A large number of government employees are currently surviving on money reserved for retirement, credit cards, and other forms of payment. A shuttered government means no paychecks, and that, in turn, means thousands are struggling to pay bills, put food on the table, and literally keep the lights on. Not only are government employees impacted by this situation, anyone that relies on government funding from farmers to retirees is fighting to stay afloat financially.
At the time of this writing, there is no end in sight to the present situation. For many, this means that funds are soon to be depleted with no means to pay bills or make mortgage payments. In many instances, bankruptcy might be a plausible option.
Why Bankruptcy Might Be A Good Idea
Declaring personal bankruptcy can put a stop to creditor calls, the stress of being unable to pay bills, and can often mean keeping some personal property including homes and cars. It can also mean having the upper hand when it comes to negotiating with creditors. For these reasons, personal bankruptcy is often a choice that makes sound financial sense when income is scarce and bills keep piling up. While bankruptcy is often viewed as a last resort, it does serve an important purpose in times like these.
Because we are in the business of helping people, we would also like to point out that some companies are working with customers during this time of crisis. The companies that are currently offering delayed payment options without penalty and other forms of help include the following:
- Ally Financial
- Bank of America
- Better Mortgage
Many other companies are willing to negotiate with clients impacted by this situation as well. As with any tough financial circumstance, we urge you to pick up the phone and try to work with your lenders and creditors. Often, an agreement that works for all parties can be reached.
If you have exhausted all other options and need help, please contact us today. We would be more than happy to sit down with you and determine whether or not bankruptcy can help. Call us today to schedule an appointment.