Lost My Job During COVID, Should I File for Bankruptcy?

Dealing with money problems is never easy. But what if you lost your job during the COVID-19 pandemic? There are many things you may be having a hard time with, including money. If you lost your job and have money problems now, you may be thinking of filing for bankruptcy. Losing a job sometimes goes hand-in-hand with filing bankruptcy. Before deciding, talk to an attorney at Karen E. Evangelista, PC. We can help you get through a difficult time. Here is what to think about before filing bankruptcy. 

What Relief is Available?

If you lost your job during COVID-19, you aren’t alone. The pandemic led to a rise in unemployment for many people. You need solutions to your problem, and bankruptcy may help. But before filing, look at other options, too. 

If you are having trouble keeping up with bills and getting by, you may be able to receive money through the CARES Act. This act gives families $1,200 payments if their household income is less than $75,000 a year. You may also be able to get unemployment insurance, so be sure to think about this option. 

Know What Chapter 7 Bankruptcy Means

Filing for bankruptcy will not change your income. However, it can bring some relief from current debts. If you are having a hard time paying off debts because you lost your job, bankruptcy might make it easier. Since there is no minimum income needed to file Chapter 7, it is a good option after losing a job. 

Chapter 7 bankruptcy can be very helpful for those who have unprotected belongings. When you lose your job, you may be worried about not being able to pay for your car, home and property. With bankruptcy, you will have extra money to pay off your debts, which is a great option for those who have recently lost their job. 

Make Sure You Qualify

In order to qualify, you must not have defrauded creditors or recently file for bankruptcy. You also must make under a certain amount of money. Since you do not have a job, you aren’t making anything a month, so that qualification is met. If you meet these requirements, you can continue to the next steps. An attorney can help you understand if you meet the qualifications. 

Benefits of Filing

There are many benefits of filing for bankruptcy. This can help you if you do not have enough money to pay off bills. It can relieve much of the stress you’re facing, so be sure to contact us to learn more. 

Without those debts, you can focus on other important things and continue to a better future. 

Talk to a Bankruptcy Attorney About Chapter 7 Today

If you lost your job during the pandemic and now have money problems, help is available. Your best option is to speak to a bankruptcy attorney. Karen E. Evangelista, PC is here to help. Call us now to schedule an appointment at our office. We can help you decide if bankruptcy is right for you.