The coronavirus and COVID-19 are an unprecedented personal and financial disaster. Many blue-chip businesses that have survived for hundreds of years have now exercised their ability to obtain bankruptcy protection from their creditors. Individuals and families are faced with loss of work, eviction, foreclosure, and mounting medical and child-care costs.
Bankruptcy law exists for times like these. But while businesses and high-net-worth individuals frequently turn to bankruptcy protection when faced with overwhelming debts and obligations, individuals are sometime influenced by the stigma created by lobbyists and large creditors and reluctant to seek the protection to which they are entitled.