With the world dealing with the current Coronavirus (COVID-19), many people are losing their jobs, being laid off, or even seeing reduced hours at work. This reduced employment no doubt makes it difficult to stay current on bills or catch up on past due credit cards or other debts.
Fortunately, there is no bar to filing Chapter 7 bankruptcy if you are unemployed. While unemployment benefits are typically counted as “income” for purposes of qualifying for Chapter 7, that rarely results in an individual not qualifying. The much more likely result is that due to reduced income (from unemployment benefits or otherwise), it will be much easier to qualify for Chapter 7 bankruptcy protection.
Chapter 7 is typically the easiest, cheapest and quickest chapter of bankruptcy available. If you find yourself in a situation where you have limited or no income, it may be wise to discuss you options under Chapter 7 today. If you have any questions or to speak with a bankruptcy attorney, please Contact Us through this site, call the VC Law Group at (858) 519-7333 or email info@thevclawgroup.com.