There is no doubt that 2020 has been a year that will go down in history. Unfortunately, many households will remember 2020 as a year of unemployment and financial struggles. Whether you were temporarily furloughed, had your hours reduced, or lost your job entirely, your family might have fallen behind on debts and/or relied on credit cards to get you through this challenging time. Some families incurred extensive medical bills if a family member needed Coronavirus treatment.
If you are suddenly facing overwhelming debt because of the COVID-19 pandemic or any other reason, it is important to explore your options for debt relief. There is a good chance that we will see an increase in Chapter 7 bankruptcy cases during the second half of 2020 and into 2021 for this reason.
Bankruptcy filings have been declining in recent years since they spiked during the recession following 2009. Consider the following:
- Year ending March 2018 = 779,828 bankruptcy filings
- Year ending March 2019 = 772,646 bankruptcy filings
- Year ending March 2020 = 764,282 bankruptcy filings
We can likely expect this downward trend to end here, however, since March 2020 coincides with the major impact of Coronavirus in the United States.
If you are struggling with debt in 2020, be certain that you are not alone. It is important that you do not ignore the problem, as it will not go away – it will likely only get worse. You should discuss your options for a possible Chapter 7 case with an Illinois Chapter 7 bankruptcy lawyer you can trust.
Contact a Chapter 7 Bankruptcy Lawyer in Illinois
Illinois Chapter 7 bankruptcy attorney Charles Newland is ready to help clients file for bankruptcy and find debt relief in 2020 and beyond. Call 847.797.9300 or contact us online to speak to our office for free about a possible case.