3 Reasons Why Now is the Best Time to File for Bankruptcy from Home

File for Bankruptcy from Home

Filing for bankruptcy from home is one of the safest and most convenient options you have right now if you are struggling with debt. It provides you with all of the benefits of bankruptcy, but you don’t need to leave the house to complete the process.

We’re currently living in unprecedented times. COVID-19 has forced many people out of the workplace and had a drastic effect on their earnings. Employers have cut hours, furloughed employees, or shuttered their doors completely. It was a financial situation very few people saw coming and it has left many people unsure of the future.

But what does this mean in terms of bankruptcy? In addition to more and more businesses filing for bankruptcy protection in response to the pandemic, consumers are also turning to bankruptcy for relief. And financial experts believe this is just the beginning. Many are predicting a significant uptick in consumer bankruptcy filings in the coming months and possibly throughout 2021.

The truth is right now might be the best time to file for bankruptcy if you are struggling. Bankruptcy provides several benefits and can help you “stop the bleeding” from a financial perspective and get back on track. Best of all, if you do it now, you’ll avoid some of the impending rush that’s expected. You’ll be on your way to a brighter financial situation before most people even begin to take action.

Don’t assume that social distancing restrictions limit your ability to file for bankruptcy from home. Filing from home means you can begin the process now and be on your way to debt relief in the coming days.

What are three of the biggest reasons now is the best time to file for bankruptcy from home?

1. Filing for Bankruptcy from Home is Safe in a Pandemic

Filing from home means you’ll avoid face-to-face contact. The process is the same, but you are handling business from the comfort and safety of your home. From your initial conversation with a bankruptcy attorney right through to the discharge, you can conduct meetings, exchange information, and complete the bankruptcy process using your phone and computer without ever leaving home.

2. Filing for Bankruptcy from Home Immediately Institutes the Automatic Stay

When you file for bankruptcy, something called an automatic stay goes into effect. This stops nearly all debt collection activity against you. It even includes foreclosure efforts, repossession, garnishment, and more. In a time when people are losing their income, an automatic stay can result in you having money to feed your family or continue living in your home.

There are a few situations in which an automatic stay won’t be helpful. This usually has to do with timing. If you wait too long to file and creditors have already taken aggressive action, the automatic stay might not help. This is why it’s important to speak to a bankruptcy attorney as soon as possible.

To learn more about the automatic stay, check out this information from Nolo.com.

3. Filing for Bankruptcy Protects You from Changes to Come

If there has ever been a time in recent history where we are unsure what the future holds it is now. Nobody knows what to expect regarding the pandemic, the financial markets, the job market, or anything else in the coming months. Predictions range from cautiously optimistic to downright terrifying.

One of the things you can do to sure up financial protection is to file for bankruptcy. This means you’ll have your debts under control no matter what is ahead. Using bankruptcy to reorganize debt or get debts you cannot afford discharged gives you an advantage regardless of what the future holds.

For more information or to find out more reasons why now is the best time to move forward with your bankruptcy from home, contact the Law Office of Robert M. Geller at 813-254-5696 to schedule a free consultation.