Finance Experts Predict Significantly Rising Numbers in Personal Bankruptcy Filings
As of chapter 13 , five months had passed since the World Health Organization declared the COVID-19 outbreak to be a global pandemic. In the United States, forced temporary shutdowns drove some organizations out of business. Financial experts predicted early on that bankruptcy attorneys would become busier than usual.
Individuals who feel embarrassed about having to declare bankruptcy protection might be able to take some comfort in realizing they are definitely not alone. Even when the economy is booming, hundreds of thousands of personal bankruptcies are filed each year. The number frequently rises above 1 million.
Many workers who became unemployed during shutdowns were eligible for extra unemployment compensation under the Coronavirus Aid, Relief and Economic Security Act. However, that additional assistance expired at the end of July. Stimulus payments of $1,200 were sent to about 159 million U.S. residents. A temporary moratorium was placed on foreclosures and evictions. Additional protections for small businesses were provided as well.
In August 2020, the number of bankruptcy -attorneys.simplesite.com/">chapter 11 has increased dramatically compared with 2019. Personal filings have remained steady, likely because of the CARES Act. With so many businesses closing for good, though, the probability is high that Tulsa attorneys who handle bankruptcy cases will receive more calls for assistance. The economic turmoil has not only affected large numbers of small companies but many very large corporations as well.
In fact, financial experts predict that record numbers of personal filings will happen in 2020. That will be the fallout from a combination of factors having a dramatic negative impact on the finances of U.S. residents. The number of evictions and foreclosures will rise when moratoriums are lifted. Most payment arrangements on various types of bills, such as for credit cards, were deferrals rather than forgiveness for the amount owed. unsecured creditors go further into debt while desperately trying to pay their bills.
Oklahoma lawyers know that people tend to struggle for a long time before reaching out for legal help. These individuals generally feel ashamed and want very badly to clear up the financial problems on their own. Yet the opportunity to declare bankruptcy is an approved way to make a fresh start. Substantial relief comes with erasure of overwhelming debt.
Individuals who feel embarrassed about having to declare bankruptcy protection might be able to take some comfort in realizing they are definitely not alone. Even when the economy is booming, hundreds of thousands of personal bankruptcies are filed each year. The number frequently rises above 1 million.
Many workers who became unemployed during shutdowns were eligible for extra unemployment compensation under the Coronavirus Aid, Relief and Economic Security Act. However, that additional assistance expired at the end of July. Stimulus payments of $1,200 were sent to about 159 million U.S. residents. A temporary moratorium was placed on foreclosures and evictions. Additional protections for small businesses were provided as well.
In August 2020, the number of bankruptcy -attorneys.simplesite.com/">chapter 11 has increased dramatically compared with 2019. Personal filings have remained steady, likely because of the CARES Act. With so many businesses closing for good, though, the probability is high that Tulsa attorneys who handle bankruptcy cases will receive more calls for assistance. The economic turmoil has not only affected large numbers of small companies but many very large corporations as well.
In fact, financial experts predict that record numbers of personal filings will happen in 2020. That will be the fallout from a combination of factors having a dramatic negative impact on the finances of U.S. residents. The number of evictions and foreclosures will rise when moratoriums are lifted. Most payment arrangements on various types of bills, such as for credit cards, were deferrals rather than forgiveness for the amount owed. unsecured creditors go further into debt while desperately trying to pay their bills.
Oklahoma lawyers know that people tend to struggle for a long time before reaching out for legal help. These individuals generally feel ashamed and want very badly to clear up the financial problems on their own. Yet the opportunity to declare bankruptcy is an approved way to make a fresh start. Substantial relief comes with erasure of overwhelming debt.
