What I Need to Know About Filing for Bankruptcy Due to the Pandemic

Filing for bankruptcy is a challenging decision that all people have to make. Ultimately, a lot of people determine that filing is the best thing that they can do to improve their long-term financial position. If you are looking to file for bankruptcy protection today, you may be concerned about the impact that the pandemic can have on the process.

Slower Response and Process
One of the things that you should know about filing for bankruptcy now is that there could be a slower response time, which is due to a variety of factors. First, many creditors and those in the court system do not have the same staff on hand to answer requests and work through the process. Additionally, the pandemic and recession is creating a significant financial strain, which could cause more people to file. The additional workload could continue to slow the process.

Retain the Same Rights
While the process may be slower, it is important to remember that you will continue to retain the same rights that you did prior the pandemics. You will still have the option for filing either Chapter 7 or Chapter 11 and creditors will be required to respond and comply with the ultimate ruling and decision. For those that are in the area, hiring Brooklyn bankruptcy lawyers can help to guide you through these processes and ensure that your rights continue to be represented.

Declaring bankruptcy is a big decision and one that needs to be properly analyzed. When you are thinking of filing, Brooklyn bankruptcy lawyers can help you to determine whether it is the best option for you. When you are looking to file, you should contact the Ursulova Law Offices as soon as you can. The lawyers and team at the Ursulova Law Offices can help you with the entire process during the pandemic to ensure your rights are represented.