This week I would like to talk about the American financial crisis. With numerous people being laid off and businesses closing, numerous Americans find themselves without enough funds to meet the most basic necessities like food, shelter and clothing. The federal government has implemented two stimulus programs to provide funds to sustain Americans for a while. However, these funds will not last forever. What if there was a way to provide bankruptcy relief to assist families across America. This would most definitely help people get on their feet. However, I think it may be more complicated than it seems. Let's re-imagine an exception to the bankruptcy laws that would allow people impacted by Covid to file for bankruptcy without being punished.

1. What would be the requirements to be approved for Covid related Bankruptcy? What categories of relief would you create? For example, medical, death in family, unemployment (how long?), loss of income etc.
2. How long should the Covid related Bankruptcy stay on their credit report?
3. What debts would you allow to be discharged in bankruptcy?
4. Should society be prevented from denying a person credit, who qualifies for Covid related bankruptcy? What rules would you create to address this?
5. What incentives could you give to the creditor when a debt is discharged due to Covid circumstance?