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3 Things You Should Know About Bankruptcy and COVID-19 from a Corporate Bankruptcy Lawyer Ogden UT

The COVID-19 pandemic has impacted the global economy, and many businesses are looking for a corporate bankruptcy lawyer Ogden UT, as they contemplate filing for bankruptcy. An article from Fortune magazine says that bankruptcy attorneys may have the hottest job in town due to the economic downturn. 

It’s no surprise that lawyers are poised to be busier than ever due to the pandemic’s consequences. Firms expect their bankruptcy clients to pick up moving forward. A lawyer can guide you on how to file for bankruptcy while in quarantine and observing social distancing.

Great Tips from a Corporate Bankruptcy Lawyer Ogden UT for Businesses Affected by the Pandemic

Dealing with uncertainty is challenging enough for businesses. The good news is that some courts have loosened rules for the moment, which makes it easier for bankruptcy attorneys to represent their clients. You don’t have to worry about being in isolation; there are corporate bankruptcy lawyers Ogden UT that are ready to meet the challenge of getting you out of debt during this pandemic.

Avail of Government Assistance

Federal and state governments are ready to assist business owners during this crisis. They are offering a range of grants and no-interest loans to help your business to stay afloat.

You should avail of this pandemic related assistance because they are only temporary. Some loans don’t have to be repaid as long as you spend them on qualifying expenses. A struggling business will benefit from these loan packages, and if you don’t act quickly, they may be gone before you know it. This may be the best way to protect your business so you can last after the crisis is over.

If a state or federal government is offering funds to keep your business from closing, this is not the time to be hesitant. Take full advantage of the assistance before they run out.

Consult with A Bankruptcy Attorney

These are stressful times for business owners who don’t know what to expect for the future. Consulting with a bankruptcy attorney can help you understand the best legal actions you can take during this pandemic. This relieves a lot of stress, knowing that professional guides and supports you every step of the way.

An attorney can keep you updated on the latest legislation as lawmakers rush to support American business owners. Our government is continuously discussing ways, including stimulus packages and temporary revisions of laws that can help businesses.

You can also be updated through the SBA (Small Business Administration) website as they summarize relevant legislation and provide real-time updates on information that can impact your business.

The CARES Act

The U.S. government is providing a $2 trillion package to assist individuals and businesses affected by the coronavirus. This is known as the CARES Act (Coronavirus Aid, Relief, and Economic Security Act).

Americans will receive one-time payments of up to $1,200 for individuals and as much as $500 for each eligible individual dependent children. The act also widens the definitions of who is qualified to get unemployment benefits, including self-employed freelancers and contractors.

The federal government provides $600 per week in addition to the unemployment assistance an individual gets from their state. 

Aid packages for small businesses include loans and grants to cover business expenses like salaries, utilities, rent, and mortgage interest.

The CARES Act also provides revisions to the U.S. Bankruptcy Code for individuals and small businesses. It temporarily raises the debt threshold for small businesses eligible to file for bankruptcy to $7.5 million. Small businesses with debts lower than the limit and are at least 50% commercial debts can file for Chapter 11 bankruptcy next year under Subchapter V of the U.S. Bankruptcy Code.

The amendment helps businesses as it relieves some of the financial burdens of filing bankruptcy under Subchapter V. You don’t have to pay for quarterly fees, and the debtor can stretch out payments of administrative expense claims.

The provision speeds up and simplifies the process so small businesses can get relief quickly. 

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Godfrey Law: The Best Corporate Bankruptcy Lawyer Ogden, UT

Representing yourself when filing for bankruptcy during this pandemic will be difficult, especially if you have health problems. Our team of corporate bankruptcy lawyers Ogden, UT, can represent you while you are in isolation and provide phone and video conferencing plus online and email options for signing documents. We can clarify all your legal options during this time so that you can make the best decision for you, your family, and your business.

Here are the top reasons why you should hire us for the job:

  • Our team of corporate bankruptcy lawyers can guide you through the whole process of filing for bankruptcy during this pandemic.
  • We have been handling Chapter 7 and 13 bankruptcies for Utah business owners since 1984. That’s tons of experience in helping families get through every bankruptcy scenario there is.
  • We would love to share our expertise in the bankruptcy process that may help you make significant decisions.
  • We offer Free Consultation and the best rates in Utah.
  • Our firm has an advanced technology-driven management system in place that leads to the best results at lower costs.

If this is your first bankruptcy proceeding, you may overlook vital steps that can impact exemptions. You may also leave out some categories of debts that you can include in debt elimination. Mistakes with filing and procedures can be costly, your case can drag longer, or you may not have some of your debts discharged. It’s always best to have experienced bankruptcy lawyers to guide you every step of the way. 

For some businesses, relief payments from the CARES Act might be substantial enough to help avoid filing for bankruptcy.

Let’s talk! Allow our corporate bankruptcy lawyers in Ogden UT to help you get a fresh start!

Give us a call or send us a message on our website.

 

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