The Continued Financial Impact of Coronavirus
COVID-19 has had an unprecedented impact on the economy, and the effects are being felt by every American. Many businesses have closed, and unemployment has skyrocketed, leaving many states struggling to meet the demands of unemployment claims. The pandemic is still raging, and with it, continued financial struggles for many.
Loss of Income
For those who have been able to maintain employment, many are still struggling with lost wages in the form of reduced hours at work. The service industry has been hit particularly hard with mandates requiring reduced capacity, and with most Americans staying away from restaurants and shopping areas. On top of reduced hours, most Americans live paycheck to paycheck, and do not have savings to carry them through an extended period.
For those who have a 401(k) through their employer, many have resorted to taking loans or even withdrawing their retirement funds completely to carry them through the pandemic. While these funds are helpful now, the pain will resurface as retirement approaches.
Many have taken advantage of the temporary ban on foreclosures and evictions in an effort to stay afloat, but those back payments will resurface to haunt many. Missed car payments, utility bills and other budgetary necessities will also be difficult to bring current as people try to rebuild.
While people are trying to buy food for their families, a missed payment is the last thing on their minds. This will be an issue when those missed payments start to hit credit reports, making securing loans even more difficult. This could have long-lasting effects on your future spending power.
If any of the above scenarios describe your situation, bankruptcy may be a viable option to help get you back on your feet. If you are struggling due to the lasting financial effects of the coronavirus, Gingold & Gingold can help. Our team can help guide you through your bankruptcy options, and help you see the light at the end of the tunnel.
Call (404) 685-8800 today to request your free appointment or visit us here. We will treat you with the respect and understanding you deserve, and help you feel relief from your financial burdens.