The coronavirus pandemic has hurt a huge number of people financially, and with the unemployment benefit increase set to expire at the end of July, it will only get worse. Our Bankruptcy Court in the Western District of New York has remained open for case filing throughout the crisis, with most matters, including the “Meeting of Creditors,” conducted by phone for safety.
For those who have suffered job loss and are currently having difficulty managing debt, the best time to explore bankruptcy is now.
Income plays a large role in determining which bankruptcy options are available. For example, some people are eligible to file for Chapter 7 relief now based on their recent income, but may not be several months from now if their income situation changes. The increased unemployment benefit due to the CARES act does not count toward the bankruptcy income tests.
Timing is often important when it comes to bankruptcy. Explore your options by contacting me for a free consultation.