We are in the middle of a health crisis, unlike anything we have ever seen. The coronavirus pandemic has caused businesses to close, events and games to be canceled, as well as the entire state being ordered to stay home. Needless to say, there is a lot of uncertainty right now. However, attorneys at Giddens & Gatton Law want you to know that there are options out there for you that will help you or your business get back on its feet. We spoke with Attorney Chris Gatton via Skype about the options available with those dealing with the financial crisis during the coronavirus outbreak.
What should people not do?
- Use retirement to pay debt
- Pay creditors at the expense of buying groceries, etc. (triage)
- Be intimidated by debt collector threats
- Ignore court documents (complaints, motions, etc.)
What can they do?
- Contact creditors, particularly mortgage companies or landlords, and ask for relief (Specifically say you are impacted by COVID-19)
- Unemployment benefits have been extended
- For businesses, stimulus loans (which are partly forgivable) and SBA economic disaster loans are available
- If warranted, Chapter 7 allows people to discharge the most debt, and a majority of debtors do not lose any assets by filing
- Chapter 13 can allow homeowners to cure mortgage arrears if they’re facing a foreclosure
- Most importantly, contact an experienced attorney to get advice sooner rather than later
To protect your safety in response to the threats of COVD-19, Giddens + Gatton Law is offering their clients phone interviews or video conferencing. You can call their office at (505) 273-3720 to discuss your options.