Many Americans are living in this grey zone between no employment and temporary restrictions on eviction and foreclosure. For the moment, it seems as though getting through to the other side of the pandemic is a shared goal and being able to stay in a home is a shared sigh of relief.
However, except where a state or local government is giving people money to make payments, the debt will eventually come due. Just not today.
This, then, must be balanced against the current monthly income of the folks whose rent or mortgage is being deferred. At this juncture, many people who were formerly ineligible to file for Chapter 7 Bankruptcy and get a quick discharge and a fresh start, may no longer be required to be Chapter 13 debtors with a 5 year payback plan.
What this means is that right now may be a sweet spot for many people who might otherwise not find Bankruptcy advantageous. Acting now, before employment returns, may be the best decision. Only a fully qualified Bankruptcy lawyer can help you make this crucial and timely decision.
This article is written by an attorney at Attorney Donald Wyatt PC. Always consult an attorney before making any legal decisions. To make an appointment today, please click here to contact us.