In the blink of an eye, it seems that our entire way of life has changed. In the midst of trying to navigate social distancing and stay-home initiatives, many people are finding themselves struggling to manage their finances. Large expenses such as mortgages can be impossible to cover with unemployment or part-time work alone.
If you are feeling overwhelmed by bills and financial responsibilities during this stressful time, you may have options that you are not considering. Bankruptcy is one way that you can regain financial footing during this pandemic and look forward to a fresh start once the world is back in its regular routine.
Is it Possible to File Bankruptcy During COVID-19?
With courthouses closing, many homeowners wonder if it’s even possible to file for bankruptcy during this pandemic. While legal proceedings are changing, bankruptcy courts are still in session. Rather than going through the process in person, you will be required to do it over the phone with the help of your lawyer. This allows you to stay safe while still getting your finances in order.
Who Can Benefit from Filing During the Coronavirus Pandemic?
Across the country, individuals are frightened about the best way to handle the pandemic and the financial strain that comes with it. Homeowners who have fallen behind in their mortgage payments due to COVID-19 can use bankruptcy as a means to regain their financial footing. Thanks to bankruptcy, it is possible for homeowners to keep their houses and protect what is theirs.
Should I Wait to File for Bankruptcy?
There are many uncertainties about life right now; however, we are all holding onto the faith that brighter days are waiting in the future. While you may be tempted to postpone your bankruptcy until after the pandemic has passed, now is the best time to get your finances in order. By setting up achievable payment plans, you can better provide for your family and ensure that you get back on your feet sooner rather than at an unknown future date.
Things to Consider
If you file for bankruptcy, it’s important to remember that you may need to make any determined payments even throughout the COVID-19 pandemic. However, there are several exceptions that make it possible for you to suspend payment if you are undergoing financial trouble because of the pandemic. Try to make your payments but, if you can’t, talk to us about your options!
The Coronavirus pandemic took us all by surprise. If you are struggling financially, it’s time to regain control through bankruptcy. Start the process now so that you can focus entirely on taking care of your family and your own health at this time. Contact us today to learn more about filing for bankruptcy and how this financial decision can help you move forward after COVID-19. We look forward to talking to you!
The attorneys at Sadek and Cooper Law Offices have handled thousands of Bankruptcy cases in Philadelphia and the surrounding counties of Montgomery, Delaware, Bucks, and Chester. We are also licensed in the State of New Jersey. Contact us today to schedule your free consultation at 215-545-0008.