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Will the stimulus check I receive under The CARES Act - Coronavirius Aid Relief and Economic Security Act, affect whether I can file Bankruptcy?

temp-post-image

The House has passed the the Senate's $2 trillion Coronavirus Relief Package and sent it on to President Trump, who has vowed to sign it immediately.

For consumers, among the major provisions, the bill provides:

  • cash payments up to $1,200 for individual American adults (more for families) who earn $75k or less;
  • cash payments up to $2,400 for couples (more for families) who earn $150k or less
  • cash payments of $500.00 Per Child under the Age of 17
  • expands unemployment insurance by $250 billion for those who lost their jobs during the crisis;
  • offers more than $350 billion in low-cost loans to affected small businesses; and
  • bails out the hardest-hit industries — including airline and hotel companies — to the tune of $500 billion.

If you are a consumer contemplating filing bankruptcy, and concerned how filing bankruptcy would affect your stimulus check, below are key bankruptcy provisions included with the CARES Act that addresses your concerns:

The CARES Act:

• Amends the definition of “income” in the Bankruptcy Code for chapters 7 and 13 to exclude coronavirus-related payments from the federal government from being treated as “income” for purposes of filing bankruptcy.

• Clarifies that the calculation of disposable income for purposes of confirming a chapter 13 plan shall not include coronavirus-related payments.

• Explicitly permits individuals and families currently in chapter 13 to seek payment plan modifications if they are experiencing a material financial hardship due to the coronavirus pandemic, including extending their payments for up to seven years (84 months) after their initial plan payment was due.

The bankruptcy provisions of the CARES Act listed above sunset within a year of the legislation being enacted.

Additionally, Sect. 3513 of the legislative package provides temporary relief for federal student loan borrowers by requiring the Secretary of Education to defer student loan payments, principal, and interest for 6 months, through September 30, 2020, without penalty to the borrower for all federally owned loans. This provides relief for over 95 percent of student loan borrowers.

Since the stimulus check you receive is not included as income, it will not effect the means test in determining whether you qualify to file bankruptcy, therefore, the money you receive under the CARES Act will not make you unable to file bankruptcy if you need to file.

If you would like more information, or would like to schedule a free consultation to speak to an attorney click here to schedule an appointment online.

Will the stimulus check I receive under The CARES Act - Coronavirius Aid Relief and Economic Security Act, affect whether I can file Bankruptcy?

temp-post-image

The House has passed the the Senate's $2 trillion Coronavirus Relief Package and sent it on to President Trump, who has vowed to sign it immediately.

For consumers, among the major provisions, the bill provides:

  • cash payments up to $1,200 for individual American adults (more for families) who earn $75k or less;
  • cash payments up to $2,400 for couples (more for families) who earn $150k or less
  • cash payments of $500.00 Per Child under the Age of 17
  • expands unemployment insurance by $250 billion for those who lost their jobs during the crisis;
  • offers more than $350 billion in low-cost loans to affected small businesses; and
  • bails out the hardest-hit industries — including airline and hotel companies — to the tune of $500 billion.

If you are a consumer contemplating filing bankruptcy, and concerned how filing bankruptcy would affect your stimulus check, below are key bankruptcy provisions included with the CARES Act that addresses your concerns:

The CARES Act:

• Amends the definition of “income” in the Bankruptcy Code for chapters 7 and 13 to exclude coronavirus-related payments from the federal government from being treated as “income” for purposes of filing bankruptcy.

• Clarifies that the calculation of disposable income for purposes of confirming a chapter 13 plan shall not include coronavirus-related payments.

• Explicitly permits individuals and families currently in chapter 13 to seek payment plan modifications if they are experiencing a material financial hardship due to the coronavirus pandemic, including extending their payments for up to seven years (84 months) after their initial plan payment was due.

The bankruptcy provisions of the CARES Act listed above sunset within a year of the legislation being enacted.

Additionally, Sect. 3513 of the legislative package provides temporary relief for federal student loan borrowers by requiring the Secretary of Education to defer student loan payments, principal, and interest for 6 months, through September 30, 2020, without penalty to the borrower for all federally owned loans. This provides relief for over 95 percent of student loan borrowers.

