On March 16, 2020, Arizona Zero Down Bankruptcy experience attorney wrote:
It is practically impossible not to know about the spread of COVID-19 in our nation in the past few weeks. Whether you are working or at home or quarantined, the Coronavirus has affected everyone’s life in some way in the state of Arizona.
Of course not every Arizona resident is infected, but are victims of the Coronavirus. Events are cancelled, businesses are closing, and as more people begin to self-quarantine, the entire world is worrying about the economic effects of this pandemic. The severity of COVID-19’s impact is yet to be seen, but it certainly is undeniable that the economy is already seeing the results of the virus. Arizona unemployment rates, the stock market, interest rates, and housing prices will most certainly be consequences of the impact of Coronavirus.
While some residents of Arizona are self-quarantining, others are working, either on site or at home per their employer’s expectations. Gatherings of ten or more people is currently discouraged. Because of people staying home instead of going out to enjoy activities, bars and restaurants are among the businesses taking a hit. Employees in this industry who rely on tips can expect a great decrease in income, at least in the near future.
Business owners in Arizona of every kind should expect a drop in business and reduced income. Employees in other business sectors should expect a change in how they work. The bankruptcy courts, for example, are closed for the rest of March, but may work remotely, thus receiving normal income. COVID-19 will have an effect on Arizona employers and workers that may be staggering across the board.
Professional sporting events and other large events have been cancelled throughout Arizona. These events can bring up to hundreds of millions of dollars in tourism to a city. Sports fans aren’t the only ones disappointed in the cancellations. Arenas, restaurants, hotels, and transportation will all lose money in cities that would normally expect an influx in tourism due to special events.
The grocery stores, however, seem to be a booming industry these days (have you been to the grocery store lately?) People are clearing our shelves buying items such as toilet paper, hand sanitizer, canned goods, and frozen vegetables. Grocery leaders urge the public to not overbuy in order to prevent shortages. These stores, however, may also need to shorten hours of operation to allow for proper cleaning and to allow for staff shortages due to illness. Employees out sick from work will cause some extra expenses for many large businesses.
Some aspect of everyone’s lives has been affected by the spread of Coronavirus. Remaining calm is important, but so is preparing for how your livelihood may be affected. Arizona residents struggling financially before the Coronavirus crises should consider taking advantage of bankruptcy protection.
Coronavirus and Arizona Bankruptcy:
341 Meetings of Creditors are cancelled at the moment, but a Chapter 7, Chapter 11, or Chapter 13 bankruptcy may still be filed. An experienced Arizona Zero Down Bankruptcy attorney can help stop creditors from collecting debt by filing a bankruptcy petition. An automatic stay of protection will go into effect immediately once a bankruptcy is filed, and this can stop a foreclosure, repossession, a wage garnishment, lawsuit, and constant harassment by creditors trying to collect a debt.
Don’t wait until everyone is scrambling to deal with the financial setbacks caused by the Coronavirus. Schedule a free debt evaluation and consultation with an attorney at our Arizona Zero Down Bankruptcy law firm. An attorney experienced in Arizona bankruptcy law is able to assist you with your unique financial debt situation.
Text Us
