Coronavirus and Bankruptcy – Massdebtlaw

March 25, 2020

Is the Coronavirus Pandemic going to force me or my business to file Bankruptcy?

 

Coronavirus and Your Debt:

Unfortunately, many Peabody and North Shore families and businesses are wrestling with that question right now.

Hopefully you and your loved ones and friends are all (and will remain) healthy.

By now, you (or your employer or business) have adopted practices recommended by public health officials to protect you, your employees, customers and family.

On top of the public health catastrophe, Coronavirus is or will adversely impact your finances.

Millions of Americans already have, or are forecast to, lose their jobs.

Businesses of all sizes on the North Shore and throughout the country are being devastated by the economic fallout from the Coronavirus.

As the world seems to have come to a virtual standstill, it is a good time to plan for the impact of the Coronavirus on your pocketbook.

Here’s What You Can Do Now:

Call or email the Bankruptcy and Debt Relief Attorneys at Massdebtlaw for a free virtual/telephone consultation. We can help you begin to put together a debt management plan that’s right for your situation. This can include:

  1. Non-bankruptcy alternatives such as restructurings, workouts and forbearance agreements.
  2. Loan Modifications with mortgage servicers and other lenders;
  3. Asset Protection and Creditor Protection Planning ; and
  4. Bankruptcy options.
  5. If you can’t make your mortgage payment, or credit card payments this month as a result of Coronavirus, it is generally a good idea to contact those creditors as soon as possible. You can and should request a temporary payment arrangement.

Government Help and Resources for Debt problems during Covid-19:

Thankfully, HUD has suspended foreclosures and evictions for many (but not all) single family homeowners with FHA-insured mortgages for the next 60 days amid the COVID-19 pandemic.

The Federal government is also rolling out a stimulus package which may provide some  relief (including expanded unemployment compensation benefits).

For more information on Covid-19 Resources click here

Coronavirus and Long-Term Financial Effects on You or Your Business.

Government Stimulus plans may provide short term solutions designed to keep homeowners and wage-earners temporarily afloat. However, they may not provide a long term solution in all (or even most) cases.

We are still awaiting regulation or legislation about how delinquent payments due to Coronavirus are going to reported on your credit report.

We Can Help You Start Planning Now.

Like everything else, the key to minimizing the financial damage brought about by Coronavirus is planning.

Our Peabody and Greater Boston Debt Relief and Bankruptcy Attorneys offer a Free Phone Consultation and virtual meetings for clients. Call us now at (978) 548-5174.

We help families and businesses all over eastern Massachusetts, including the North Shore, Greater Boston and Middlesex County.

To begin your own debt management planning process, call or email us now to to arrange a free virtual or telephone consultation.

 

We look forward to working with you.

 

 

 

 

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