Businesses owners and individuals are struggling with unsustainable debt and a substantial drop in income and revenue due to COVID-19 restrictions. The pandemic continues to increase the need for bankruptcy for individuals, companies, and business owners. The revival of businesses and a sustained increase of consumer capital will be a huge challenge in the coming months. Many companies were forced to furlough and lay off staff to survive. The government has eased some of the lockdown and social distancing measures but many people are still cautious to be in indoor public spaces, which in turn causes a loss of customers to the business, leaving many companies struggling to maintain daily operations and leaving the company few options beside business closure or bankruptcy.  Bankruptcy can help an individual, family, or business discharge its debts either through liquidation or a payment plan and it can be a smart choice for you or your business.

Chapter 7 Bankruptcy :

Chapter 7 bankruptcy is the most common type of bankruptcy for individuals and small businesses. A court-appointed trustee oversees the process and most unsecured debt is typically erased. Chapter 7 bankruptcy has an income limit and generally lasts from 3 to six months. There is no need to worry about your house, car, or utilities as long as you are current on your payments, then the Bankruptcy typically does not affect these assets. Contact a bankruptcy attorney to discuss your options and see if a Chapter 7 bankruptcy is right for you.

Las Vegas Bankruptcy and Debt Settlement :

If you are considering bankruptcy, our experience and dedication can help guide you to the best legal outcome for your situation. At Jacovino Law, we pride ourselves on offering clients personalized and comprehensive bankruptcy services that are effective and compassionate.

If you have questions or would like more information about bankruptcy and debt settlement, contact us at (702) 776-7179 or schedule a consultation.