2020 has been a year for the history books for many reasons, with the most defining reason being the COVID-19 pandemic. This pandemic altered our lives for most of the year in many unprecedented ways, and the effects will likely be long-lasting. Specifically, many households and small business owners will feel crushing financial repercussions of the pandemic well into the future.
If you are facing unpaid debts and other financial struggles due to the pandemic, you should not wait to consult with a COVID-19 Bankruptcy lawyer in Monterey County. You are definitely not alone, and the law office of Miranda, Magden & Miranda, LLP, is ready to help people in your situation. Contact us directly for more information today.
Financial Effects of the Pandemic
As of September 2020, more than six million people in the United States contracted COVID-19. A percentage of these people needed to be hospitalized, and hospitalization often lasts for weeks. Stints in the intensive care unit (ICU) result in astronomical medical bills, and the effects of a serious case of COVID-19 are expected to last for months or years. Such unexpected medical bills can be nearly impossible to pay.
In addition to the risks of contracting Coronavirus and its resulting medical bills, tens of millions of people were laid off or temporarily unable to work for months. Some households went to a single-earner status as one parent stayed home due to schools or daycares closing. While there was some financial support from state and federal governments, it was not enough to keep all households afloat.
Many people in Monterey County are proud to own small businesses, yet many of these same people struggled during 2020. Some businesses had to shut their doors, lost customers and clients, lost their workforce, or had to impose costly restrictions to operate on a limited basis. Many small businesses had to close their doors – or might in the near future – with debts that are unresolved.
To make matters even worse, reports indicate that the divorce rate skyrocketed from March until July 2020. The pandemic put excessive stress on marriages, and reports of domestic violence increased during shelter-in-place orders, and some spouses took this opportunity to start the divorce process. Divorce can wreak havoc on your finances, and you want to be in a good position moving forward post-divorce.
Whether your household experienced one or a combination of the above circumstances, you likely have debts that you cannot pay. It is important to explore debt-relief options now, instead of waiting for the problem – and possibly your credit – to get even worse. For many people, Chapter 7 bankruptcy can be the lifeline they need following the COVID-19 pandemic of 2020.
Contact a COVID-19 Bankruptcy Lawyer in Monterey County for Help
Chapter 7 bankruptcy helps hundreds of thousands of households and small businesses in the U.S. each year, and more filings will likely occur in 2020 due to COVID-19. The COVID-19 bankruptcy attorneys of Miranda, Magden & Miranda, LLP, are ready to help clients in Monterey County get back on their feet. Contact us for your consultation today.