Should I File for Bankruptcy Because of the Pandemic?
As a result of the covid-19 pandemic, many individuals and families have faced economic hardship. Because of the difficulty paying off debts, bankruptcy may be necessary for many to get a fresh start. Before filing for bankruptcy it is important to discuss your options with bankruptcy lawyers in Hopewell va.
Should you file for bankruptcy because of the pandemic?
Before you file a bankruptcy action, you should consider all of the available options. Because of the pandemic, many creditors are offering deferred payment options and other payment plans. Because bankruptcy may affect your credit, you should look into whether there are feasible alternatives.
In addition, there may be relief programs available to assist certain individuals with economic hardships. Many of the programs will provide financial assistance and other benefits to help you get back on your feet.
If bankruptcy is the best option, then you seek out the assistance of a bankruptcy attorney Hopewell. An attorney can explain to you how bankruptcy will apply to your situation and help you know what to expect.
How does bankruptcy work?
There are different types of bankruptcies. One type of bankruptcy results in a discharge of your debts after certain assets are applied to pay creditors. The other type of bankruptcy involves debt restructuring to develop a payment plan to pay some creditors and eventually have remaining debts discharged.
Bankruptcy is commenced by filing a petition with the court which includes certain information about your creditors. Notice is provided to your creditors and you submit claims to exempt certain property from the bankruptcy.
To ensure that you understand the process and achieve the full result of the process, contact our bankruptcy attorneys in Hopewell VA. At Canfield Wells, we strive to help our clients receive bankruptcy relief in an efficient manner. Contact us if you are considering bankruptcy.