With over 30 million Americans unemployed and 15 million small businesses or more at risk of failure as they rack up losses due to closures and layoffs, businesses and consumers alike, at no fault of their own will default on loans and other debt obligations. America was not built on the principal of shutting down because of wars, pandemics, or any other disaster. Unfortunately, because of this unforeseeable pandemic, we were forced to shut down our country and are just now feeling signs of reopening. The financial impact of this shutdown is going to fall upon the people, not the government. Small businesses especially will struggle to keep staff on the payroll as their revenues collapse.
Like it or not, our country is about to face financial difficulties and businesses and individuals will be forced to file bankruptcy. It isn’t easy to file bankruptcy and start over but it is going to happen; for many it will occur sooner than later. The sooner this reality is accepted, the sooner financial futures will restart.
Following any crisis, acceptance is the last concession we make. Catastrophic events cause a chain of emotions beginning with disbelief, then denial, anger, hope, reflection and finally, acceptance. Don’t wait for the government’s guarantees of false hope. You need to financially protect your own family. If you are forced to file bankruptcy, remember that there is nothing shameful about the process. Bankruptcy laws were put into effect to give a chance at a Fresh Start.
Consider Your Alternatives:
- Debt Settlement by striking an agreement with creditors to pay less;
- Debt Consolidation through a personal loan;
- Selling Assets such as coin sets, guns, antiques, or even your home;
- Credit and Debt counseling.
If you are unable to find an alternative, you should seek legal advice for options about bankruptcy.
Don't Go It Alone
In times of crisis, when grief, stress and emotions are already running high, you need the most experienced allies you can find. If bankruptcy appears imminent, a bankruptcy lawyer can advise you on the most prudent courses of action to preserve your business and personal assets and protect your long-term financial interests. Because bankruptcy laws are complex, the counsel and support of an experienced lawyer is essential to avoid losing assets unnecessarily.
What Will Happen To Me?
Nothing harmful is going to happen. You will not go to jail because the America does not have debtors' prison for not paying bills or filing bankruptcy. What will happen is your debts will be wiped out with certain exceptions, giving you a chance to rebuild your credit and pay your normal living expenses.
Road To Recovery
Remember, bankruptcy provides a new financial beginning, and you need not be ashamed if you have no other alternatives. Financial sacrifice due to this Covid-19 pandemic is not your fault and if you believe bankruptcy may be your only course of action, you should consult an experienced bankruptcy lawyer to protect your interests to give you and your family the Fresh Start you deserve.