Bankruptcy attorneys anticipate a giant influx of business in the near future for a variety of reasons.
The coronavirus pandemic and the quarantine policies enacted as a result have had negative financial implications for both individuals and businesses. Although many people and companies that have struggled economically as a result of COVID-19 have received some relief from the government, that relief may not be sufficient to prevent bankruptcy.
Since each measure significantly changed federal bankruptcy laws, individuals or organizations may decide to consult an attorney so that they can get expert advice on the new rules.
Moreover, given more discussion among lawmakers and policymakers about massive student loan debt and possible forgiveness options, it may soon become possible for people with this sort of debt to routinely receive partial or complete forgiveness via bankruptcy. That would be a big change, given that it is rare nowadays for someone to be able to clear student loan debt via bankruptcy.
“There is a huge, huge problem with student loans, and it’s multi-generational,” says Robert Rock, a partner with the Albany office of the Tully Rinckey PLLC law firm.