We are all too familiar with the craziness and hype associated with Black Friday deals. We also remember the great lengths some would go to be the one to cash in on a great deal.  Whether it be waking up early, waiting in line for hours, or scrambling to get the perfect gift for that special someone, many will go to great lengths to find the Black Friday high.

In 2020, even though we were mostly shopping online, we still felt the pressure because of the short, and very limited supply, of those Black Friday deals for PS5, big screen TV’s, laptops, etc.  Retailers would tease us with these deals and force many to stay up all night in order to get the fantastic deal, but only if you were the first one to checkout.  The overwhelming online advertisements for Black Friday in 2020 has caused some individuals to spend more than they can afford.

Like Black Friday deals, there is a time in the very near future where experienced bankruptcy attorneys will be on short and very limited supply.

The Centers for Disease Control (CDC) issued a warning to halt evictions to help control the spread of COVID-19.  That moratorium is set to expire on December 31, 2020. There is a possibility the warning will be extended, but what happens if it is not extended?  If evictions are to begin in January of 2021 then it would mean tenants getting served eviction papers for past due rents. This will put exceptional financial pressure on individuals as they have been able to postpone those problems over the last ten months.  Similar to the CDC’s stay on evictions, the New Mexico Supreme Court has also stayed certain actions, including foreclosures, Writs of execution and garnishment*. In the foreseeable future, these stays will be lifted and collection activities are going to drive New Mexicans into bankruptcy.  Similar to the rush on Black Friday, there will be a mad rush on bankruptcy attorneys. The supply of experienced attorneys is going to dry up quickly and the Court’s system, like hospitals treating COVID patients, will be overwhelmed.

Waiting until the stays are lifted may be a good reason for waiting on filing for bankruptcy but there may be other reasons why a bankruptcy now is better than a bankruptcy later.  In order to secure your position with an experienced attorney, you must act now. If you put off getting an experienced attorney, they will be overwhelmed with cases and won’t be able to provide the help you need.  Inexperienced attorneys will see an opportunity to cash in on the rush.  Bankruptcy is a complicated process and experience counts.  If you are considering bankruptcy you need to seek advice now.  My office offers a free consultation to discuss bankruptcy options.  There is no harm in getting the consultation now.  In fact you are more likely to get a better deal on fees since the bankruptcy wave hasn’t hit yet. When the wave does hit, attorney’s fees will increase because of the laws of supply and demand.  The emotional high of Black Friday has worn off and it’s time to start thinking about your financial future. Don’t wait, get the professional advice today.

 

* including evictions – so this will likely continue even after December 31, 2020