get you back on your feet financially.

Coronavirus Crisis: Will the Stimulus Be Enough?

Losing your job due to a layoff means there’s less money, and you’ll probably be struggling to make ends meet. And, no matter how much you try to scrimp and save, these efforts rarely stop unpaid debt from accumulating. Fortunately for many, the government and many creditors are trying to provide a safety net during the COVID-19 pandemic. For most, the stimulus check, with increased unemployment benefits, and the mandated holds on utility shut-offs and evictions will be enough. If the crisis lasts much longer than we anticipated, it’s highly unlikely these relief measures will keep everyone afloat. Just in case, it’s important to have a financial plan in place that creates a best-case scenario while preparing for the worst.

Coronavirus Layoff? How To Develop A Financial Strategy

You’ll be in a better position to plan once you speak with your creditors. If your income from unemployment and other sources is not enough to pay all your bills, consider deferring payments and setting aside the money you would normally use to pay them. Then you would have two options:

  • If the virus clears up in a short amount of time, you can use the saved funds to catch up on payments, or
  • You could use all available funds for food and other necessary items if the outbreak lasts longer than anticipated.

By using this strategy, you won’t waste any money paying a bill if bankruptcy is inevitable. Another option is to try to negotiate your debt with your creditors.  In 2008, after the economy came to a halt, money was tight, and creditors were often very willing to accept whatever you could pay. Filing for bankruptcy is often inevitable, but at least with this option, you will know for sure you did everything you could to prevent it.

Rely On A Top Ogden Bankruptcy Lawyer For Debt Relief

Bankruptcy & Covid-19: Get The Answers You Need

It’s important to know the difference between Chapter 7 & Chapter 13 Bankruptcy and which one is right for you. We can help. For more information regarding bankruptcy, you can visit our bankruptcy page or speak with one of the top bankruptcy lawyers in Ogden.  For Covid-19 financial relief, contact BDJ express law today at (801) 394-2336. We can help you get back financial control!