During the midst of the COVID-19 Pandemic it is a simple fact that many people have been furloughed or are collecting unemployment. Many businesses have been forced to close their doors.
If you find yourself drowning in debt with law firms and collection agencies calling you on a daily basis and see no light at the end of the tunnel, bankruptcy may be a viable option for you.
In our experience, one of the larger issues is whether you can keep your home or automobile. Chapter 13 bankruptcies allow you and the court to develop a plan where you keep everything and pay an agreed-upon monthly payment to take care of your debts in a number of years. Chapter 7 bankruptcies have more popularity, because they allow you to get rid of most or all of your debt. If you want to keep your home and automobile, you can leave it off the schedule and continue making regular payments on those two items while your other debts are forgiven. If you can't afford those payments, then you can include those items on the schedule and look for less expensive alternatives.
Should you have any questions, contact us at (423) 424-6208 or email@example.com.