How has the coronavirus pandemic impacted your area?
If you live in Kansas City, then you likely already know that we’ve lost 247 lives (https://www.kmbc.com/article/covid-19-live-updates-coronavirus-in-kansas-city-kansas-missouri-06182020/32905553) to the virus as of mid-June. Right now, our state is dealing with over 11,000 confirmed cases.
The loss of life is heartbreaking, but it’s not the only impact the virus is having on our state. According to officials, unemployment in Missouri is almost three times the normal levels. The last time the unemployment rate was so high was during the Great Recession.
That begs the question – are more individuals and businesses filing for bankruptcy due to the pandemic? How will an influx of bankruptcies impact our nation’s economy? Learn what the experts are saying below.
What Do the Statistics Say?
Are you struggling to make ends meet? You’re not alone. Statistics show that 722 companies had to file for bankruptcy in May. The number of bankruptcies this year already exceed last year’s levels by 48%.
Individuals are struggling, too. In an effort to help out ordinary citizens, Congress did pass the CARES Act. The legislation gave out relief checks to most Americans. While the financial relief was well-received, it was clearly not enough. Thousands of Americans are out of work and facing eviction, foreclosure, or repossession efforts. It’s only a matter of time before large numbers of Americans start to seek out bankruptcy claims (https://www.kansascityaccidentinjuryattorneys.com/practice_areas/kansas-city-chapter-7-13-consumer-bankruptcy-attorneys.cfm), too.
What Are Experts Saying About the Increase in Bankruptcies?
Financial and legal experts agree. It’s not a matter of if bankruptcy claims will rise, but a question of when (https://www.kansascityaccidentinjuryattorneys.com/practice_areas/kansas-city-chapter-7-13-consumer-bankruptcy-attorneys.cfm). The reason why experts think this is because many Americans were on the brink of bankruptcy even before Covid-19. This pandemic might just be what pushes thousands of the edge.
Can Bankruptcy Help You Manage Your Debt?
Why do experts think there will be a wave of bankruptcy filings in the near future? For many, it’s a logical way of managing debt. A Chapter 7 bankruptcy case can help you get certain debts cleared off your record like unmanageable personal loans, credit card bills, or unpaid medical expenses.
Chapter 13 bankruptcy is another option that can help, especially if you have assets like your car or home that are at risk. This type of claim will help you re-prioritize your debts. You’ll still have to pay off some of your debt, but it will be much more manageable.
Do You Need Immediate Financial Relief? We Can Help!
If you lost your job due to covid-19, then you likely applied for unemployment. The CARES Act stimulus check may have helped a little, but your finances are dire. If you’re struggling to pay off your debts or your assets are at risk, then filing for bankruptcy might be the right decision.
Are you considering filing for bankruptcy as a result of the coronavirus pandemic? Our expert bankruptcy attorneys can help you determine if filing is the right decision for you and your family. Reach out to us on our online contact form (https://www.kansascityaccidentinjuryattorneys.com/contact.cfm) now to learn more about how we can help.
Are You Considering Filing For Bankruptcy?
If you feel bankruptcy is the best option for your financial situation you need to speak with an experienced bankruptcy attorney as soon as possible. Please contact us online or call our office directly at 888.348.2616 to schedule your free consultation.