Pennsylvania Governor Tom Wolf has ordered the closure of “non-essential” business in the wake of exponential spread of Covid-19, also known as Coronovirus. Similar closures are happening in states across the country and the federal government is working to contain the dire economic impacts. Proposals include stimulus packages, increased unemployment benefits, tax relief, corporate bailouts, interest rate adjustments, and student loan and mortgage forbearances. Private lenders of every ilk are also rising to the occasion by offering temporary relief for those impacted by the Coronavirus.
Where does that leave those people that were laid off with no other source of income, those who receive fixed incomes like social security, or those job-seekers currently receiving unemployment compensation benefits whose debt balances, while temporarily paused, continue to climb? Economic stimulus packages and temporary debt relief may provide enough breathing room to weather the Coronovirus storm for a few weeks or months. For many, however, these temporary measures will be insufficient to keep current on debt payments and meet everyday living expenses.
For those honest but unfortunate folks impacted by Coronovirus-related income reduction or loss, individual or business bankruptcy may be a viable option to restructure or eliminate debts and alleviate financial strain.
The experienced, proven, and trusted bankruptcy attorneys at Mooney Law stand ready to assist you and answer your questions. Consultations for bankruptcy are always free at Mooney Law, even during this difficult time. Mooney Law has extended through the month of April FREE PHONE consultations. To schedule a FREE PHONE consultation, call us today at 833-MOONEYLAW or at 717-200-HELP. You can also visit the firm website at https://www.mooney4law.com.