Phoenix, Arizona Economy Takes Hit as Coronavirus Spreads
On March 16, 2020, experienced bankruptcy lawyer at Phoenix Bankruptcy Attorneys wrote:
Wherever you are reading this article –from work or home quarantine, you most definitely aware of the spread of COVID-19 and the attention that the nation is giving to the affects of the virus. Coronavirus has impacted many lives in Phoenix, and throughout the state of Arizona. Even those not directly infected are victims of business closings and wage loss.
People worldwide are anxious about the economic effects that this pandemic will have on their community. All around Arizona we see events cancelled and self-quarantines. It is undeniable that because of the severity of COVID-19’s impact, the economy will soon see the results of the virus. The results of Coronavirus will have consequences on Arizona unemployment rates, housing prices, interest rates, and the stock market.
As some Arizona residents are self-quarantining, some are working from home under direction of their employer. Gatherings of more than ten people are currently discouraged. Instead of going out to bars and restaurants and community activities, many people are hunkering down at home. Employees in the bar/restaurant industry, who often rely on tips, can expect a great decrease in their income, at least for the near future.
Business owners in Arizona of any kind should expect reduced income as business drops. A change in work life can be expected fro employees in other sectors. For example, the bankruptcy courts are closed for the rest of the month of March, but may work remotely and receive normal income. There is just no doubt that the detriments of Coronavirus and its affect on Arizona employers and workers may be staggering all across the board.
Large events including professional sporting events have been canceled. Yes, this is frustrating for sports fans, but they are not the only ones suffering loss. These events can bring up to hundreds of millions of dollars in tourism to the city. Arenas, restaurants, hotels, and transportation businesses will lose money as well. Phoenix is a city that expects tourism income due to special events, and will suffer for months.
The grocery store industry is seemingly booming (have you been to your local grocer lately?). Essential items such as toilet paper, canned goods, frozen vegetables, and hand sanitizer have been wiped out from the shelves. Grocery leaders, however, are urging the public to buy only the amount they would normally buy in order to prevent shortages. Also, these businesses may need to shorten their hours of operation to allow for proper cleaning time and to catch up from employee shortages due to illness. Many large businesses can expect extra expenses as a result of employees being out sick from work.
If you live in Phoenix, Arizona, USA, it is almost impossible to not feel the impact of the spread of Coronavirus on some aspect of your life. It is important to remain calm, yes, and it is also important to prepare for how your livelihood may be affected by the virus. If you are a resident of Phoenix who was struggling financially before this crisis, now may be an opportune time to take advantage of filing bankruptcy protection.
Coronavirus and Phoenix Bankruptcy:
While 341 Meetings of Creditors are off the calendar at the moment, your Phoenix bankruptcy attorney can still file a Chapter 7, Chapter 11, or Chapter 13. Once you have a bankruptcy case number, an automatic stay of protection goes into effect. This prevents any collection of debt from creditors. Don’t wait until everyone is scrambling to deal with the financial setbacks caused by COVID-19. Call to schedule a free consultation and debt evaluation today. Phoenix Bankruptcy Attorneys legal team is ready to assist you with your specific debt issue and financial situation.
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