By: Michael L. Baker
According to CNN Business, American households are carrying record amounts of debt as we emerge from the Covid crises. People have been using their credit cards more often than at any time in the last two years. If the user of the credit card overextends and finds that their monthly service on the credit card debt is becoming too high, bankruptcy can relieve those of those debts.
If businesses have become overextended because of restrictions from the pandemic, or cash flow is less than expected, or because of the rising expense of cost of good, Subchapter V of Chapter 11 offers small businesses a path to rewriting its debt so that the business can survive.
Additionally, in this year of uncertainty, especially with farm prices, farmers can rewrite the debt on their loans so that they can survive through these difficult times and continue supplying America with its needs.
So, many options may be available in bankruptcy to help those who find themselves struggling with meeting their monthly obligations. If you should have questions about your expenses and how bankruptcy may help, please contact Z&S Law. Rest assured that we are here if you need us.