Should You File Bankruptcy During the Coronavirus Pandemic

Should you file a personal bankruptcy - either Chapter 7 or Chapter 13 - while the economy continues to be suppressed due to the coronavirus pandemic?
As I discuss in this video, I am advising potential clients who call me about bankruptcy to move very slowly and to learn as much as they can about both the short term and long term implications of bankruptcy.
In many situations, the best course of action is to do nothing. As long as collection actions, foreclosures and repossessions are limited by law or by court closures, an argument can be made that doing nothing is appropriate. You do not want to file bankruptcy now, only to find that your financial situation takes a turn for the worse in six months and you no longer have the bankruptcy option.
I am especially wary of recommending Chapter 13 filings because Chapter 13 assumes steady, regular income and very few of us can be confident with such an assumption.
When we do recommend bankruptcy, we often look at Chapter 7 as a tool to eliminate both debt and stress. One of the consequences of prolonged lockdown is depression and anxiety and a legal remedy like Chapter 7 that can wipe out debt and allow you to surrender assets like a house or a car that you cannot afford can do wonders for your state of mind.
If you are facing a financial crisis or if you see potential problems in your near future, please call Susan Blum or me at 770-393-4985. We’d be happy to offer our advice about both bankruptcy and non-bankruptcy options. #atlantabankruptcyattorney #bankruptcyandcoronavirus #shouldIfilebankruptcy
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[@primordialmeow7249]

Excellent general info. Thank you.

[@robertalvarez8689]

I filed 7 or 8 months before Covid, chapter 13. I lost my job in July of 2020, couldn’t break an apartment lease, so all my unemployment money went to rent. Trustee gave me 2 six month freezes on payments, but I wasn’t able to obtain employment and the 13 resumed. I couldn’t make my payments, the 13 had to be dismissed. My car was immediately repossessed and I was only able to get it back because a family member paid the loan off for me. Now almost 2 years later I’m still unemployed and only earning a small bit to pay my health and car insurance. Im sure I could qualify for a chapter 7 right now but I figure why bother? If no one’s threatening to sue, why spend the money to file?

[@CallforthePriest]

i am curious, why do trustees want your tax refund? If they dont put the money towards your bankruptcy then what do they do with it?

[@herafilms6383]

T.T