Florida Bankruptcy Lawyer during Covid19
Working with a Florida bankruptcy lawyer during Covid 19 may become a priority for those financially impacted during the pandemic. Across our country, we have seen businesses close, and unemployment rates skyrocket. As a result, many Americans have taken a heavy financial hit and are scrambling to make ends meet. While this may come as no surprise, it may be shocking to learn that many bankruptcy cases are not the result of frivolous spending but unforeseen financial circumstances that could not be planned for. Many employers had no way of knowing the impact Covid would have on their business. For employers and employees alike, they may find themselves considering the most appropriate chapter of bankruptcy to file to start anew. Courts are still operational during this time, and The Law Offices of Arcadier, Biggie & Wood can assist with providing the representation you deserve when filing for bankruptcy.
Choosing the Right Type of Bankruptcy
Bankruptcy is a legal process available when someone is not able to pay off their debts. The process involves all obligations being examined by a court-appointed trustee who will make recommendations to the court. However, it’s essential to be aware that the judge’s approval is necessary for all final decisions. Filing Bankruptcy During the Coronavirus can feel incredibly overwhelming. However, our lawyer can help you choose the right form of bankruptcy to file. Some of the most common types of bankruptcy filings are:
Chapter 7: also called a full liquidation, is the most common form of personal bankruptcy. The process allows for much of your unsecured debts to be eliminated. Be aware that you will likely have to surrender some of your assets. To file for Chapter 7, you must qualify by passing the means test
Chapter 13: is also known as the wage earner’s plan and is often used for personal bankruptcies. This involves reorganizing debts and repaying them over 3-5 years. Chapter 13 is a good option for people who can pay back some of their obligations and would like to retain their property.
Chapter 11: is a form of reorganization bankruptcy accessed by businesses. Typically this type of bankruptcy involves restructuring debts so that companies can remain operational. The process can take longer and be more expensive, so it’s often a filing accessed by larger businesses.
Filing for Bankruptcy During COVID
Deciding to file for bankruptcy was likely not taken lightly and may even be additionally stressful due to the pandemic. It’s essential to be aware that some changes have been made to how courts operate during COVID. While courts remain operational, the process can be doubly complicated for someone new to the process. Many things have been moved exclusively online to prevent the spread of COVID in local courtrooms. Currently, filing for bankruptcy is all completed electronically, and many proceedings will likely be held virtually or online. It’s also important to be aware that all 341 meetings will be held virtually as well. While this may seem like a shift that can feel stressful, our team can assist with making sure that you are prepared for all virtual meetings that will occur.
Bankruptcy can offer families and business owners a fresh start and a solution to financial issues that need to be resolved. Facing home foreclosure, harassing phone calls from creditors, and stressing over how expenses will be covered is incredibly challenging. At The Law Offices of Arcadier, Biggie & Wood, we believe that all of our clients have a right to experience debt relief through bankruptcy. We are eager to help you during this difficult time. Get started by contacting our Florida bankruptcy lawyer; we can help you navigate bankruptcy during COVID 19.