Articles Tagged with Debt Relief

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COVID-19 has been on the scene for over 6 months now. The federal government  implemented various relief programs like the Stimulus Checks and $600/week federal supplemental unemployment benefits to help consumers. These benefits cost taxpayers nearly $250 billion.   Congress is presently debating what it should do next to help Americans get through the prolonged economic slowdown.

Businesses are going bankrupt to deal with the slowdown and loss of revenue.  Many national retailers have filed bankruptcy, or soon will.  J. Crew, Neiman Markus and JC Penney have filed bankruptcy. Just last week, Jacksonville-based Stein Mart filed Chapter 11 and is closing stores. When discount retailers like Stein Mart go under, it does not bode well for the economy.

Corporations have used the bankruptcy code as a way to bail themselves out financial straits for decades.  Individuals can also use bankruptcy law to get a fresh start. In an interview with a then 80-year-old St. Augustine grandmother in 2008, a national news magazine asked:

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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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