Have You Recently Been Laid Off or Having Trouble Paying Your Bills Due to the Coronavirus?
Bankruptcy is never a situation in which anyone plans to find themselves in. In many instances there is a feeling of failure or guilt associated with having to actually go through the legal processes of declaring yourself financially overwhelmed and unable to fulfill certain monetary obligations.
The experienced bankruptcy lawyers at the Williams Litigation Group know that this is often times the result of unforeseen circumstances, sick or ailing loved ones, and other unplanned for circumstances. But in today’s world we now have an unprecedented new cause…
Dealing With Finances in an Uncertain Time
The sudden emergence and spread of the coronavirus is unlike anything we have ever experienced in our lifetimes here in the United States, as well as in many other parts of the world.
What was just recently one of the greatest economies in history with record low employment levels and a booming stock market has suddenly found itself in the same position as many citizens of the country – locked down and shut off.
The Inflexibility of Many Lenders and Financiers
This health crisis has lent itself to an equally devastating economic crisis which could ultimately end up claiming more victims than the actual virus. Many people are either furloughed, laid off, or even fired due to the effects this contagion has had on businesses all throughout the country. And without money coming in, a lot of folks are having to choose between groceries and bills.
Unfortunately, even a global pandemic isn’t enough to make some lending institutions ease the payment obligations that many clients find themselves in. Numerous mortgage companies, automobile finance groups, credit cards, and various other loan providers are still demanding their money.
If the impact of the coronavirus isn’t alleviated soon, this will most likely lead to a record number of bankruptcy filings in the nation.
How To Safeguard Yourself and Protect Your Interests
Although you may feel like bankruptcy is the only way out of the mess that you and many others now find yourselves in (through no fault of your own), the best thing to do before making any final decisions is to consult with professionals who deal in this area of the law every day, such as the highly respected legal representatives at Williams Litigation Group.
They will listen to the details of your individual situation and help you develop a strategy moving forward. Schedule a consultation.