COVID-19 Updates: Retirement Accounts; Stimulus Funds; Online Filings. The coronavirus pandemic has impacted millions, but you can still make moves to protect your financial future. Filing for bankruptcy will erase many bills while keeping most retirement accounts intact. Learn more in Laid Off Due to the Coronavirus (COVID-19)? Bankruptcy Can Help.
If you’re worried that you make too much to qualify for bankruptcy, CARES Act provisions ensure that receiving stimulus funds won’t affect your ability to obtain a discharge. Also, rest assured that you can file safely. Many bankruptcy lawyers will consult with you virtually, and bankruptcy filers now appear at the 341 meeting of creditors by video or telephonically. (In-person meetings will resume 60 days after the termination of the President’s COVID-19 National Emergency Proclamation.) Check the U.S. Trustee’s 341 meeting status webpage or go to your court’s website for details.
If you are struggling with debt, bankruptcy might be a good option. But before you file for Chapter 7 or Chapter 13 bankruptcy, explore alternatives to bankruptcy. In some situations, a non-bankruptcy course of action may be your best remedy. Read on to learn about the main alternatives to bankruptcy when dealing with debt issues.
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.