Bankruptcy filing Broomfield and the U.S. are predicted to increase due to COVID according to a recent Washington Post article. COVID has impacted certain industries very hard. For example, the number of bankruptcies has increased by 20% for businesses in real estate, oil and gas, restaurant, entertainment, and retail. Famous names like J. Crew, Neiman Marcus, J.C. Penney, Brooks Brothers and Lord and Taylor. All these companies are now in Chapter 11 bankruptcy.
Unfortunately, when large companies file Chapter 11, it means people who work in those industries will also file bankruptcy. One of the main reasons people look for bankruptcy filing Broomfield is due to losing a job. Most people live within their paychecks, but when someone no longer receives money, financial stress becomes a reality. It is common for people to use their credit cards to pay bills while unemployed. Unemployed people hope they will find a new job fast, and then, pay off the credit card. However, once the debt gets too high, it’s impossible to repay debt.
Call Colorado Debt Help for Bankruptcy Filing Broomfield
There are several solutions available to help people in debt. The best is bankruptcy, especially chapter 7. Chapter 7 bankruptcy allows a person to eliminate their credit card debt within 90 days. Better yet, a person can rebuild their credit above 680 within one year. Bankruptcy filing Broomfield is an excellent way to rebuild your financial life after losing a job.
Rob Fuicelli, a Broomfield bankruptcy attorney, offers free consultations. Rob helps people who lost their jobs get out of debt, rebuild credit, and restore dignity. Call Colorado Debt Help today to obtain a fresh start.
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