The Covid pandemic put many people out of work. As many people try and navigate through the pandemic, the single thing that most people have felt is an impact on their income. With so much uncertainty, many people don’t know where to turn and wonder if filing for bankruptcy may be the best decision for …
I lost My Job due to COVID – Should I file for Bankruptcy? Read More »
When signing the CARES Act into law, Congress left out protections for the most vulnerable individuals who are already in debt. Congress failed to provide any protection against debt collectors. Thus, individuals who owe money for past debts will be at risk to debt collectors looking to garnish their stimulus checks.
If you have medical debt and are thinking about filing bankruptcy, you should not ignore these bills. Many individuals will start by receiving late payment notices. Ignoring these can eventually lead to a medical provider suing you and getting a money judgment against you. A money judgment can lead to a wage garnishment, bank levy, or the placement of a lien on any property that you own. These can have huge impacts on your credit score and financial situaion. When a creditor gets a judgment against you, they can garnish up to 10% of your gross wages. This can be a large lump sum for people who are already struggling to make ends meet.
Filing bankruptcy to get rid of medical debt, can be a great way to get back on your feet. Individuals looking to file bankruptcy, have two options. They can file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy.
As the impact of the coronavirus continues impacting the livelihood of many individuals, people are contemplating whether or not they should be filing bankruptcy. With so much uncertainty many individuals have lost their income and feel that they have nowhere to turn. The Coronavirus outbreak is leaving many individuals confused about their finances. Below we will look at whether filing bankruptcy because of the coronavirus is the right choice for you.