Covid-19 has hit everyone hard. Many are struggling to pay their bills and have had their income reduced or eliminated due to furloughs or reduction in their employer’s workforce.
All of those plans they had to use your money to buy a house, put a new roof on their current house, pay for their child’s college education, go on a much-needed vacation- those plans have either been put on hold or even washed away.
Many are trying to hold on to their jobs, their homes and their cars. Many are facing a mountain of student loan debt or their monthly credit card bills are skyrocketing because they are using their credit cards to pay for groceries, gas for their car and shoes for their children.
Perhaps they are going through a divorce due to these troubled financial times and now their income will be slashed in half without that former spouse’s income but they still have to pay the same rent, car repairs and MLGW bill.
Maybe they are facing a serious medical crisis and not certain how they are going to pay the medical bills for the care they need. Some have the IRS breathing down their necks, filing liens for unpaid taxes and threatening to take away their house.
Hopefully their creditors will work with them during these uncertain times like the national moratorium on rent evictions or MLGW’s relief program.
If they find themselves in times of trouble, understand that there are thousands of people in bad situations just like them. Understand that there are options for them. One of those options is filing a bankruptcy case.
If they have a lot of unsecured debt and don’t have a house to save and are current on their car, they may be able to dump those credit cards balances or write off that growing pile of medical bills. They may be in a position to file a chapter 7 case if they meet the means test.
If they are behind on your house payments or you are struggling to find full time work so they can pay their car note, chapter 13 may provide them the time to get full time work and reorganize their finances.
Room to breathe, space to pull it all together—bankruptcy can do that for them. Bankruptcy was designed for the “honest but unfortunate debtor.” We at Mason Zoccola Law Firm PLLC, are here to help shepherd our clients to achieve understanding, security and peace of mind.
If they need the kind of financial help that bankruptcy can provide, have them call us at Mason Zoccola because first, we listen…