Did the COVID-19 Pandemic Force People into Bankruptcy in Tulsa, Oklahoma?

The COVID pandemic is single handedly responsible for both ending and upending the lives of millions of people in the U.S. and worldwide. A virus that many people believed and hoped would be eradicated from the U.S. within the first weeks or months of its arrival is still taking lives and their financial stability and prosperity hostage. Because of this unexpected yet heavy toll, many people found themselves in a situation they never thought they would have to face: filing for bankruptcy. Whether you or someone you know is considering filing for bankruptcy due to the impact of the COVID pandemic in your life, or for any other reason, we recommend getting in touch with “Attorneys Near Me.” 

How the COVID Pandemic Impacted the American Workforce

According to the Bureau of Labor Statistics, “in June, 40.4 million people reported that they had been unable to work at some point in the last 4 weeks because their employer closed or lost business due to the coronavirus pandemic—that is, they did not work at all or worked fewer hours.” Then “of the 18.1 million people unemployed in June, 11.4 million (63 percent) were unable to work because their employer closed or lost business due to the pandemic. Among the unemployed, the vast majority of those on temporary layoff in June were unable to work because of the pandemic (83 percent)” Millions of people lost their job, and probably will never come back to them. 

The Economic Impact of Crises on Women

UNWomen writes that “when crises strike, women and girls are harder hit by economic impacts. Around the world, women generally earn less and save less, are the majority of single-parent households and disproportionately hold more insecure jobs in the informal economy or service sector with less access to social protections. This leaves them less able to absorb the economic shocks than men. For many families, school closures and social distancing measures have increased the unpaid care and domestic load of women at home, making them less able to take on or balance paid work.” The COVID pandemic was no different. With the closure of many businesses, many were laid off, and many more were forced to leave their jobs because of a multitude of reasons, among which was the ongoing closure of schools and daycares  and changes in public safety guidelines. 

If your finances have been gravely impacted by the COVID-19 pandemic or affected by a divorce, medical expenses, or other unexpected circumstances, we recommend getting in touch with a bankruptcy attorney in Tulsa, Oklahoma at the Henson Law Firm, detailing your situation and determining whether bankruptcy is or isn’t the right approach for you. For answers to this and other legal concerns, you can call 800-672-3103. 

The Henson Law Firm, PLLC is located at:

601 S. Boulder, Suite 600

Tulsa, OK 74119

Phone: 918-551-8995

Website: www.myoklahomadefenselawyer.com

*We are a debt relief law firm in Tulsa, Oklahoma.

*We help people file for bankruptcy relief under the Bankruptcy Code.