Since the stimulus check you receive is not included as income, it will not effect the means test in determining whether you qualify to file bankruptcy, therefore, the money you receive under the CARES Act will not make you unable to file bankruptcy if you need to file.

If you would like more information, or would like to schedule a free consultation to speak to an attorney click here to schedule an appointment online.

Will the stimulus check I receive under The CARES Act - Coronavirius Aid Relief and Economic Security Act, affect whether I can file Bankruptcy?

temp-post-image

The House has passed the the Senate's $2 trillion Coronavirus Relief Package and sent it on to President Trump, who has vowed to sign it immediately.

For consumers, among the major provisions, the bill provides:

  • cash payments up to $1,200 for individual American adults (more for families) who earn $75k or less;
  • cash payments up to $2,400 for couples (more for families) who earn $150k or less
  • cash payments of $500.00 Per Child under the Age of 17
  • expands unemployment insurance by $250 billion for those who lost their jobs during the crisis;
  • offers more than $350 billion in low-cost loans to affected small businesses; and
  • bails out the hardest-hit industries — including airline and hotel companies — to the tune of $500 billion.

If you are a consumer contemplating filing bankruptcy, and concerned how filing bankruptcy would affect your stimulus check, below are key bankruptcy provisions included with the CARES Act that addresses your concerns:

The CARES Act:

• Amends the definition of “income” in the Bankruptcy Code for chapters 7 and 13 to exclude coronavirus-related payments from the federal government from being treated as “income” for purposes of filing bankruptcy.

• Clarifies that the calculation of disposable income for purposes of confirming a chapter 13 plan shall not include coronavirus-related payments.

• Explicitly permits individuals and families currently in chapter 13 to seek payment plan modifications if they are experiencing a material financial hardship due to the coronavirus pandemic, including extending their payments for up to seven years (84 months) after their initial plan payment was due.

The bankruptcy provisions of the CARES Act listed above sunset within a year of the legislation being enacted.

Additionally, Sect. 3513 of the legislative package provides temporary relief for federal student loan borrowers by requiring the Secretary of Education to defer student loan payments, principal, and interest for 6 months, through September 30, 2020, without penalty to the borrower for all federally owned loans. This provides relief for over 95 percent of student loan borrowers.

Since the stimulus check you receive is not included as income, it will not effect the means test in determining whether you qualify to file bankruptcy, therefore, the money you receive under the CARES Act will not make you unable to file bankruptcy if you need to file.

If you would like more information, or would like to schedule a free consultation to speak to an attorney click here to schedule an appointment online.

Will the stimulus check I receive under The CARES Act - Coronavirius Aid Relief and Economic Security Act, affect whether I can file Bankruptcy?

temp-post-image

The House has passed the the Senate's $2 trillion Coronavirus Relief Package and sent it on to President Trump, who has vowed to sign it immediately.

For consumers, among the major provisions, the bill provides:

  • cash payments up to $1,200 for individual American adults (more for families) who earn $75k or less;
  • cash payments up to $2,400 for couples (more for families) who earn $150k or less
  • cash payments of $500.00 Per Child under the Age of 17
  • expands unemployment insurance by $250 billion for those who lost their jobs during the crisis;
  • offers more than $350 billion in low-cost loans to affected small businesses; and
  • bails out the hardest-hit industries — including airline and hotel companies — to the tune of $500 billion.

If you are a consumer contemplating filing bankruptcy, and concerned how filing bankruptcy would affect your stimulus check, below are key bankruptcy provisions included with the CARES Act that addresses your concerns:

The CARES Act:

• Amends the definition of “income” in the Bankruptcy Code for chapters 7 and 13 to exclude coronavirus-related payments from the federal government from being treated as “income” for purposes of filing bankruptcy.

• Clarifies that the calculation of disposable income for purposes of confirming a chapter 13 plan shall not include coronavirus-related payments.

• Explicitly permits individuals and families currently in chapter 13 to seek payment plan modifications if they are experiencing a material financial hardship due to the coronavirus pandemic, including extending their payments for up to seven years (84 months) after their initial plan payment was due.

