• Menu
  • Skip to right header navigation
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

John T. Turco & Associates PC, LLO

Omaha’s Premier Bankruptcy Law Firm

  • Call us today for help! (402) 933-8600
  • Search
  • Call us today for help! (402) 933-8600
  • Search
  • Home
  • About
    • Meet Our Bankruptcy Lawyers
    • Client Reviews
  • Bankruptcy & Debt Relief
    • Chapter 7 Bankruptcy
    • Chapter 11 Bankruptcy
    • Chapter 13 Bankruptcy
    • Small Business Bankruptcy
    • Bankruptcy and Divorce
    • Car Loans, Repossessions, and Bankruptcy
    • Foreclosure Assistance
    • Medical Bankruptcies
    • Taxes & Bankruptcy
  • Bankruptcy 101
    • Understanding Bankruptcy
    • What Type of Bankruptcy Do I Qualify For?
    • How to File for Bankruptcy
    • Life After Bankruptcy
    • Debt Collection Practices
    • Credit Reporting Practices
  • Client Resources
  • Blog
  • Contact
  • Home
  • About
    • Meet Our Bankruptcy Lawyers
    • Client Reviews
  • Bankruptcy & Debt Relief
    • Chapter 7 Bankruptcy
    • Chapter 11 Bankruptcy
    • Chapter 13 Bankruptcy
    • Small Business Bankruptcy
    • Bankruptcy and Divorce
    • Car Loans, Repossessions, and Bankruptcy
    • Foreclosure Assistance
    • Medical Bankruptcies
    • Taxes & Bankruptcy
  • Bankruptcy 101
    • Understanding Bankruptcy
    • What Type of Bankruptcy Do I Qualify For?
    • How to File for Bankruptcy
    • Life After Bankruptcy
    • Debt Collection Practices
    • Credit Reporting Practices
  • Client Resources
  • Blog
  • Contact
Stressed Couple in Masks

Bankruptcy During Coronavirus – Prepare Now

June 23, 2020 //  by John Turco

Of course, even when times were good by comparison, many families and businesses were just barely making it month to month.  Now that a worldwide economic crisis is upon us, it is obvious that millions of people and businesses will not be able to economically survive with the debt that they currently have, even if a cure or vaccine is found this year.  It will be too late.

People are still in shock about what just happened as of this writing, June 23, 2020, and are hunkering down to survive the storm, both from a medical and economic perspective.  This is a time of waiting to see what happens next.  Will my old job still be there?  Will my business be able to reopen?  Will there be more economic stimulus of any sort?  Will there be a second wave or resurgence of COVID-19 that will bring the economy down even further?  Nobody knows for sure.

Yet, the investors on Wall Street are currently betting on a good economic recovery and the stock market is reflecting that positive outlook.  Even though there is no medical cure or vaccine that’s officially approved at this time, the bet is that there will be in the next six months or so.  And, that positivity isn’t without cause- there are many vaccines in development and at least a few have had positive early testing results.  The medium to long view is that we’ll come out of this and get back to work and back to normal life.

What Does Coronavirus Have to Do With Bankruptcy? 

If you are in a bad financial situation, be it personal or business, and there is no probable or reasonable way to fix it, then contemplating bankruptcy during the crises may make a lot of sense so that you can be ready for the recovery.  Waiting until the recovery to happen might make filing bankruptcy a lot more complicated and delayed. 

As an example, it could be complicated because you may have a new job or business opportunity that is starting and the income you are about to then earn may exceed the amounts established by the federal government called bankruptcy means testing.   

In short, had you filed bankruptcy during a time of unemployment or severe underemployment and at your darkest financial hour, you may have qualified for a Chapter 7 bankruptcy.  But, if you bounce back with a good paying job, you may not qualify.

Delaying an inevitable bankruptcy also delays financial healing when the economic recovery begins.  For many people, bankruptcy simply isn’t the end of their financial road- it’s a new beginning.  And, not dealing with the impossible debts of the past might very well impede your recovery.

Misery Loves Company

Through no fault of their own, so many hard-working people have been thrown into an impossible financial disaster.  It happened fast and without enough warning.  Restaurant workers and owners, travel agency businesses and professionals, hair stylists and barbers, etc.  This list goes on and on.  So many people have been affected by the coronavirus either directly or indirectly.  Ultimately, many good people will be forced to deal with the inability to pay their debts. 

There will be many people that have never in their life ever had serious financial problems and have always paid their bills.  But this time, it’s different. 

The government will try hard to help both individual and corporate citizens with stimulus money, but that will only go so far, and it is wishful thinking to wait for an economic miracle cure from Uncle Sam.

Consider Your Financial Options and Prepare for the Future

While it may seem premature during the ongoing medical and financial crises, wise people will plan ahead and contemplate their near- and long-term financial future. 

Get informed.  Much of the information that is popular in the media is very superficial and over-simplified.  That said, there are many actual and unique solutions (like medical bankruptcies) that do work for a very large number of people. 

Your financial well-being has an enormous impact on your future and trying to “wing it” with a solution for big financial difficulties is downright dangerous. 

Contact our highly focused bankruptcy attorneys and staff for a detailed, experienced, and comprehensive analysis for making the right decisions for you and your family’s future today.

 

Share
Tweet
Share

Category: Bankruptcy News and Trends

About John Turco

John graduated from Creighton University in 1986 with a B.S. in Computer Science. He received his J.D. in 1989 from Creighton University School of Law. John has 27 years of experience representing debtors in bankruptcy and debt related matters and is a former Chair of the Bankruptcy Section of the Nebraska State Bar Association. John has appeared on radio shows and has lectured to banking groups on issues regarding bankruptcy and collection practices. John is a member of the Nebraska State Bar Association and a founding member of the American Consumer Bankruptcy College. He is also licensed to practice law in the State of Iowa.

Previous Post: «Woman-in-Distress-Getting-Support Bankruptcy, Anxiety, and What to Expect
Next Post: Looking for a Cheap Bankruptcy Lawyer? Do Your Research! Ripped Cardboard Box»

Primary Sidebar

Request a Free Consultation

We'll discuss your situation, offer options, and answer your questions.
  • This field is for validation purposes and should be left unchanged.

Bankruptcy 101

  • What Type of Bankruptcy is Best?
  • Chapter 7 Bankruptcy
  • Chapter 11 Bankruptcy
  • Chapter 13 Bankruptcy
  • Small Business Bankruptcy

Explore the Blog

  • Bankruptcy Basics (40)
  • Bankruptcy Morality, Ethics, & Philosophy (10)
  • Bankruptcy News and Trends (9)
  • Chapter 13 Articles (10)
  • Chapter 7 Articles (4)
  • Dos and Don'ts in Bankruptcy (5)
  • True Stories (2)
  • Uncategorized (1)

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.


This site is not intended to constitute legal advice, nor does it create an attorney-client relationship. The materials on this site are not guaranteed to be complete or current, and they should not be relied on as a substitute for legal advice. This site conveys general information related to bankruptcy law in Omaha, Papillion, Bellevue, Gretna, Council Bluffs and surrounding communities. If you are contemplating or involved in any matter in which legal advice or other expert assistance is required, the services of a competent professional should be sought. The determination of the need for legal services and the choice of a lawyer are extremely important decisions and should not be based solely upon advertisements or self-proclaimed expertise. This disclosure is required by rule of the Supreme Court of Iowa. Memberships and offices in legal fraternities and legal societies, technical and professional licenses, and memberships in scientific, technical and professional associations and societies of law or field of practice does not mean that a lawyer is a specialist or expert in a field of law, nor does it mean that such lawyer is necessarily any more expert or competent than any other lawyer. All potential clients are urged to make their own independent investigation and evaluation of any lawyer being considered. This notice is required by rule of the Supreme Court of Iowa.

Copyright © 2021 John T. Turco & Associates, PC LLO · All Rights Reserved · Sitemap