The continued COVID-19 crisis is still showing the impact it’s having on the global economy. More and more large companies, local businesses, and nonprofit organizations will struggle to make ends meet, and those that cannot may find debt relief in bankruptcy. With the cases of Neiman Marcus and J.Crew, we’re seeing the first of many
In times of financial difficulty there are many options for individual consumers to find relief from the hardship of debt. One of the most effective methods of debt relief is the process of bankruptcy. Filing for bankruptcy provides a government organized relief system that offers long-term results. The most common types of debt, such as
The effects of the coronavirus pandemic on the global economy have been rapidly and frighteningly apparent. With stay-at-home orders and nonessential operation shutdowns now in place, many businesses have experienced layoffs, requested extensions on payments, and filed for government aid. Despite the large-scale federal stimulus package distributed after the CARES (Coronavirus Aid, Relief, and Economic
During this time of a global health crisis, everyone is dealing with shutdowns of nonessential businesses, government organizations, and nonprofit services. Unfortunately, the COVID-19 pandemic has also effectively forced the shutdown of most court operations in Minnesota. So, for example, if you are working through a civil case, contesting tickets and other civil infractions, or
Despite the $2.2 trillion stimulus package of the CARES (Coronavirus Aid, Relief, and Economic Security) Act in March 2020, the impacts the novel coronavirus is having on the local, national, and global economies will most likely continue, potentially causing a recession that may result in the same severities as the 2008 Great Recession. In fact,
In March of 2020, the impact of the COVID-19 pandemic forced stay-at-home orders in most states, temporary closures of many businesses, and financial turmoil for many U.S. citizens. Unemployment rates soared over 4% nationally in March, and many more will continue to need government unemployment support until they can return to work. If you’re one
Despite many best efforts from national and local governments, banks, and other financial support providers, the global economy is struggling in the current recession caused by COVID-19. If you’re seeing the effects of this recession, you are not alone. Unemployment funds provide some support, but for many, that income doesn’t fill every budget need. Those
Many people use online tax software programs to file their taxes each year. These software programs are suitable in a pinch for a wide majority of people with standard sources of income, single-home families, spouses joint filing, and many others. However, these programs may not be effective when used to calculate tax returns for self-employed
There is no denying the impact the COVID-19 outbreak is having on the worldwide economy. As we all reel around a difficult financial time in this recession, many small business owners are asking how they can work through the devastating effects on the economy and come out on the other side as a still functioning
Bankruptcy is not for everyone and anyone who practices bankruptcy law responsibly and ethically will not try to “sell” someone on the process. It is appropriately viewed as a last resort. It is not something to be afraid of but it needs to be approached with a degree of healthy respect. There is, however, no
