Recently, Boleman attorney, Christopher Flynn appeared on Wavy-TV 10 to talk about the COVID-19 pandemic and how it will affect people financially in the coming months. As deferred payment plans from lenders and stimulus checks are running out, an increase in personal bankruptcies can be expected, Flynn said.
“Over the last three to four weeks I’ve noticed a change. We’re definitely seeing an upswing,” said Flynn.
The pandemic is still with us, but in the early days, lenders were more apt to give their creditors a break. That is changing, and people haven’t seen a stimulus check for three months now. Some people who ended up on unemployment began to live on their credit cards. They had hoped that they would get work again and pay the balance down.
“But at the end of the day they have a hard time digging out of the hole because all of a sudden there’s a 20, 25% interest rate there,” he said.
Filing for bankruptcy is one option. and there are two kinds. Chapter 7 will wipe out your unsecured debt such as credit card balances, medical bills, and personal loans. You’d still be responsible for a car loan, mortgage, and tax debt. To find out more about how Boleman Law can help you, please schedule a free consultation with us.
What makes the team at Boleman Law Firm different is that we are specialists and experts in handling each part of the bankruptcy process. There are 21 Boleman Law attorneys and over 40 dedicated professionals ready to help you today. You will always have the right person by your side from start to finish.