Ceva top creditor as shoe company goes bust, hit by e-commerce boom
The bankruptcy of a shoe company in the US has revealed an interesting snapshot of ...
MARKETWATCH writes:
The $2.2 trillion stimulus bill changed some rules on consumer bankruptcy.
One San Diego, Calif. man was getting his finances in order after divorcing his wife over a year ago. He had consolidation plans for approximately $30,000 in debt and was bringing in income as a rideshare driver.
Then the coronavirus pandemic battered America’s economy and, along the way, tipped the 52-year-old man into bankruptcy.
Doug, who asked that his last name be withheld, reduced his driving hours to protect himself from the infectious disease. It wasn’t like he was leaving money on the table. “There wasn’t any work anyway,” he told MarketWatch.
Doug filed for bankruptcy late last month and expects there will be a lot more people doing the same thing soon.
“It’s just logical. Anybody who was thinking about it is more than likely going to be pushed over the edge,” he said.
Bankruptcy experts agree, looking at a new spike in unemployment and remembering how the Great Recession caused a wave of bankruptcy cases from consumers seeking a reset after getting too far behind on debt.
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