When Covid Relief Expires What's Next Florida Bankruptcy
When Covid Relief Expires: What’s Next?
August 6, 2020

After a year of ups and downs, the fourth quarter of 2020 is finally here. In the stock market, economists are at odds with defining the market as bear or bull. For the financially savvy investor, no doubt, it’s an exciting time! But, where does that leave the average, hard-working American who’s just trying to make ends meet?

Each of us has experienced the pandemic differently. For some, we are COVID survivors. Others have lost loved ones or friends. Still, others are waiting to see if this menacing virus’s second wave will make its way through the population in the fourth quarter. As we wrap up this record-breaking, pandemic filled year, big questions remain. How are your finances? How have you weathered the storm? Have you recovered from a major hit to your bank account due to COVID, or do you need a helping hand or a financial fresh start?

As cooler weather approaches, we as a nation must remain mindful that viruses spread more easily and remain viable in cooler, less humid weather. Couple that with people congregating more indoors, and you have a recipe for easy spread. As a nation, we should also remain mindful and diligent that surges in the virus follow the loosening of shutdown orders and relaxing restrictions. 

Keeping these things in mind, as we look at our individual finances, bankruptcy is an option in some situations. Here are some things to consider:

Should you file? Bankruptcy?

If you consider filing for bankruptcy, make sure you request copies of your credit report from the three major credit reporting agencies: Experian, Transunion, and Equifax.  Please do this to see and understand the big picture of your financial situation and view a list of your creditors and the amounts you owe them. The more informed you are, the better the outcome will be. Miller Hollander and Jeda have over 35 years of experience in helping people with Bankruptcy. As Florida Bankruptcy attorneys serving Naples and Fort Myers Florida, we know how to help Southwest Floridians get a fresh financial start.

 

Typically, two types of bankruptcy are filed for individuals.

Chapter 7:

By filing Chapter 7 Bankruptcy, your credit card bills, medical bills, tax debt, and other debts may be discharged, and your financial slate wiped clean. This may be the right solution for you if you do not have a significant amount of equity in a house or vehicle, and you do have a lot of unsecured debt and little income to pay it off—this a liquidating bankruptcy, which means that your assets may be sold to pay the creditors. Due to bankruptcy protection, you are permitted certain exemptions for your property. You may be permitted to keep your home, Social Security benefits, car, and other personal property.

Chapter 13:

By filing Chapter 13 bankruptcy, debt payments are reduced and restructured to make them more manageable. It also gives you a strict plan to pay off your debt and protect from legal action and harassing phone calls from creditors and collection agencies. One of Chapter 13 bankruptcy’s biggest advantages is that you don’t have to liquidate your assets. Chapter 13 is for people who have the means to pay back creditors. It just gives individuals more time to do so. Typically, within 3-5 years.

As the clock winds down in 2020, and the world continues its waiting game on the economic and health front, you don’t have to keep waiting for help! If you are struggling financially due to COVID-19 and want to know if bankruptcy is right for you, for a FREE consultation, call Miller, Hollander, & Jeda at (239) 775-2000 to get a fresh financial start.