New York City Bankruptcy Legal Aid & Pro Bono Services -Ronald D. Weiss, P.C.
It is no surprise that bankruptcy filings due to COVID-19 related hardships have skyrocketed since the middle of March when New York State reported its first deaths from the Coronavirus and Governor Andrew Cuomo closed all nonessential businesses. According to Bloomberg News, “the pandemic has battered New York City businesses, with almost 6,000 closures, a jump of about 40% in bankruptcy filings across the region and shuttered storefronts in the business districts of all five boroughs.” https://www.bloomberg.com/news/features/2020-09-29/new-york-city-bankruptcies-2020-pivotal-point-for-business-as-covid-cases-rise Advantages to Filing Bankruptcy Now Sometimes filing for bankruptcy is inevitable, especially if there is no clear financial pathway through the coronavirus pandemic after your layoff. One of the most significant benefits of bankruptcy is its ability to discharge (wipe out) credit card balances, medical bills, and rent—the same types of debts th...