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Bankruptcy and the Coronavirus Pandemic

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Bankruptcy and the Coronavirus Pandemic

Video Transcript:

Yes. Well, good morning. This is Richard Shea with Sawin & Shea. And as you can tell, we are up and running and operating as normal. Although we are not taking client appointments here in the office during this difficult time of Corona, but we are taking all of our appointments by video chat or by telephone, and we’re uploading all of our documents available through DocuSign and secure documents serverless. Most importantly for right now, just realize that this is a very difficult time for many people, considering a lot of our clients and those prospective people that are having financial difficulties. For those people that are not our clients, make sure that you are taking advantage of many of the offers being presented by car companies and other facilities to help to mitigate any issues that you’re having with payments, mortgage payments, vehicle payments, rent, utilities.

If you’re unemployed or have been laid off due to this, make sure that you contact those companies, let them know what’s taking place, and see if there are programs or situations that they can offer you to help you through this difficult time. For those of you who are our clients, who are struggling to work through your bankruptcy, or are making payments to the Chapter 13 trustee, please keep us informed. We will, of course, always work with the court to help resolve issues, and to prevent your case from having major problems during this difficult time. Please understand that courts are human. They will work with us oftentimes considering the severe ramifications of the unemployment and layoffs that people are suffering.

As far as the stimulus money goes, there will be stimulus checks coming out. Those may or may not become assets that a Chapter 7 trustee, or the bankruptcy court makes an interest in, I highly expect the bankruptcy court not to make an interest in those funds. But until we see the final bill, and the final information, we can’t really determine whether or not this is something the court. I should say the trustee would pursue. Anyway, everybody be safe, wash your hands, use your sanitizers, stay at home, shelter in place, if that’s what you’re supposed to do. But if you’re in a required industry where you need to work, just keep yourself safe. Thanks so much, and Sawin & Shea, out. Have a good day, guys.

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