Chapter 7 and Chapter 13 Relief for COVID-19 Coronavirus Bankruptcy Business Closures
COVID-19 Coronavirus Bankruptcy filings are expected to increase. You should know your rights and options in the Bankruptcy Code if you need financial relief from debts you cannot pay. This is NOT YOUR FAULT. Many of your friends and neighbors know someone who is affected by the government-forced business restrictions and shutdowns. So many of our residents live paycheck to paycheck and they rely on consumer spending to pay for their bills and feed their families.
Chicago Bankruptcy Attorney Joseph Wrobel will help save your home, save your car, and save your sanity when financial emergencies threaten you and your family. Call Attorney Joseph Wrobel now (312) 781-0996.
What to Expect in the Next Several Months Following COVID-19 Coronavirus Business Shutdowns
There will be an increase in bankruptcy filings in the coming months due to COVID-19 Coronavirus-related company layoffs, closures, payroll reductions, dramatic drops in the stock market, and self-quarantines.
We do not know how long the COVID-19 Coronavirus business closures will last. We also don’t know how long many people will be able to hold on or get new work to cover their needs.
If you have questions about bankruptcy you should get the information you need. Learn the difference between a Chapter 7 and a Chapter 13 bankruptcy by reading our article on point, How Is a Chapter 7 Different from a Chapter 13 Bankruptcy?
Are the Government Bailout and Assistance Plans Enough?
While Congress works on financial assistance programs and options for people affected by forced government shutdowns of businesses, the relief may not be enough to cover all the unpaid bills. One of the plans may allow for additional time to pay rent and mortgage payments. Right now, details on these options are still being determined and we are committed at Joseph Wrobel, Limited to sharing that important information that might be a help to you or your neighbor.
When the stimulus check and other options are not enough, and you fear a foreclosure and repossession of your car, we can solve your problem immediately with the filing of a Bankruptcy Petition.
The Automatic Stay Provision in the Bankruptcy Code Saves You Immediately
The moment your Chicago bankruptcy attorney files your petition for a Chapter 7 or a Chapter 13 bankruptcy, the “Automatic Stay” provision PROTECTS YOU. The automatic stay prevents any bill collectors from contacting you, suing you, or doing anything to pursue you over debts during the entire time you are in a bankruptcy case. So, from the moment you file until the date of discharge, you are safe.
If you have a Chapter 13 bankruptcy, your automatic stay lasts three to five years, because that’s how long your Chapter 13 repayment plan may be. Read our article to learn more, The Automatic Stay: It Stops Bill Collectors in Their Tracks.
Need A Payment Plan to Pay for Attorneys Fees and Filing Fees? We Can Help You with Your COVID-19 Coronavirus Bankruptcy at the Chicago Bankruptcy Law Firm of Joseph Wrobel, Limited in Chicago (312) 781-0996