The bankruptcy provisions of the CARES Act listed above sunset within a year of the legislation being enacted.

Additionally, Sect. 3513 of the legislative package provides temporary relief for federal student loan borrowers by requiring the Secretary of Education to defer student loan payments, principal, and interest for 6 months, through September 30, 2020, without penalty to the borrower for all federally owned loans. This provides relief for over 95 percent of student loan borrowers.

Since the stimulus check you receive is not included as income, it will not effect the means test in determining whether you qualify to file bankruptcy, therefore, the money you receive under the CARES Act will not make you unable to file bankruptcy if you need to file.

If you would like more information, or would like to schedule a free consultation to speak to an attorney click here to schedule an appointment online.

Will the stimulus check I receive under The CARES Act - Coronavirius Aid Relief and Economic Security Act, affect whether I can file Bankruptcy?

temp-post-image

The House has passed the the Senate's $2 trillion Coronavirus Relief Package and sent it on to President Trump, who has vowed to sign it immediately.

For consumers, among the major provisions, the bill provides:

  • cash payments up to $1,200 for individual American adults (more for families) who earn $75k or less;
  • cash payments up to $2,400 for couples (more for families) who earn $150k or less
  • cash payments of $500.00 Per Child under the Age of 17
  • expands unemployment insurance by $250 billion for those who lost their jobs during the crisis;
  • offers more than $350 billion in low-cost loans to affected small businesses; and
  • bails out the hardest-hit industries — including airline and hotel companies — to the tune of $500 billion.

If you are a consumer contemplating filing bankruptcy, and concerned how filing bankruptcy would affect your stimulus check, below are key bankruptcy provisions included with the CARES Act that addresses your concerns:

The CARES Act:

• Amends the definition of “income” in the Bankruptcy Code for chapters 7 and 13 to exclude coronavirus-related payments from the federal government from being treated as “income” for purposes of filing bankruptcy.

• Clarifies that the calculation of disposable income for purposes of confirming a chapter 13 plan shall not include coronavirus-related payments.

• Explicitly permits individuals and families currently in chapter 13 to seek payment plan modifications if they are experiencing a material financial hardship due to the coronavirus pandemic, including extending their payments for up to seven years (84 months) after their initial plan payment was due.

The bankruptcy provisions of the CARES Act listed above sunset within a year of the legislation being enacted.

Additionally, Sect. 3513 of the legislative package provides temporary relief for federal student loan borrowers by requiring the Secretary of Education to defer student loan payments, principal, and interest for 6 months, through September 30, 2020, without penalty to the borrower for all federally owned loans. This provides relief for over 95 percent of student loan borrowers.

Since the stimulus check you receive is not included as income, it will not effect the means test in determining whether you qualify to file bankruptcy, therefore, the money you receive under the CARES Act will not make you unable to file bankruptcy if you need to file.

If you would like more information, or would like to schedule a free consultation to speak to an attorney click here to schedule an appointment online.

Will the stimulus check I receive under The CARES Act - Coronavirius Aid Relief and Economic Security Act, affect whether I can file Bankruptcy?

temp-post-image

The House has passed the the Senate's $2 trillion Coronavirus Relief Package and sent it on to President Trump, who has vowed to sign it immediately.

For consumers, among the major provisions, the bill provides:

  • cash payments up to $1,200 for individual American adults (more for families) who earn $75k or less;
  • cash payments up to $2,400 for couples (more for families) who earn $150k or less
  • cash payments of $500.00 Per Child under the Age of 17
  • expands unemployment insurance by $250 billion for those who lost their jobs during the crisis;
  • offers more than $350 billion in low-cost loans to affected small businesses; and
  • bails out the hardest-hit industries — including airline and hotel companies — to the tune of $500 billion.

If you are a consumer contemplating filing bankruptcy, and concerned how filing bankruptcy would affect your stimulus check, below are key bankruptcy provisions included with the CARES Act that addresses your concerns:

The CARES Act:

• Amends the definition of “income” in the Bankruptcy Code for chapters 7 and 13 to exclude coronavirus-related payments from the federal government from being treated as “income” for purposes of filing bankruptcy.

