There are some Financial Advantages To Take Advantage of During Covid-19

Video Transcribed: This is Oklahoma Bankruptcy Attorney Edward Kelley at 888-DEBTLINE, as always answering your bankruptcy questions. Hope everybody’s doing good on this Friday afternoon, getting ready to head into the weekend.

Once again I’m just going to reiterate this may be the best time you will find in the foreseeable future and in recent memory to file either a chapter seven or chapter 13 consumer bankruptcy. If you have been wanting to file a seven but your income’s been a little high, making you have to do a 13 and make a payment for five years, my guess is that recent developments will allow you to do that seven.

The trustees are being very forgiving and understanding of income differences and projected losses based on the economy tanking due to business closures, whether temporary or permanent. For chapter 13 clients, because of the decreased income you’ve got an opportunity to lock in at a very affordable payment, and since it’s based on your disposable income, those same changes that will make you qualify for a seven will allow you a much lower chapter 13 payment.

In addition, lots of places are allowing you to defer payments on mortgages and other things, so in addition to clearing out all your unsecured debt with a bankruptcy, you may be able to work on some of those debts you can’t get rid of like IRS and student loans during your deferment period, whether your income’s effected or not.

The stimulus checks and possibly the unemployment benefits are not being considered as up for grabs as assets in a bankruptcy. Lastly, when you file a bankruptcy, it’s always been an e-file, or for a long time it’s been an e-file.

The bankruptcy process is uniquely suited to this crisis and social distancing, so you don’t have to leave your house. We do need some original signatures once you’ve reviewed your documents, but everything else we can do Zoom, all the interviews, all the questions, or phone.

We can send documents back and forth. As long as you’ve got a scanner and/or a fax, we can get the documents back and forth, and then we just need those signature pages with original signatures mailed and we can file you, but you don’t have to leave your house.

Again, everyone have a great weekend. Stay safe and healthy. But if you’ve been on the fence, this may be the time to do it. I am taking into account this crisis and people’s troubles in structuring fees for bankruptcies.

Whether you call me or somebody else, this may be the best time. You can reach me at 888-DEBTLINE. Edward@wirthlawoffice.com. That’s edward@wirth, W-I-R-T-H, lawoffice.com, and on Facebook at Oklahomans for Debt Relief. Stay safe. Talk to you guys soon. Have a great weekend.