Bankruptcy

Published on: May 22, 2020

Why You Should Never File Bankruptcy On Your Own

With the effects of Coronavirus still impacting the economy, many people are facing loss of income. This reduction in income makes it harder for working people to pay their bills. Things might not get better. One economist estimates 42 percent of recent layoffs will result in permanent job loss.

Whether their lay offs are permanent or temporary, people are looking for ways to save money on goods and services that they need. With the advent of the Internet, people have become used to finding information and deals on items they need. The Internet Age has made people used to getting things fast and cheap, or even free. It has also made people believe in do-it-yourself. Just watch a video and you can do anything yourself. The recent lockdowns have had people searching for Youtube videos on how to cut their own hair, since most salons and barber shops have been closed.

Some people who are facing overwhelming debt also look for do-it-yourself solutions to deal with their debt. They often file for bankruptcy without an attorney. There are signs in Jacksonville along I-95 exits saying “Bankruptcy $150.” These signs are placed along the interstate by non-lawyers or “petition preparers” who will take $150 from you to type the documents necessary to file a bankruptcy case. The thought is that bankruptcy is just filing out some forms and filing them with a court. (This author once had a boss, who is a lawyer. This lawyer declared, “Bankruptcy isn’t rocket science; it is just filling out a bunch of forms about your finances.” When this person filed for bankruptcy a few years later, she hired a competent lawyer.)

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Published on: May 15, 2020

With So Many Floridians Losing Their Jobs or Income, Now is a Good Time to See if You Qualify for Chapter 7 Bankruptcy

By Robert Wilbert

Because of the historic economic impact of COVID-19, economists are predicting a “tsunami” of personal bankruptcy filings. Well-known businesses like J. Crew, Beall’s, Goody’s, Gold’s Gym and Neiman Marcus recently filed for bankruptcy protection. Most major airlines could face bankruptcy without a government bailout.

Americans who have become used to using credit cards as a stop-gap measure to survive pay-cuts might not be able to rely on this method since nearly 50 million Americans just had their credit card limits cut.

For centuries, companies have used bankruptcy as a tool to survive, reorganize or to shut-down. Several airlines have filed bankruptcy over the past three decades, primarily to break contracts and modify pensions.

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Published on: March 17, 2020

Bankruptcy Could Help You Deal With the Economic Impact of Coronavirus

By Robert Wilbert

Americans can’t go online, turn on the TV or go shopping without being bombarded with news about coronavirus. Our Facebook feeds are rife with posts about the virus and how much impact it will have on our every day lives. Just a few months ago, we were gearing up for March Madness, spring break at Disneyworld, PGA Golf Tournaments and Lucero at the Ryman Auditorium. Now those events have been postponed or canceled, and even Orlando theme parks are closed for the rest of the month. Just today, IRS postponed the deadline on which income taxes are due to July 15.

Our lives have changed in a flash. The Associated Press warns that Americans must brace for new life of no school and growing dread. We now spend more time in line at Walmart buying toilet paper than we do lining up for Black Friday sales. Parents worry about their jobs while they wonder who’ll watch their children while they are at work since schools have extended spring break or shut down for weeks.

The world has changed. We are told to practice “social distancing” and not come within so many feet of our fellow human beings. People are wearing medical masks and gloves when they go out. Some people walk around with Lysol bottles.

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