COVID-19 has been on the scene for over 6 months now. The federal government implemented various relief programs like the Stimulus Checks and $600/week federal supplemental unemployment benefits to help consumers. These benefits cost taxpayers nearly $250 billion. Congress is presently debating what it should do next to help Americans get through the prolonged economic slowdown.
Businesses are going bankrupt to deal with the slowdown and loss of revenue. Many national retailers have filed bankruptcy, or soon will. J. Crew, Neiman Markus and JC Penney have filed bankruptcy. Just last week, Jacksonville-based Stein Mart filed Chapter 11 and is closing stores. When discount retailers like Stein Mart go under, it does not bode well for the economy.
Corporations have used the bankruptcy code as a way to bail themselves out financial straits for decades. Individuals can also use bankruptcy law to get a fresh start. In an interview with a then 80-year-old St. Augustine grandmother in 2008, a national news magazine asked: