COVID-19 Financial Relief Options

Nearly every American has been impacted in some way by the COVID-19 pandemic. Many of them have experienced financial struggles. Whether they were already working hard to make ends meet or living comfortably, the economic devastation is widespread. According to the Bureau of Labor Statistics, approximately 39 million Americans have filed for unemployment benefits since the pandemic began. America is now experiencing its highest jobless rate since the Great Depression at 14.7 percent, and it is not expected to subside for at least a year. If you are among the individuals who are experiencing the financial impacts of the coronavirus outbreak, you might be wondering what options you have available to you.  A North Carolina bankruptcy attorney can review these options with you and help you determine which ones might benefit you the most.

Government Programs to Help Ease Financial Devastation

The federal government has since enacted numerous programs to help Americans get through these difficult financial times. Depending on their situation, some people may be able to take advantage of several of these options, which include:

• Mortgage forbearance
• Stimulus payments for those who qualify
• Increased and extended unemployment benefits, even for gig or contract workers
• Waived 401k penalties
• Increased paid sick leave benefits
• Suspended interest and payments for federal student loans
• Relief programs for small businesses
• Delayed foreclosure and eviction proceedings

For some Americans, these options will make a substantial difference in their financial picture. For others, they will barely skim the surface. If you are part of the latter group, you should explore additional options with a competent North Carolina bankruptcy lawyer.

Bankruptcy: A COVID-19 Financial Relief Option

If the above programs do not apply to your situation or don’t do very much to improve your finances, you may want to consider meeting with a North Carolina bankruptcy attorney and filing for bankruptcy. Depending on the types of debt you have, how much money you make, and other factors in your situation, filing for Chapter 7 or Chapter 13 bankruptcy might be your best opportunity for financial recovery from the COVID-19 pandemic. With either option, the following types of debts could be wiped away or reorganized into a manageable repayment plan:

• Mortgage arrears
• Utility bills
• Car loan payments
• Medical bills
• Credit card debt
• Unsecured personal loan debt
• Back rent

Since bankruptcy can cover a multitude of debts, it will be the most beneficial option for some debtors. Its impacts are widespread across debt, as opposed to government programs that only address a handful of financial concerns, and some only temporarily.

Did COVID-19 Put You in a Financial Bind? Find Out How a North Carolina Bankruptcy Attorney Can Help

If you are falling behind on payments, without a job, wondering how you will continue to make ends meet, or at risk of losing your vehicle or home, now is the time to contact a well-versed North Carolina bankruptcy lawyer. The longer you wait to pursue your options, the less they may benefit you or even be available to you. You can receive a free bankruptcy consultation at King Law Firm by calling (855) 205-9940 or use our convenient online contact form.