Coronavirus and Bankruptcy: Everything You Need to Know

Sourced from https://www.thesimpledollar.com/credit/bankruptcy/filing-for-bankruptcy-because-of-coronavirus-what-you-need-to-know/

The novel coronavirus is impacting all aspects of our daily lives, from social distancing to unemployment, as people around the world try to figure out their “new normal” and their finances along with it. In the midst of financial uncertainty due to COVID-19, you may be considering filing for bankruptcy.

From June 30, 2018 to June 30, 2019, there were nearly 500,000 Chapter 7 bankruptcy filings in America, which was significantly less following the Great Recession. From 2009-2012, there were over 1 million Chapter 7 filings.

Rohan Pavuluri, CEO and co-founder of Upsolve, said filings have declined extensively since the market crash of 2008, but he expects them to increase due to pandemic-driven unemployment. And he would know – Upsolve is an online platform that helps people navigate the intricacies of bankruptcy paperwork for free, similar to TurboTax but for bankruptcy filings.

Since Upsolve launched its COVID-19 and bankruptcy FAQ page on March 18, it h… Read More

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