As most are well aware, the COVID-19 pandemic has had an impact on numerous areas of society, with one of the largest being the economy. Many have struggled financially in the months since the pandemic hit, including a significant increase in Chapter 11 (business) bankruptcy filings. An increase in all bankruptcies is expected to continue in upcoming months and into 2021.
At Utah Bankruptcy Professionals, our bankruptcy attorneys are here to help with numerous bankruptcy areas, from help with financials to assistance with filing Chapter 7 or Chapter 13 bankruptcy if needed. What has been the impact of the pandemic thus far on bankruptcy filings, what do we expect the future to look like here, and how will our bankruptcy attorneys assist you if you require our help?
The pandemic has impacted a wide variety of financial areas, including both companies and individuals. Interestingly, though, despite the virus being known for at least seven months in North America, some of the most significant bankruptcy results are only beginning to show up – this is because some businesses or individuals have been able to tread water for some period of months, but are now finally feeling the heaviest strain.
Unfortunately, experts expect this trend to continue moving forward. It may take significant time for the American economy as a whole to rebound, and is projected to result in higher-than-normal bankruptcy filings for many additional months and even into 2021.
One area that’s been somewhat beneficial for both individuals and corporations is stimulus packages from the government. As time has gone on, however, these have dried up and become much more limited.
Many corporations received government initiatives to help keep them afloat, but these are exhausting soon. In addition, individual consumers only received a single $1200 check several months ago, and have seen nothing further in support since. While talks are reportedly still in play for additional stimulus funds, nothing is certain here and it’s clear that the previous funds allocated have not gone far enough.
At Utah Bankruptcy, we’re here to help anyone who may be impacted by this pandemic and resulting economic fallout. Our bankruptcy attorneys will work with you to determine whether a bankruptcy filing might be the right move given your financial issues, plus will help you determine which type to file and several additional details.
For more on the impact of the pandemic on bankruptcy filings, or to learn about any of our Chapter 7 or Chapter 13 bankruptcy services, please contact us at Utah Bankruptcy Professionals today.