I’ve been a Tennessee bankruptcy lawyer for more than three decades, and I’ve seen every kind of financial case you can imagine. Today, I want to tell you that if you’re considering filing for bankruptcy, you’re not alone. According to a recent Forbes article, some experts are predicting a tidal wave of bankruptcies in the aftermath of the COVID19 pandemic. In fact, the number of people expected to file in the next few years may set records.
Read on to see who is likely to file bankruptcy in the near future, and how bankruptcy has the power to protect you and change your life.
People from all walks of life are predicted to file bankruptcy next year.
Bankruptcy has a bad reputation. Many people associate it with irresponsibility or lack of thought and financial planning. But as we’ve all seen this year, bankruptcy happens to the best of us.
With unemployment rates at record highs and an uncertain economy, one thing is clear: millions of Americans are facing financial hardship through no fault of their own. Their difficult financial situation was not caused by extravagant spending or bad planning. Rather, the rug got pulled out from under them.
Here’s what Forbes has to say about the expected bankruptcy clients over the next few years.
- 2020 bankruptcy filers are likely to be frugal, responsible people who consistently paid their bills and had steady work until the pandemic forced them into unemployment.
- Retail, restaurant, and other business owners have been especially hard hit. Forced to close for months due to government mandates, then only allowed to serve a limited number of customers when reopening, many small businesses are realizing they will be forced to close.
- Renters and homeowners will be deeply affected when the mortgage forbearance is lifted. Banks may demand that all the missed payments be paid back at once.
Bankruptcy laws were created to protect folks from these kinds of situations. There is no shame in needing a fresh start, and bankruptcy has the power to give that to you. More than ever, your friends and neighbors will understand and support your choice of filing bankruptcy. After all, chances are that they could be filing, too.
Speak to a Tennessee bankruptcy lawyer today for FREE.
If you are considering filing for bankruptcy, I would love the opportunity to speak with you. I’ve been a Tennessee bankruptcy lawyer for more than thirty years. I’ve helped thousands of people get out of debt and build better financial futures and I can do the same for you.
Call me at (901) 327-2100 or contact me online for a FREE consultation of your case. I will go over your situation in careful detail and make a plan to put you on the right path. It would be my honor to talk with you and show you how I can help.