Can Bankruptcy Solve Your Financial Distress Caused by COVID-19?

When looking for relief from the financial burden caused by the COVID-19 pandemic, bankruptcy is certainly one of the options to consider. Should you file for bankruptcy? Is bankruptcy right for you? There are many questions you need to ask first. Let’s start with 5 things you need to know before filing for bankruptcy.

Bankruptcy can help you get rid of debts you cannot pay. Bankruptcy will stop lawsuits and creditors’ collection efforts. Bankruptcy may buy time to negotiate with your landlord. Bankruptcy may help you save your home or car.

Bankruptcy law is complex law consisting not only with the US Bankruptcy Code and case law, but also the Federal Bankruptcy Rules and local rules.
Bankruptcy precedents are being created by courts daily. In addition, the State Law governs bankruptcy exemptions (what property you can keep). While you can file bankruptcy without an experienced bankruptcy attorney, you run a risk that you can lose property that you could otherwise keep if you have retained a bankruptcy attorney. Without having an experienced bankruptcy attorney on your side, you may not discharge debts that may be discharged with help of a bankruptcy attorney.

Please note that this article does not constitute a legal advice.  We simplified the law in order to outline what you should consider to determine if bankruptcy an help you relieve financial stress caused by covid-19.  What you don’t know, may hurt you! If you are considering filing bankruptcy, call an experienced bankruptcy attorney in Phoenix at 480-425-2009 today for a free confidential bankruptcy consultation or contact us via our website. We will make sure your assets are protected and you get the maximum relief from your debts through bankruptcy.