Bankruptcy Relief provides legal tools our office can use to help alleviate some of the economic pain cause by the Covid-19 pandemic.  

First, Bankruptcy is a tool which is always available to Americans who are suffering hard times and unanticipated financial downturns or unanticipated household expenses (medical bills). It is a necessary component of our free market economy.  It acts as a safety valve for capitalism.  We have been using Bankruptcy to provide our clients relief for 17 years- since 2003.  Though, we have never seen anything like this Covid-19 Pandemic, which apparently somehow jumped to a human from a horseshoe bat in Wuhan China, we have help clients through various economic hardships, including the financial crisis of 2008-2009. 

Bankruptcy does 2 things.  First, upon filing, it provides relief from creditors in the form of an Automatic Stay. That stops the Creditors from putting additional stresses on the debtor.  If you have lost your job, and you need time to get caught up on your car payment, a Bankruptcy filing can stop the car loan creditor from repossessing your vehicle.  The Auto Stay stops any such legal actions, including lawsuits, garnishments, etc.  Second, at the end of the case it provides a Discharge of debts.  This Discharge comes at the end of the case. 

Under the CARES Act, passed by Congress and signed by President Trump in March of this year, a Chapter 13 Bankruptcy plan payment requirement can also be suspended, and in some cases, the plan itself can be extended, for up to seven years, to allow the debtor to make up missed payments later while the plan is suspended.  The Debtor must suffer some “material financial hardship” related to Covid-19 for such plan modifications to be employed.  In these times, it is hard to find any working people who have not suffered a “material financial hardship” due to Covid-19.  We are all feeling it. 

We can help.  We would be happy to provide a free initial consultation to look at Bankruptcy and non-Bankruptcy options to mitigate some of the negative financial impact may have suffered under the Covid-19 Pandemic. 

Call us today at (615) 264-5695 for a free consultation via phone, in-office, or video conference with experienced Bankruptcy Attorney Eric Fox and learn if Chapter 13 bankruptcy is right for you.

We are located in Hendersonville, Tennessee and have been assisting residents all over Middle Tennessee for 18 years. Our office hours are Monday through Friday from 9:00 a.m. to 5 p.m., with evening and weekend appointments available upon request. We are here to help you.