As a bankruptcy attorney, I understand the fear and anxiety people face regarding their finances.
When you couple finances with the daily fear and anxiety the world has faced over the last ten months, some days may seem impossible. When people are most concerned about the health of themselves and their loved ones, the last thing that they should be thinking about is debt.
For some time now, I have been advocating for the fact that society needs to reframe how it thinks about bankruptcy; particularly now as the pandemic takes its toll on more and more people’s finances. I prefer to think of the bankruptcy process as a tool. While bankruptcy does carry with it a host of negative connotations, it is a problem-solving tool that has many positive aspects.
Our country is primed to realize an increase in bankruptcy filings, so perhaps it is time for people to rethink the negative stigma associated with bankruptcy.
The government funding and stimulus was designed to keep the country afloat. Funding was directed to businesses and individuals. For individuals, it was designed to assist you in maintaining daily/monthly living expenses; the essentials (rent, utilities, food).
The stimulus was not intended to allow you to pay your monthly credit card bill. Most banks and lending institutions established their own forbearance and grace periods.
These grace periods are set to expire. Whether this is a rental lease, mortgage payment, vehicle payment or credit card, the creditors will expect payment.
It is now that a fresh start might be best. Typically, individuals file Chapter 7 to wipe out all debt, or Chapter 13 to restructure and pay their debt over time.
Facing financial difficulties is stressful and overwhelming. However, you can take a positive and preemptive step now toward resolving your financial circumstances.
I can help guide you smoothly through this process. Quality representation is essential to ensure that you are protected.