Impact of COVID on Businesses and Availing Financial Protection During COVID-19
COVID Landscape
Coronavirus has affected essentially every area of the U.S. economy. Battles in a single area caused gradually expanding influences on others when stay-at-home requests stopped or shortened typical business activities. Joblessness has arrived at notable levels, and in April, consumer confidence certainty dropped to its absolute bottom since 2014 and presently can't seem to bounce back to pre-COVID-19 levels. Hertz, Neiman Marcus and JCPenny are only a portion of the corporations that have just petitioned for bankruptcy.
The following large flood of US insolvency filings won't occur until mid-2021 when organizations that acquired intensely to endure Covid-19 hit a stopping point. There have been 187 insolvency filings year-to-date by organizations with more than $50 million in liabilities, as indicated by information aggregated by Bloomberg. That is the most for any similar period since 2009 when there were 271 in the entire year, the information show.
Availing financial protection During COVID-19
If you've been hit hard financially by the pandemic, you are not alone. A huge number of Americans face joblessness, and numerous organizations have opted for government help to assist them with attempting to weather economic devastation. Particularly in the pandemic, there is no disgrace in confronting monetary difficulties and feeling like you're out of alternatives. Contingent upon your circumstance — regardless of whether you'd petition for financial protection exclusively or for your business — finding out about your liquidation alternatives could give you some genuine feelings of serenity.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is an approach where individuals liquidate assets to pay off debts. Chapter 7 works best for people who have unsecured debt they've taken on without pledging collateral such as credit cards or medical debt. For more information visit our Las Vegas Chapter 7 Bankruptcy Attorney.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is designed for individuals who have a home or other secured property at risk of foreclosure. In Chapter 13 bankruptcy, individuals develop a three-to-five-year payment plan that allows for more manageable payments. For more information visit our Las Vegas Chapter 13 Bankruptcy Attorney.
Chapter 11 Bankruptcy
If you own a business and you're struggling to make the financial equation work, Chapter 11 bankruptcy might be a lifeline. Filing for Chapter 11 enables you to restructure your debts so you can make affordable payments.
Seeking Professional help on Bankruptcy
Many factors inform the decision to file for bankruptcy. There are specialists that offer solutions and guidance for businesses and individuals looking to make major financial decisions. One of the most experienced consumer law firms in Nevada is the Freedom Law Firm. The three experienced attorneys- George Haines, Benjamin Chambliss and Omar Nagy have helped thousands of individuals to eliminate or reduce their debt, save their homes, stop abusive creditors, and move on with their lives. For more information, visit the link: https://freedomlegalteam.com or call us at (702) 880-5554.
Our address is :
8985 S Eastern Ave #350
Las Vegas, NV 89123