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Could Coronavirus Push You Into Financial Hardship?

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Could Coronavirus Push You Into Financial Hardship?

The Coronavirus might be even more dangerous to the economy than to our physical health, according to an article from The Independent. Even if you personally don’t get the virus, it can still impact you by the damage it causes on businesses and the stock market.

You may lose your job or struggle to pay the bills, especially if you’re a small-business owner dealing with shortages from suppliers. The virus has taken a toll on manufacturing in China and has shut down businesses in Italy. It’s too early to tell now, but it’s possible that this pandemic could eventually lead to a recession.

This is a scary time for everyone. There’s a lot of uncertainty lying ahead of us and it’s possible you could end up facing debt and other financial hardship. Don’t wait for your bills to pile up and your debts to become overwhelming before you start taking action. Your financial situation may not be terrible right now, but it could soon become urgent quickly and limit your options for recovery.

5 Warning Signs You’re Headed For Financial Disaster

So how will you know if you are in a serious financial crisis? Here are five warning signs:

  1. You are falling behind on monthly bills and they’re adding up fast.
  2. Debt collectors are calling you relentlessly.
  3. You’re charging everything on credit cards.
  4. Your bank account has a negative balance.
  5. You’re taking out loans on your retirement account.

2 Possible Options To Defeat Major Financial Hardships From Coronavirus

Yes, it’s terrifying. However, there are a few options to overcome financial troubles, including:

  1. Reorganizing your debts and setting up a payment plan through Chapter 13 bankruptcy. This could include paying back missed mortgage payments.
  2. Completely discharging your debts through Chapter 7 bankruptcy.

Need Financial Help? Contact Our Accomplished Attorneys Today

If you’re dealing with serious financial difficulties, a qualified bankruptcy lawyer can help you. The experienced bankruptcy and debt management attorneys at Brenner Spiller & Archer, LLP are prepared to assist you.

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