The coronavirus pandemic has hit one sector of the economy particularly hard: small businesses. Staying afloat can be challenging even in a favorable economic climate. The COVID downturn has had a crushing impact on small business owners across the country, with many shuttering their doors permanently. For some, bankruptcy is the only way out.
Small business bankruptcy in a time of COVID
How the coronavirus stimulus bill affects consumer bankruptcy
As the global economy sinks into a coronavirus-fueled recession, millions of Americans are wondering how they will make ends meet. Unemployment rates are skyrocketing. Small businesses are going under left and right. Renters and homeowners alike are scraping to make their next payment.
How do I know if bankruptcy is the right choice for me?
Those who have recently found themselves in financial struggles may wonder whether they should ride out the storm or immediately file for bankruptcy. If you have recently become unemployed, filing for bankruptcy immediately may feel like a rash decision. However, waiting too long before taking action to file could mean that you will be dealing with much more debt and complex scenarios.
