Is Bankruptcy An Option For Debt Relief Caused By Covid? Law Firm Offers Advice

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A video series on how to manage debt has been launched by the Oak View Law Group. In Part 1, bankruptcy is discussed as an option for those dealing with debt issues due to the pandemic.

Oak View Law Group, a debt settlement and bankruptcy law firm, has launched a new video series discussing how to manage debt during the pandemic. With the social landscape in 2021 set to mirror the disruption of last year, many families are finding themselves in financial difficulty.

Part 1 of the informational series can be found here:

The ongoing pandemic has made life difficult for families around the world. This has led to more people seeking ways to manage their debt, wanting to learn how to avoid the financial distress caused by the virus, and the best debt settlement solutions.

One of the primary considerations facing families in debt due to the pandemic is bankruptcy. However, filing for bankruptcy can be a stressful and worrying experience.

In the new video from Oak View Law Group, the team takes time to answer questions and concerns from prospective clients. The aim is to help clear up this confusion and provide a clear roadmap for families to follow to manage their debt more reliably.

Lyle Solomon, Principal Attorney for the Oak View Law Group is featured in the video, and explains that bankruptcy is a viable option for those struggling financially during the pandemic.

He explains that during 2008-2009, bankruptcies were on the rise and there were record numbers of filings. Now it has become a clear option again for those who have lost money during the ongoing pandemic. However, he explains that bankruptcy should never be the first option. There are several reasons for this.

The first is that a bankruptcy remains part of an individual’s credit history for seven to ten years. This can have a big impact on the rest of their life.

Additional details are available here:

Solomon states, “I try to advise clients to first consider how much debt they have, is all of this dischargeable in bankruptcy, or are there some debts that will not go away?”

One option could be to talk directly with creditors to see if there is a way out of the situation. Oak View Law Group can also help through discussing the best routes out of debt.

The team strives to provide clients with the best legal services in all stages of their life.

Those wishing to find out more can visit their website on the link provided above.