How To Protect Yourself From Going Bankrupt Through the COVID-19 Pandemic
Think of your financial health through this Coronavirus pandemic. Take action! Protect yourself COVID-19 bankruptcy.
While your first priority during the Coronavirus pandemic may be keeping you and your family physically healthy, taking steps to ensure your financial health during these stressful times is vital as well. Protect Yourself COVID-19 bankruptcy is likely happening to many people throughout Arizona.
Businesses small and large are cutting hours, furloughing employees, and shutting down temporarily or permanently. Whether you are a business owner or an employee, you may be worried about how the pandemic and the quarantine procedures put in place to stem its spread may affect you financially. Find out additional COVID-19 FAQ’s here.
Experiencing reduced income due to COVID-19? If so, you probably don’t need anyone telling you to budget and only buy necessities. Arizona has some of the loosest stay-at-home orders in the country, so use this to your advantage. Many parks and trails are still open as low-cost options to entertain yourself and your children. Therefore, if you are able to find groceries at the store, now is a good chance to improve your home-cooking skills and save money on going out to eat.
Saving for a Coronavirus-Free Future
Should you save your money now and hope this pandemic soon ends? Saving a few dollars here or there likely won’t be enough to mitigate the devastating effects social distancing has had on many Americans’ livelihoods. Arizona currently has an eviction moratorium until July 23. Which means, no one in Arizona can be evicted for nonpayment of rent until that date. Therefore, if you are concerned with your ability to pay all the past-due rent in July, filing Chapter 13 bankruptcy will allow you to spread out the past-due amount over 3-5 years in a payment plan. Thus, if you are evicted or break your lease, those debts can be discharged in a Chapter 7 bankruptcy.
Therefore, if bankruptcy is your final resort, you should research what organizations near you may be able to provide rent assistance. Plus, it is impossible to foresee if Arizona will provide any additional rent assistance due to COVID-19.
Other payments, such as mortgages, have been suspended by governmental orders. Therefore, you can contact your lender to tell them what you can afford to pay and when- they are receiving plenty of others calls like these right now. Your car lender may be able to work with your payment schedule as well. The worst they can say is no.
COVID-19 Financial Steps to Take
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