The COVID-19 pandemic continues to plague our country as millions are out of work. Recognizing the monumental task before it to stave off depression, the Federal Government passed the CARES Act. This Act provided various forum of relief, but the most well-known include providing some families with a one-time, tax-free stimulus payment and increased unemployment insurance. Still, families are struggling to find ways to pay the bills during the pandemic. During this period of financial and employment uncertainty, many individuals are considering bankruptcy to try to save their homes, keeping their cars, or discharge debt they can simply no longer afford after months of joblessness.

A common misconception is that bankruptcy means “losing” every single asset that you possess. This is simply not true. The Bankruptcy Code provides for many exemptions found in either federal or state regulations that helps people keep many of their assets in most circumstances. Others reorganize their debt through a Chapter 13 plan to help permit the debtor to keep their home. Though potential filers are restricted in how often they can file a bankruptcy, it is unquestionably a useful means to help provide relief to those in considerable debt, and the fresh start that is promised under the Bankruptcy Code. During the COVID-19 pandemic, the United States Bankruptcy Court for the District of New Hampshire remains opens for electronic filing of all bankruptcy petitions. Most hearings are being accomplished by telephone or internet video conferencing.

Bankruptcy is not right for everyone, but if you are enduring new or old significant financial hardship, it may be right for you. Filing for bankruptcy need not be a daunting or embarrassing process. Rather, many are quite thankful for the relief a bankruptcy filing can provide after months of angry phone calls, threatening letters and dealing with creditors. Many debtors attempt to resolve their problems by liquidating assets they may not need to relinquish, take on loans that may not be dischargeable, or borrow money from friends and relatives that if paid back, may result in a preference payment. Anyone struggling with debt, should speak with a bankruptcy attorney to see if it is right for them. There are many more issues in bankruptcy that require decisions based on the right time to file that only a bankruptcy attorney can provide.

At Parnell, Michels & McKay, we offer over four decades of experience in navigating the difficult bankruptcy and debt collection fields. Nancy Michels and David Stamatis will help you determine the right type of relief, if any, is best for you. Our firm offers hands on advice, and will go through all of your finances to determine what the best method is for you to address your climbing debt.

A bankruptcy filing does not mean you failed; it means you were strong enough to get help so you could start again. If you find yourself concerned about your financial future during COVID-19, contact the experienced attorneys at Parnell, Michels & McKay today to see how we can help you navigate your debt problems.

NOTICE: Pursuant to § 528 of the Bankruptcy Code, our law firm is a debt relief agency. We help individuals file for bankruptcy relief under the Bankruptcy Code.