Filing Bankruptcy After Quarantine

If the COVID-19 quarantine has put your bankruptcy filing plans on hold, there are some steps you can take to get back on track now that courts are opening back up. Even if your court has not yet opened for face-to-face business, it is just a matter of time before it does. 

This is a good time to do an in-depth study of your financial situation. Are you paying your bills on time? Will you be able to pay down debt slowly? Have you lost your income or has your household income decreased? You may not be happy with your finances at the moment, but these next steps are crucial to not only your current but also your future financial security. 

Reevaluate Your Finances

If money has been tight, do not feel alone. Millions of other Americans are struggling to pay their bills right now. Most likely, you have been focusing your cash toward your mortgage or rent payments, food, utilities, and transportation costs. 

We have heard from people who have entered “survival mode.” They have refrained from making their credit card and student loan payments. Regardless of any changes in your income, you need to reassess your financial goals and where your finances currently stand. If you are facing high levels of debt, the following steps should help you get back on track. 

Reconstruct Your Monthly Budget

Since you have been under government mandated quarantine, your monthly budget has probably changed. Those who are working from home are spending less on transportation costs. Now is the time to reconstruct your monthly budget and determine where you can cut back and what you absolutely have to spend your money on. Do you really need a gym membership right now? Can trips to restaurants be cut out? What can you live without?

Considering Bankruptcy

If your debt has become overwhelming and you do not think you will recover financially from the coronavirus pandemic, you might want to consider speaking with an experienced bankruptcy attorney. The process of bankruptcy has also changed with the coronavirus pandemic. Social distancing guidelines have swapped in-person meetings for video and phone conferencing for consultations and reviewing documents.   

Bankruptcy documents can be signed online and the 341 meeting of creditors can be held by telephone. The qualifications for bankruptcy are the same, however, and you are still required to complete pre-bankruptcy counseling. Your attorney will help you with all of the required paperwork and documentation and guide you through the process. 

Filing for Bankruptcy

Schedules of courts across the U.S. have been altered and some are still temporarily closed. Many have relaxed the rule that requires bankruptcy filers to sign with “wet signatures” on their petitions, which makes it easier for lawyers to file bankruptcy cases through online portals. Again, your attorney will hold your hand through the entire detailed process to ensure that all of the steps of your bankruptcy are handled appropriately according to the recent temporary health and safety guidelines.

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.

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James Roswold
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James Roswold is a Kansas & Missouri personal injury, workers comp, and medical malpractice attorney.