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The Financial Impact of Coronavirus

Coronavirus Financial Impact

As Atlanta shifts from social distancing to a mandated 14-day stay-at-home order, many are concerned about the health and financial ramifications of the coronavirus crisis. Businesses not considered essential have already temporarily shuttered their doors, and this may leave many with reduced or no income. If you’re out of work, you may find it difficult to pay debts. However, even if you are finances are negatively impacted during this time, you don’t have to lose your property. Below, Burrow & Associates provides some insight and assistance on what you can do now to restructure your debt and protect your property.


Planning for Uncertainty

If you’re laid off or you have to close your business, you may struggle to pay your monthly debts, including your mortgage, rent, car, or credit card payments. The government is likely to take measures to relieve some of this stress. For example, the federal government has already taken steps to stop evictions and foreclosures on mortgages and housing, but this relief doesn’t apply to private mortgage lenders. Still, it’s highly unlikely that the government can pay or forgive everyone’s debts during this time. So, you need to understand your options to restructure or eliminate debts.

Importantly, you should know that even if you have to obtain a fresh start through bankruptcy, you can still protect your property. As we emerge from this crisis, you may find yourself with overwhelming credit card debt, medical bills or other loans. A Chapter 7 bankruptcy case will allow you to eliminate most of your unsecured debt, so you can focus on personal essentials like housing and transportation. A Chapter 13 bankruptcy will allow you to restructure your secured debts so you do not lose your property.


We’re Here to Help Now

As you consider your financial situation, you might ask yourself what you can do in the middle of the crisis. Even if you’re expecting some assistance from the government, it’s currently unclear when that assistance will be available. In the meantime, your mortgage and car payments will still need to be paid. Burrow & Associates is here to help. Through innovative methods, we are currently helping people like you obtain financial relief. To protect you and our staff while also providing legal assistance to the public, we’ve staffed each of our satellite offices with a single individual. We’re also using videoconferencing and electronic signature technology to conduct meetings and sign documents. If you’re concerned about your financial future, we can use videoconferencing to conduct a free consultation and determine if bankruptcy is a viable option for you. We are able to exchange documents via email, and we can accept electronic payment to begin the process. Let us help you find a solution which works for you.


We’ll Be Here to Help During Recovery

As businesses recover and many return to work, some may find it difficult to catch up on delinquent payments. Burrow & Associates will be here to assist you if you’re behind on mortgage payments, car payments, and other debt payments by helping you file for bankruptcy protection.

If you find yourself in a situation where you can’t make ends meet during the coronavirus crisis, we will be glad to discuss your options under Chapter 7 or Chapter 13 bankruptcy protection. Don’t risk losing your home or car because of an economic crisis over which you have no control. Contact us at (678) 323-2394 or via our website.

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