COVID-19 and Bankruptcy Lawyer Oklahoma City, OK
Coronavirus/COVID-19 and Bankruptcy
The coronavirus pandemic has led to profound financial uncertainty in numerous sectors of the economy. The virus has revealed just how interdependent our economy is and how one industry’s struggle can have wave or at least ripple effects over nearly everyone in every sector.
Oklahomans are seeing an especially dire convergence of factors with the price of oil collapsing in conjunction with the overall disruptions caused by the virus. There are some programs and relief that you should be at least exploring now as well considering long term possibilities to help deal with what is sure to be a long-term recovery measured likely in years.
While it does appear that the economy Oklahoma should begin to open again in late May to June, I think that there will be remaining major hurdles persisting in Oklahoma until a vaccine comes online. In terms of the entertainment industry, I believe that you will not only see a number of restaurants fail to re-open, but those that do will see lower numbers due to the health-vulnerable among us not risking what is sure to be a second wave of infections. It should be expected that any and all industries that have a model that requires large groups of people coming together in close quarters will continue to see disruptions due to risk perception by the health vulnerable population.
With potential unemployment numbers over the next few weeks and even months it is important for those currently feeling economic disruptions now as well as those potentially vulnerable in the future to take an assessment of their financial situation and know what options are available to get through these unsettling and uncertain times in the best way that they can. The federal government is providing needed short-term unemployment assistance as well as providing businesses incentives to refrain from layoffs. However, these programs have less-than-ideal rollouts which are causing major delays in getting the badly needed funds out to the employers and workers. You may have read that Walt Disney World recently furloughed a large number of workers which does not bode well for smaller companies attempting to maintain employees and highlights potential faults in the Government’s Paycheck Protection program of keeping workers on the rolls.
There may be a certain silver lining in terms of these horribly difficult times. This may present an opportunity that a lot of people would never have (and, admittedly, never want to have) and that is that they may now be able to file a Ch. 7 Bankruptcy. In Oklahoma, a couple making over about $55,000.00 would likely be denied the ability to file this cheapest and easiest type of bankruptcy because they have too much income. This may be a moment that may not ever come around again. I would encourage all in this situation schedule an appointment with Marty Martin Law. Due to COVID-19 pandemic, we are scheduling free virtual consultations for the protection of our clients.
Another provision that the bankruptcy court has rolled out to assist with the coronavirus pandemic is allowing Ch. 13 plans to be extended. Normally, you have only 60 months to pay the arrearage on your mortgage or to repay back taxes which, in turn, means that your payments can be in-flexible. With the ability to extend the term out beyond 60 months, you’d have a longer time to pay this out resulting in a lower payment.
We encourage you to reach out to Marty Martin Law and make sure that you have all the up-to-date information on the resources available during the COVID-19 pandemic. Contact a COVID-19 and bankruptcy lawyer Oklahoma City, OK residents recommend today.