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Attorneys Prepare For Increase In Bankruptcy Filings Due To Coronavirus

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South Carolina ‘No Money Down’ Chapter 7 Bankruptcy Lawyers Explain What to Expect

Many law firms around the country expect a sharp rise in the number of bankruptcy filings due to the ongoing Coronavirus pandemic, according to a recent article by Law.com and The American Lawyer. As a result, many law firms have been making internal changes in anticipation of a dramatic increase in the number of bankruptcy filings, including some law firms now offering ‘no money down’ Chapter 7 bankruptcy filings.

Bankruptcies have declined over the last five years

The number of bankruptcy filings nationwide had been steadily decreasing every year for the past five years, according to bankruptcy statistics compiled by the U.S. government.

  • In 2019, 772,646 businesses and individuals filed for bankruptcy nationwide.
  • In 2018, 779,828 businesses and individuals filed for bankruptcy.
  • In 2017, 794,492 businesses and individuals filed for bankruptcy
  • In 2016, there were 833,515 businesses and individuals filed for bankruptcy
  • In 2015, there were 911,086 businesses and individuals filed for bankruptcy

By far, the vast majority of bankruptcy filings nationwide are for Chapter 7 bankruptcy. For example, of the 772,646 bankruptcy filings in 2019, a total of 477,106 filings were for Chapter 7 bankruptcy, according to statistics compiled by the federal government.

Even before the Coronavirus pandemic affected the United States, some law firms had “been shoring up their bankruptcy and restructuring groups over the past two years, anticipating a surge in work as a cyclical economic downturn loomed on the horizon but never materialized,” Law.com and The American Lawyer reported.

After the Coronavirus outbreak intensified and many businesses started closing around the country, many law firms that handle bankruptcies “are poised to be busier—perhaps far, far busier—than expected,” according to Law.com and The American Lawyer.

Our law firm offering 'no money down' Chapter 7 filings to those who qualify

In response to an anticipated increase in bankruptcy filings in South Carolina, Benjamin R. Matthews and Associates, LLC, recently began offering ‘no money down’ Chapter 7 bankruptcy filings to those who qualify, according to attorney Benjamin R. Matthews.

“Our law firm understands the financial pressures facing many families during this difficult time in our lives,” Matthews said. “We realize many people need help. That’s why we decided to offer this service to people who are struggling financially during the Coronavirus pandemic.”

Most law firms normally charge individuals legal fees up front when individuals file for bankruptcy. Instead, Benjamin R. Matthews and Associates, LLC can file the initial Chapter 7 bankruptcy application for qualified applicants at no charge to get the process started.

Chapter 7 bankruptcy allows individuals to eliminate most debt while also being able to keep certain assets, including their car and home in many cases.

To learn more about ‘no money down’ Chapter 7 bankruptcy filings offered by Benjamin R. Matthews and Associates, LLC, contact our law firm online or call (803) 799-1700 to schedule a free consultation.

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