Worried About Bankruptcy In The Wake Of Coronavirus?
COVID-19 And Bankruptcy
The Cook Law Firm Is Here To Help
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 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 Coronavirus.
The Cook Law Firm 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
Before we get started with COVID-19 and bankruptcy, we think it’s important to provide you with some helpful facts about the virus so you can get properly informed.
COVID-19 is officially already in Louisiana, and it’s important that you take the proper steps to care for yourself and others during this time. Rather than covering the different recommendations they have for slowing the virus’ spread and staying healthy, we highly recommend that you spend some time reviewing the official information that has been released by the CDC. This is the most reliable source of information, and additionally it is quite comprehensive in what topics are discussed.
Bankruptcy In Louisiana
Already the current Coronavirus 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 in an effort to slow the virus’ spread. 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 You Should Do — Businesses
As we just said above, don’t panic — prepare. And the best way to do that is to call Louisiana’s best bankruptcy lawyers as soon as possible. By giving us a clear picture of your business’ 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 You Should Do — Individuals
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, non-exempt property is seized to pay off debts, where in Chapter 13 bankruptcy, a payment plan is created to pay back your debts.
The Cook Law Firm
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 the current speculation, we’ll be happy to help.
If you have questions or concerns about bankruptcy in Louisiana, please contact us today via the form below.
How We Can Help You
The Cook Law Firm is comprised of expert bankruptcy attorneys that can help you get back on track. Learn more about our team today.
Bankruptcy can seem like a daunting and overwhelming endeavor. While it is a complex process, the bankruptcy experts at Cook Law Firm are here to help.
One of the major benefits of filing for protection under bankruptcy is that creditor actions are stayed (which simply means stopped).
At the Cook Law Firm, APLC, we understand that bad things happen to good people. That is why we are here to help you solve your debt problems.