Bankruptcy Considerations due to Pandemic

The economic effects of the COVID-19 pandemic has created financial difficulties for many families and individuals. Layoffs, furloughs, pay decreases and other job-related consequences has become common. This has resulted in increased debt, defaults on payments and threats of foreclosure. For many Americans, bankruptcy may be recommended to achieve a fresh start and obtain relief from overwhelming debts. The attorneys at Ursulova Law Offices, Brighton Beach Bankruptcy law firm can discuss with you different options and assist in pursuing bankruptcy relief.

How does bankruptcy work?
Bankruptcy is a process to obtain relief from debts and creditors. There are different types of bankruptcies that are available, including possible relief from creditors or restructuring to manage repayment. Through bankruptcy, you may have debts forgiven and be provided with an opportunity to start over financially.

Because bankruptcy is intended to provide a fresh start, those who file are entitled to retain certain assets. These assets are considered exempt from the bankruptcy process and are intended to help you have the assets needed to start over.

Bankruptcy can be a lengthy and complicated process. During the process is it important to be thorough in order to obtain the maximum benefit of the process. An attorney can help ensure that the process is completed efficiently.

Why should you consult with a Brighton Beach Bankruptcy law firm?
Experienced bankruptcy attorneys can help you decide whether bankruptcy is the best option. We can also help you determine which type of bankruptcy will be most beneficial for your situation. An attorney can represent you throughout the process and will prepare all of the necessary documentation to help you obtain bankruptcy relief.

Ursulova Law Offices has successfully represented many individuals and families in the bankruptcy process. We strive to help our clients achieve the best result under the circumstances. Contact us to learn more about bankruptcy and how we can help.