Katz Law, APC is an experienced bankruptcy law firm in Los Angeles, California that specializes in assisting individuals who have fallen into hard times financially. In light of our experience in bankruptcy, we have been recently contacted by a large amount of individuals inquiring about bankruptcy in light of the Coronavirus Pandemic that has hit the world, and specifically, Los Angeles, CA. One question we often get asked is whether Coronavirus will result in increased amount of bankruptcies.
Will Coronavirus Result in More Bankruptcies in Los Angeles?
In short, we believe it will. As we are writing this article, there are hundreds of thousands of people in Los Angeles, CA that have been either laid off work, had to close their stores and restaurants due to restrictions imposed by the government, or are employees for businesses that have closed. This means more people are at home without any income coming-in. Whenever the economy is down, bankruptcies tend to increase. In Los Angeles, this is particularly true because the cost of living is very high, and without any income coming in, those expenses often go unpaid. To seek relief from never-ending debt, individuals often (and wisely) choose the bankruptcy route.
Will Bankruptcy Assist Individuals Who Were Financially Affected by Coronavirus?
Of course. In fact, bankruptcy was put into place specifically to assist individuals who have fallen into hard times financially. If one qualifies for a Chapter 7 bankruptcy (yes, you must qualify for a bankruptcy), he/she may be able to wipe out all debts such as credit cards. If, however, one who is in financial difficulty does not qualify for a Chapter 7 case, Chapter 13 is an alternative wherein you will be able to pay your debts over a certain period of time. Chapter 13 is often filed for individuals who have assets, like a home, but have fallen behind on their mortgage payments.
Consult With A Qualified Attorney Now!
If you or your loved one is considering bankruptcy in light of the Coronavirus pandemic, we urge you to consult with a bankruptcy attorney before deciding your next step. Katz Law is here to help those who are considering filing for bankruptcy in Los Angeles or in the surrounding counties. At Katz Law, we are qualified in handling bankruptcy cases. If you need bankruptcy advice, contact a Los Angeles attorney now! Our attorney at Katz Law is ready to help you immediately! Also note that in light of social-distancing, we are willing to conduct our free consultations by phone or by video. Just call us to set up an appointment.
Call us now at (310) 444-9444 for a FREE CONSULTATION!