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An estimated 682,000 people have filed bankruptcy so far this year according to reports from the legal and financial sectors. An additional 22,400 business filings are currently on record for the past year as well, showing no noteworthy change from the previous year. Experts note financial issues stemming from the COVID-19 pandemic could lead to a significant uptick in both personal and business filings during the coming months. With this in mind, Charles J. Kania bankruptcy lawyer of Kania Law Office has launched efforts to educate the public on bankruptcy and the filing process."Based on the latest reports, the number of bankruptcies being filed has dropped over the last several years," noted Kania. "Considering all the unexpected events that took place this year, though, they're likely to take a turn before long. Countless households and businesses were negatively affected by reduced working hours, shutdowns, travel restrictions, and shelter-in-place orders. That means they could be facing unprecedented struggles that could ultimately lead to bankruptcy. We're here to help people better understand how bankruptcy works and whether it's the best solution for them."
Different types of bankruptcy exist for individuals and businesses. Chapter 7 is one of the most common. It involves selling a filer's assets to repay debts. In many cases, filers do not have enough income or valuable assets to cover the amounts they owe creditors, so their debt is forgiven. With chapter 13 bankruptcy, debt is restructured rather than discharged, and filers are not forced to liquidate assets to cover their debts. Chapter 11 works in much the same way as chapter 13 but is primarily reserved for businesses.
Kania Law Office offers a variety of resources for businesses and individuals considering bankruptcy. These include relevant articles, phone consultations, and answers to common questions regarding bankruptcy as well as links to other sources of information. In addition to bankruptcy, attorneys with the firm handle a range of legal matters, such as social security and disability, unemployment and workers' compensation, taxes, business law, and personal injury cases to name a few.
Concluded Kania, "a target="_blank" href="hhttps://www.kanialaw.com/tulsa-attorneys/tulsa-bankruptcy-attorneys">Kania Law Office bankruptcy attorneys are here to help both individuals and businesses. We encourage anyone considering bankruptcy to take advantage of all the resources we've made available. Of course, we're available to answer questions via phone and email as well. Bankruptcy has certain disadvantages, and it's not necessarily the best option for everyone facing financial challenges. Still, it's a suitable solution for many people and businesses who need to get out from under unmanageable debt or approach it from a new angle."
About Kania Law Office:
Based in Oklahoma, Kania Law Office handles a broad range of cases. Attorneys with the firm are dedicated to finding beneficial resolutions to clients' legal issues and giving each client the personal attention he or she needs and deserves.
Contact Info:
Name: Charles J. Kania
Email: Send Email
Organization: Kania Law Office
Address: Tulsa, Oklahoma, 74105
Phone: 9187432233
Website: https://www.kanialaw.com/tulsa-bankruptcy-lawyers
Release ID: 88985834