Bankruptcy in Oklahoma during the coronavirus pandemic is proceeding just as before the virus started. The difference is that the number of filings is expected to grow. As the number of virus cases in Oklahoma increases so does the economic strain that many of our businesses and people are facing. The department of labor predicts that the number of unemployment claims in the State could double and triple. The impact this is having on our State is placing many people in economic distress unlike anything we’ve seen before. If you’re facing financial problems bankruptcy may be for you.
Covid-19 Impact on Businesses
As the virus spreads the local and federal governments require more and more businesses to shut their doors and send their employees home. How a business whethers the storm really depends on what industry it’s in. If you’re a business owner and your business is a local restaurant or bar the pain is obvious. On the other hand if you’re in an industry that sees increased demand in this kind of crises the story is different.
For those businesses that are forced to shutter their doors bankruptcy may be a solution. When you file the creditors are stayed from all collection activity against you. This is part of the bankruptcy code and is called the automatic stay. Other provisions in the Oklahoma bankruptcy code will also offer you relief.
Coronavirus and Consumer Bankruptcy
Consumers begin to feel the financial difficulty associated with the virus first. Once you get sent home from work the checks stop. Although your checks stop the bills do not. Rent or mortgage payments are your first concerns and this doesn’t even consider car payments and food. Additionally, as the virus spreads and more people fall ill we may have mounting medical bills that go unpaid.
Bankruptcy Options and Coronavirus
If you’re going through any financial problems whether related to the virus or not bankruptcy can help you. A chapter 7 bankruptcy gives you a fresh financial start by forgiving 100% of the debt. This includes credit card debt medical bills, repossessions, forecloses together with most other types of unsecured debt. To file a chapter 7 you have to qualify. To qualify you must make under a certain amount of money each month. Another requirement is that you cant have filed chapter 7 in the last 8 years. In the event you don’t qualify for a chapter 7 you may qualify for a chapter 13. The primary difference between the two is that a chapter 13 is for those people whose income is to high for a chapter 7.
Tulsa Bankruptcy Lawyers Near You
If you live in Oklahoma and you’re suffering from the recent financial downturn we can help you. Bankruptcy in Oklahoma during the coronavirus is increasing as the virus spreads. Whether it’s a chapter 7 or a chapter 13 you can get help. Our bankruptcy attorneys file cases in every part of the State and have filed nearly 2000 cases with nearly 100% of those cases ending in a discharge of your debt.
