Blog

Millions of Americans have been laid off or have lost their means of employment during this Coronavirus crisis of 2020. If you are one of the millions without a paycheck, it may make sense for you to file for bankruptcy, especially if you are struggling with debt.

When you are without income, there is less money coming in – which means there is less money to pay the pills. No matter what drastic measures you put in place to cut down your grocery bills or utility bills, you will rarely put a dent in unpaid debt that has been accumulating. And despite the stimulus paycheck that the government has provided for all Americans, that money will run out quickly.

Do You File for Bankruptcy?

If you cannot find a clear financial passage through the coronavirus crisis that has left you in an even more dire financial situation, bankruptcy may be your best course of action.

To be bankrupt means that individuals cannot pay their debts, whether the money owed is personal or business-related. While many believe that bankruptcy is always the result of irresponsibility, this is not always the case. Medical debt is a huge burden to many families who have had cancer or other debilitating diseases. Loss of employment, student debt, and credit card debt are all prevailing circumstances that lead to people exploring the idea of bankruptcy. Filing for bankruptcy is a process by which individuals attempt to pay their outstanding debts systematically.

One of the most significant benefits of bankruptcy is its ability to wipe out credit card balances, medical bills, and rent – which can quickly get out of hand amid the coronavirus pandemic. Filing for bankruptcy will not eliminate all debt, however. Child support, student loans, newly acquired tax debt, and any money owed in criminal retribution will not be erased in bankruptcy.

George R. Belche, Attorney at Law, has helped hundreds of clients navigate the seemingly terrifying waters of bankruptcy. If you are considering bankruptcy or wondering if bankruptcy is even an option for you to survive the COVID-19 crisis, contact the office of George R. Belche today and schedule your free initial consultation.

George R. Belche, Attorney at Law