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Has the Pandemic Caused You to Consider Filing for Indiana Bankruptcy?

From May 22 to June 3, the state of Indiana is in stage three of the reopening process. This means that most everything is opened with some restrictions. The following are the only areas that will not reopen during the stage three timeframe:

 

  • Playgrounds
  • Overnight youth camps
  • Bars and nightclubs
  • Cultural, entertainment, and venues
  • Amusement parks, water parks, and tourism sites
  • Festivals, fairs, and parades
  • K-12 buildings, facilities, and grounds closed for school-sponsored education, sports, and other activities through June 30; daycare and school facilities encouraged to open
  • Movie theaters

 

For many, it is refreshing to hear that businesses are being allowed to operate and people can responsibly frequent the services they have missed so dearly over the many weeks of the shutdown. For some, this news does sound great but has come too late. It is no secret that the repercussions of the coronavirus have left many businesses shut down and many people in seeming financial ruin. 

 

If you have been financially devastated by the shut-down and are thinking about filing an Indiana bankruptcy claim, speaking with an Indiana bankruptcy attorney can be helpful. Discussing your situation with a legal professional will provide you guidance on the options you have given the unique details of your situation. Perhaps bankruptcy is the best option for you, or it might not be.

 

Bankruptcy Statistics

 

It is a common belief that those who file for bankruptcy do so because they were reckless and irresponsible in their spending habits. The truth is that financial hardship is a leading cause of a person or family deciding to declare bankruptcy. When individuals and families that have low incomes and are hit with an unexpected incident that comes with a huge price tag, that is enough to cause bankruptcy. A major medical emergency, the loss of a job, or a home or car maintenance repair bill can happen to anyone. A study done in 2005 noted that medical-related conditions were the cause of 46% of all bankruptcy claims filed.

 

From 1980 to 2005, bankruptcy filings have been on the rise. In 2005, there were over 2 million cases and one out of every 55 American households declared bankruptcy. Consumers were behind the majority of those cases filed. Businesses are filing far less than consumers. In 1980 13% of the bankruptcy filings were done by businesses but in recent years businesses only made up about 3% of the filings reported. As of 2011, the states that filed the most bankruptcy claims were:

 

  • California
  • Florida
  • Georgia
  • Illinois¬†
  • Ohio

 

The most amount of bankruptcy claims that year were in California at 240,151 while fifth-place Ohio had 58,754. 

 

Are You in Need of an Indiana Bankruptcy Lawyer?

 

If your finances have been substantially impacted by the inability to work, a loss of job or business, or a decrease in salary because of the response to the pandemic and you are not sure what to do, call Christopher L. Arrington, P.C. I am a Danville, Indiana bankruptcy attorney who is sympathetic to those that are in economic ruins. I will examine your case and help you find a feasible solution that will offer you the most favorable outcome.

 

Call Christopher L. Arrington, P.C. at my Danville bankruptcy law firm at (317) 745-4494 today to schedule your free consultation.

 



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