June 25, 2020 / Jeffrey Kelly
It is no secret that a tidal wave of bankruptcies are coming down the pipe soon. Over 40 million Americans have lost their jobs at some point during this Covid-19 government forced shutdown of our economy. For almost five months, creditors in Georgia have not been able to get orders on the collection lawsuits they have filed. This lack of enforcement has created a false sense of security for a lot of people.
This false sense of security is about to get blown away once courts are allowed to operate at full capacity in mid-July. A tidal wave of bankruptcies is coming.
Along with the tidal wave, a predictable nightmare is coming for many consumers in Georgia. After the courts reopen, some person is going to get their wages garnished out of the blue. They are going to see 25 percent of paycheck disappear. Someone who is expecting to see $500 in their paycheck will see only $375. Someone who has a few thousand dollars in their checking account is going to see it all disappear. Rent payments will not be able to get made. Mortgage payment will not be made. Car payments will not be made. Disaster.
I imagine that many people who procrastinate will be calling bankruptcy attorneys in late July 2020 only to heard these awful words, “I am so sorry but we are fully booked.” “I’m desperate” or “you have to help me” is not going to add any time to any bankruptcy lawyer’s day to help you. Don’t wait!
This nightmare could easily be avoided by planning ahead and talking to my office ahead of time. Don’t wait until after the tidal wave hits. When all the office slots fill up, you may be out of luck. There is no way that bankruptcy law firms will be able to handle all of the cases.
Those of you are in financial trouble know who you are. Don’t wait for the crisis to hit you. Take action right now and call us today.
Georgia courts are not able to enter orders in most cases until mid July. This order could be extended. If everything is reopened in mid-July, there will be an almost 5 month backlog of cases. Creditors are chomping at the bit to get paid and I imagine that they will move as fast as humanly possible to get garnishments going and levy as many bank accounts as is possible.
Almost every bankruptcy firm that I know of has been forced to furlough at least half of their staff. When filings finally start to pick back up, most firms are going to be in the get out of debt/ replenish savings mode.
Planning a bankruptcy case takes time. We need to review your assets to make sure you won’t be putting something at risk by filing. We need to evaluate your entire situation.It is a free consultation. Call me now at 678-820-3872.