As the Chair of the CGA Bankruptcy Department, I am already getting calls from individuals and small businesses about how to handle the lack of cash flow. Businesses have been forced to close, and those that are open are doing less business. Individuals have been told to go home, and unemployment benefits (if you are eligible to receive them) are not the same as your regular paycheck.
The question I am being asked is “what do I do now?” The easy answer is to take care of yourself and your family, and stay away from crowds or even others outside of your family as much as possible. And understand that the present circumstances, however medically serious, will pass. Once it becomes safe to open businesses there will be time to examine just how much financial damage has been visited upon you or your business. Remember, this is happening to everybody, and financial institutions and other creditors will be looking for ways to work with you. While Bankruptcy is always going to be available, it should be employed only after giving appropriate consideration to other available remedies
Lawrence V. Young, Esquire