Worried About Bankruptcy In The Wake Of Coronavirus?
COVID-19 And Bankruptcy
It is surely no news to you that COVID-19 is generating a lot of panic and speculation within the media. The pandemic, for good reason, is getting major publicity, and it’s scaring a lot of people – especially because there is so much information that’s currently out about it. From death tolls in other countries to conflicting information on how the virus spreads, it’s hard to know what source to trust.
We want you to know that we’re here to help if you’re concerned about or on the verge of facing bankruptcy in the wake of the current COVID-19 pandemic.
The Cook Law Firm Is Here To Help
We can help you with:
- Understanding what bankruptcy is
- Understanding how bankruptcy works
- Determining whether bankruptcy is right for you
- Determining which type of bankruptcy is right for you
- Representing you as a trusted bankruptcy lawyer
Bankruptcy In Louisiana
Already, the current coronavirus pandemic has greatly disrupted many aspects of life, not just in America, but the entire world. Yes, the health risks are present, and many will be affected. But a compounding factor with this pandemic is the effect that it is having on the economy. Already a drop of trillions of dollars has plummeted the stock market, and many people are socially-isolated at home.
This means that people are actively avoiding going into public spaces in an effort to slow the spread of the virus. While this is imperative to avoiding a public health crisis, it also means that there is the likelihood that many businesses and individuals will be faced with bankruptcy. If this is something that is on your mind, the key is not to panic, but to instead prepare.
What Businesses Should Do
As we just said above, don’t panic – prepare. And the most effective way to do that is to call Louisiana’s top rated bankruptcy lawyers as soon as possible. By giving us a clear picture of your business’s current financial situation, we will be able to first identify what you can do to keep your business performing steadily during this uncertain time and secondly, get the bankruptcy process started if you’re going to benefit from filing sooner rather than later. Not to mention, you’ll need to undergo financial counseling as an introductory stage to the process.
For businesses, you’ll have to file a Chapter 11 bankruptcy. However, once the process is successfully completed, most businesses will be able to operate as usual.
What Individuals Should Do
If you’re becoming increasingly overwhelmed by your debts, especially because you’re unable to work as a result of COVID-19, personal bankruptcy may be beneficial for you. Like business bankruptcy, calling us for a consultation on your situation will allow us to provide some immediate guidance towards steps you can take to better your current situation, and we can also get you started with the process of Chapter 7 or Chapter 13 bankruptcy.
To quickly explain the difference between the two, Chapter 7 bankruptcy is in place for those who make less than the household median income and qualify via a bankruptcy means test. For Chapter 13 bankruptcy, those who qualify make more than the median household income and pass the means test. In Chapter 7 bankruptcy, nonexempt property is seized to pay off debts, where in Chapter 13 bankruptcy, a payment plan is created to pay back your debts.
Wondering If You Could Benefit From Bankruptcy?
During uncertain times, it’s always refreshing to have an experienced, knowledgeable team on your side to help you move forward, unafraid. Whether you’re certain that bankruptcy is needed for your business or yourself, or you’re concerned and need peace of mind in the midst of current speculation, we’ll be happy to help.