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These are not good times
People dying. Massive disruptions to our lives. Economic calamity. The coronavirus has had an impact on virtually all aspects of our lives. We offer some tips and resources on our Coronavirus Help page. But, not to diminish in any way the human toll, there is also a fiscal toll that can be summed up in one sentence:
If you're not getting paid, it's tough to pay your bills.
While some creditors are allowing skipped mortgage, rent, car, utility, and credit card payments, others aren't. And at some point, these creditors will want their money, probably with interest on top. At some point soon, the Courts will open, the halt in foreclosures and evictions will expire, lawyers will start filing collection lawsuits, and what then?
For some, the answer is to dip into savings to catch things up. But for most of us, what we've set aside just isn't enough. Workouts and payments plans are another option, but they are expensive, the interest and late fees keep running, and the balance drops v e r y slowly. Some of my clients turn first to "debt management programs," but they have some serious problems (including lots of fees) that I've written about previously in the linked article.
Whether you're facing a foreclosure, behind on your bills, or have been sued or garnished, a bankruptcy may be a good option for you. It's almost always a lot cheaper (even including attorney's fees) than debt management programs, usually much faster and cheaper (particularly Chapter 7) than payment plans or workouts, and it usually lets you keep all of your retirement.
Browse around the website. Do your research. And then call or email me. We can help.