Lincoln-Goldfinch Law understands crisis more than any other company. In fact, they opened their bankruptcy department in the middle of the Pandemic. Now, the world is facing another global crisis — The Russia and Ukraine War. What are the things you need to know about bankruptcy because of war?


Going Bankrupt Because Of War


News has spread throughout the world about the war that broke between Russia and Ukraine. As many as the news about it, not everyone knows how it affects them individually. 


The war impacts economic costs and inflation, creates uncertainty, increases debt, and disrupts normal economic activity, among other things. Not all factors receive equal attention. Hidden costs are felt not only by those affected by the violence but also may be by you. 


War can cause inflation, which leads to the loss of people’s savings, an increase in financial uncertainty, and a loss of trust in their financial system. You do not need to understand complex financial systems to see that your grocery prices are getting higher. 

One of the striking signs of the war is the retail gas price hike. The current US retail gas price is 3.245 USD/gal, down from 3.504 USD/gal last week and from 3.44 USD/gal a year ago. 


It has changed -4.31% from the previous week and -2.53% from the previous year. To normal consumers, these can be a daunting change in your budgeting. 


A country’s capacity to manufacture commodities may be severely decreased after a conflict, which can lead to hyperinflation as governments struggle to print money to make up for the shortage of goods. 


In some cases, a country will declare bankruptcy to get back on its feet. And even individuals affected by the war can declare bankruptcy. Because of the crisis, you may feel normal to file for bankruptcy because you are not alone. Although that does not make it easier, Lincoln-Goldfinch Law is qualified to provide assistance now that you are facing a financial crisis.


Some may think that because you are from Austin  TX, or anywhere from the US you do not feel the downfall of the financial economy because of the war. Lincoln-Goldfinch Law can explain to you the things you need to know when you want to file for bankruptcy even if you are not from Russia or Ukraine.


Bankruptcy In War


When you are struggling financially for a couple of reasons, remember that everyone is affected by the inflation of commodities caused by the war. And in reality, budgeting and balancing finances is not a piece of cake. 


The weight of so much debt on your shoulders is burdensome, and it may seem impossible to get out from under it. Because of this, timing is essential when determining if you need to file for bankruptcy.


With the help of an experienced attorney from Lincoln—Goldfinch Law, creditors must temporarily cease all attempts to collect money from you if you file for bankruptcy. After you file, the majority of creditors cannot contact you by letter, phone, or lawsuit. 


However, the courts have the authority to order you to repay some obligations even if you file for bankruptcy. Only a judge can determine the specifics of your particular bankruptcy because every bankruptcy case is different.


How Lincoln-Goldfinch Law Can Help


Making the decision to file for bankruptcy will be difficult, but with the help of a bankruptcy attorney, you can lessen the financial difficulties you will face. Lincoln-Goldfinch Law has a multitude of experiences in saving individuals from a crisis. 


They understand that you are a victim of this global crisis or the complicated financial system it has caused. Get help from their experienced lawyers. 


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Lincoln-Goldfinch Law
1005 E 40th St.
Austin, TX 78751
(855) 502-0555