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Dealing With Debt From COVID-19

Debt Free Colorado

Reach out to your creditors. Many creditors such as mortgage servicers, auto lenders, and credit card companies are offering assistance to individuals financially affected by the pandemic. The decisions regarding which creditors get paid and which do not can have long term consequences and will require a strategy.

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SURVIVING FINANCIAL DISTRESS FROM COVID-19 IN THE RESTAURANT, BAR, AND SERVICE INDUSTRY

BN Lawyers

Work with Creditors. Most creditors (lenders, suppliers, employees) will be aware of the distress facing the entire service industry. A lender may be willing to forbear payments in exchange for extending repayment out over an additional six-months to avoid forcing your business into bankruptcy.

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Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

Creditors are prohibited from contacting you after your petition is filed. While bankruptcy law forces you to sell some assets to repay unsecured creditors, the majority of Americans keep all of their property because of bankruptcy limits on the categories of assets that may be used to settle debts. medical debt .