How can you best protect yourself when the national and local economies are rocked by unexpected disruptions?
Almost overnight, the spread of the COVID-19 coronavirus has decimated dozens of industries – food service, hospitality, retail, transportation, education, government and any business that relies on face to face interaction.
While the government is promising some relief and some creditors are offering short term deferments, the likelihood is that business will not return to normal anytime soon and that we have entered into a “new normal.”
So how do you respond?
As I discuss in the video above, you can best protect yourself by being proactive and creative. Go online to learn of your creditors are offering payment deferment programs. Many lenders have already posted help lines on their websites for worried customers to call. If you see nothing on line, pick up the phone and call.
Protect your cash at all costs and only pay who you have to pay until the immediate coronavirus pandemic wanes. If you fall behind on non-essential debts like credit cards or personal loans, so be it – we can deal with those problems later. It is much more important that you maintain a roof over your head, your car or truck and food in the refrigerator than respond to demands from bill collectors.
We may discover that collectors may back off for a few weeks or even a month or two, but don’t assume that your debts will be forgiven. But if you do receive collection calls, do not back down. Most courts are not processing collection lawsuitsMost courts are not processing collection lawsuits so you will have time to deal with consumer debts later. However, if you have been sued, the courts have not extended your time to respond to lawsuits so do not assume that you do not have to deal with actual collection litigation.
Also, look at the big picture. Our “new normal” will generate opportunities that can replace any lost income. Uber drivers may take part time work at retail stores using thermal scanners to monitor customers for fevers. Installers will be need to put partitions in taxis and ride sharing vehicles to prevent virus transmission. IT professionals may focus less on setting up in-office networks and more about creating secure work from home environments. Restaurants will need employees to service carry out orders. And as people turn to online stores like Amazon and Walmart, delivery drivers and warehouse workers will be needed.
Financial opportunities will arise from this crisis if you are alert to them. In the meantime, stay safe and feel free to reach out to me (Jonathan) or Susan Blum to discuss your personal situation. We can be reached by phone at 770-393-4985 or by email at ginsberg@gmail.com (Jonathan) or atlantabankruptcy@gmail.com (Susan). #coronaviruspandemic #personalfinanceoptionscovid19 #lossofincomeduetocoronavirus