Coronavirus. Don’t Panic. Press on Regardless!
Scary economic times arrived, just when you thought everything was great and going your way only a few weeks ago. A sudden viral outbreak turned into a worldwide pandemic. We are fearful for the health of ourselves, our loved ones and our friends. We are incredibly grateful to the medical community, grocery store employees, and all the others on the front lines risking their health to keep us safe.
Cruise lines, department stores, restaurants, and bars are temporarily closing. Hotels, airports, and even Grand Central Station are empty. Some hotels are reporting less than one percent occupancy. Layoffs are beginning, and the unemployment rate could potentially reach up to twenty percent. Our hearts ache for those who were furloughed, laid off, and ultimately lost their jobs because of the Coronavirus. My daughter is in the hotel industry. A little more than a week ago she was interviewing for a promotion. Today, she is furloughed from her current position, like thousands of others who work for hotels. Many will be affected by current events they have zero control over.
These times are unprecedented. The Coronavirus could not have happened at a worse time in America and the World. Let’s be realistic, government bailouts and unemployment relief packages will only provide temporary relief for many families. The roller coaster ride in the stock market is rocking 401K’s every which way but up. Savings accounts are being depleted by those who could never have anticipated they would now be out of a job. Many people living paycheck to paycheck are not prepared to deal with these unanticipated financial and emotional problems. Lives are being affected quickly and negatively by something which cannot be seen by the naked eye.
Uncertain times lead to racing minds and sleepless nights, worrying about how long the crisis will last. The repercussions of these times may linger for an extended period. How do we survive the effects? How do we keep ourselves and our loved ones safe from contracting the virus? When will we be able to return to work? Will work still be there? How do we pay our bills in the meantime?
In July 2017, I wrote a blog entitled “There’s a $12.73 Trillion Gorilla in the Room?” At that time, that was the total amount of household indebtedness (including mortgages, auto loans, credit cards, and student loan debt). Today, as of February 2020, the total amount of household indebtedness has climbed to $14.15 Trillion, topping $14 Trillion for the first time.
We all will struggle for the next few months until the viral threat begins to subside. Many, however, will continue to suffer financially long after the coronavirus danger goes away. If you find yourself in a financial situation where you may consider bankruptcy as an option, either chapter 7 or chapter 13, please call me for a free and confidential consultation at 813-308-9045. We can evaluate your current situation and help determine your best alternatives for future financial peace. If you prefer to minimize personal contact, instead of setting up an in-office consultation, we can conduct extended telephone consultations or possibly Skype or Webex video hosting.
We are strong, and we are in this together. “Press on Regardless” has always been my life motto. I live this motto, and I will “Press on Regardless” for you! My law office is here for you. I hope you and your family stay healthy and safe during these difficult times.
