Extra Spending
If your financial strain becomes too large you will always have the opportunity to see if you qualify for bankruptcy. Be careful engaging in extra spending. It may cause those particular debts not to be dischargeable, a “state of emergency” is not a license to commit bankruptcy fraud. Be smart about how you spend your money and what debt your are incurring so you are not stuck in the unfortunate predicament in the near future of not being able to file bankruptcy. This would happen if the court finds you increased your debt intentionally.
Paying Important Items First
Most people are feeling a financial strain right now, and it is very hard to see the light at the end of the tunnel. This too shall pass. Remember to focus on paying the important items first and try your very best to curb your spending on items that are not necessities. You can reduce your bills by reducing your cable/internet package, canceling subscriptions, suspending your pool service and your lawn service since chances are you are home right now to take care of that yourself. Contact your mortgage company and, or landlord to see if you can get a break with your rent or mortgage for this month. You have certain expenses that you cannot avoid such as child support. Be sure to continue to take care of your children, they may be scared and worried right now, the added financial stress to the other parent is not something your child needs to deal with while trying to cope with learning from home.
If you have questions regarding bankruptcy, you can contact us to set a complimentary consultation via phone or zoom.
