Throughout the course of 2020 and 2021, the Covid-19 pandemic affected nearly everyone in the nation. Many have lost their jobs or settled for work that provides them with a significantly lower income to pre-pandemic positions. Others saw their education or career training progression come to a screeching halt due to rapid changes in the education. Many Americans find themselves behind on their basic bills. Some are turning to credit to cover their basic needs. A significant number have depleted their savings accounts. To alleviate the pressure, many Tennessee families are considering the benefits of bankruptcy.
Covid-19’s Effect on Tennessee Families and Personal Finances:
Many Tennessee residents are worried about their jobs; unexpected changes have become the norm, and families fear having to make ends meet with a suddenly lower income. Around 25% of Americans have struggled to make their payments at some point during the pandemic, and a large percentage of these likely used up most or all of their savings before finding themselves at a loss.
When Savings Are Depleted Tennessee Families Turn to Loved Ones for Help
When Tennessee families have depleted their savings, they generally turn to their loved ones for help. Up to 1 in every 6 Americans have borrowed money from family or friends once they’ve run out of options to make it work financially. Some families have turned to nearby food banks for help for the 1st time.
How Can Tennessee Families Recover from Negative Financial Impacts of the Pandemic?
Tennessee families who are in a tight or impossible financial situation due to unprecedented circumstances during the pandemic or following the pandemic, should remember to have hope. In addition to the government providing assistance as a result of the CARES Act, Tennessee residents should be proactive in seeking relief from lenders and financial institutions. Many have special options or programs available for those affected by the pandemic. Contact creditors or lenders and ask for alternatives. Prioritizing expenses, cutting out expenses that aren’t essential, and tracking/budgeting carefully can also be extremely helpful in gaining control of a difficult financial situation. If you lost your job and are unable to find another job to replace the lost income, consider seeking out accessible unemployment programs.
Considering All the Options: Tennessee Bankruptcy
Financial struggle is always difficult, but it is particularly stressful and unnerving during uncertain times. If you are struggling to recover from the pandemic financially, and need to talk about filing bankruptcy, please don’t hesitate to contact Ken Rannick. Most bankruptcy offices in the Chattanooga area don’t have a single Consumer Bankruptcy Specialist on staff. Our office is the only one with two. You are in good hands with Kenneth C. Rannick P.C.