Bankruptcy

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Intro to Bankruptcy During the Coronavirus Pandemic

When bills become unmanageable, such as after a divorce, illness, or job loss, bankruptcy provides a filer with a financial safety net. It works by wiping out or “discharging” qualifying debt—credit card balances, overdue utility bills, personal loans, gym memberships, and more—and giving the filer a fresh start. If you’re considering filing for bankruptcy, you’ll want to learn what each chapter can and cannot do.

Individuals often file for Chapter 7 bankruptcy because it’s quick and doesn’t require debtors to repay creditors. Higher-income earners who make too much for a Chapter 7 discharge can file for Chapter 13 bankruptcy. Although a debtor must pay back some amount through a Chapter 13 repayment plan, Chapter 13 has other benefits, like preventing a home foreclosure or car repossession and reducing the amount owed on secured debt. Both bankruptcy chapters stop harassing debt collectors and put an end to wage garnishments, creditor lawsuits, and other collection actions.

Filing for bankruptcy will affect your credit score, but it will improve with time—and often far sooner than most filers expect. In fact, many people find that filing for bankruptcy repairs credit faster than would be possible otherwise.  

Bankruptcy isn’t just for individuals with consumer debt problems. Filing can benefit a small business owner by minimizing personal liability after a company closure or by helping a small business return to profitability.

Finally, no one wants to file for bankruptcy. If you need bankruptcy help but have reservations, you’re not alone. Not only have employers laid off staggering numbers of workers due to the coronavirus outbreak, but companies large and small are closing at a record pace—and many businesses will seek bankruptcy relief. But that’s not as bleak as it might seem. Each fresh start—including yours—moves the economy one step closer toward recovery.

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By clicking "Find a Lawyer", you agree to the Martindale-Nolo Texting Terms. Martindale-Nolo and up to 5 participating attorneys may contact you on the number you provided for marketing purposes, discuss available services, etc. Messages may be sent using pre-recorded messages, auto-dialer or other automated technology. You are not required to provide consent as a condition of service. Attorneys have the option, but are not required, to send text messages to you. You will receive up to 2 messages per week from Martindale-Nolo. Frequency from attorney may vary. Message and data rates may apply. Your number will be held in accordance with our Privacy Policy.

You should not send any sensitive or confidential information through this site. Any information sent through this site does not create an attorney-client relationship and may not be treated as privileged or confidential. The lawyer or law firm you are contacting is not required to, and may choose not to, accept you as a client. The Internet is not necessarily secure and emails sent through this site could be intercepted or read by third parties.

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