• Clarifies that the calculation of disposable income for purposes of confirming a chapter 13 plan shall not include coronavirus-related payments.

• Explicitly permits individuals and families currently in chapter 13 to seek payment plan modifications if they are experiencing a material financial hardship due to the coronavirus pandemic, including extending their payments for up to seven years (84 months) after their initial plan payment was due.

The bankruptcy provisions of the CARES Act listed above sunset within a year of the legislation being enacted.

Additionally, Sect. 3513 of the legislative package provides temporary relief for federal student loan borrowers by requiring the Secretary of Education to defer student loan payments, principal, and interest for 6 months, through September 30, 2020, without penalty to the borrower for all federally owned loans. This provides relief for over 95 percent of student loan borrowers.

Since the stimulus check you receive is not included as income, it will not effect the means test in determining whether you qualify to file bankruptcy, therefore, the money you receive under the CARES Act will not make you unable to file bankruptcy if you need to file.

If you would like more information, or would like to schedule a free consultation to speak to an attorney click here to schedule an appointment online.

Will the stimulus check I receive under The CARES Act - Coronavirius Aid Relief and Economic Security Act, affect whether I can file Bankruptcy?

temp-post-image

The House has passed the the Senate's $2 trillion Coronavirus Relief Package and sent it on to President Trump, who has vowed to sign it immediately.

For consumers, among the major provisions, the bill provides:

  • cash payments up to $1,200 for individual American adults (more for families) who earn $75k or less;
  • cash payments up to $2,400 for couples (more for families) who earn $150k or less
  • cash payments of $500.00 Per Child under the Age of 17
  • expands unemployment insurance by $250 billion for those who lost their jobs during the crisis;
  • offers more than $350 billion in low-cost loans to affected small businesses; and
  • bails out the hardest-hit industries — including airline and hotel companies — to the tune of $500 billion.

If you are a consumer contemplating filing bankruptcy, and concerned how filing bankruptcy would affect your stimulus check, below are key bankruptcy provisions included with the CARES Act that addresses your concerns:

The CARES Act:

• Amends the definition of “income” in the Bankruptcy Code for chapters 7 and 13 to exclude coronavirus-related payments from the federal government from being treated as “income” for purposes of filing bankruptcy.

• Clarifies that the calculation of disposable income for purposes of confirming a chapter 13 plan shall not include coronavirus-related payments.

• Explicitly permits individuals and families currently in chapter 13 to seek payment plan modifications if they are experiencing a material financial hardship due to the coronavirus pandemic, including extending their payments for up to seven years (84 months) after their initial plan payment was due.

The bankruptcy provisions of the CARES Act listed above sunset within a year of the legislation being enacted.

Additionally, Sect. 3513 of the legislative package provides temporary relief for federal student loan borrowers by requiring the Secretary of Education to defer student loan payments, principal, and interest for 6 months, through September 30, 2020, without penalty to the borrower for all federally owned loans. This provides relief for over 95 percent of student loan borrowers.

Since the stimulus check you receive is not included as income, it will not effect the means test in determining whether you qualify to file bankruptcy, therefore, the money you receive under the CARES Act will not make you unable to file bankruptcy if you need to file.

If you would like more information, or would like to schedule a free consultation to speak to an attorney click here to schedule an appointment online.

Will the stimulus check I receive under The CARES Act - Coronavirius Aid Relief and Economic Security Act, affect whether I can file Bankruptcy?

temp-post-image

The House has passed the the Senate's $2 trillion Coronavirus Relief Package and sent it on to President Trump, who has vowed to sign it immediately.

For consumers, among the major provisions, the bill provides:

  • cash payments up to $1,200 for individual American adults (more for families) who earn $75k or less;
  • cash payments up to $2,400 for couples (more for families) who earn $150k or less
  • cash payments of $500.00 Per Child under the Age of 17
  • expands unemployment insurance by $250 billion for those who lost their jobs during the crisis;
  • offers more than $350 billion in low-cost loans to affected small businesses; and
  • bails out the hardest-hit industries — including airline and hotel companies — to the tune of $500 billion.

If you are a consumer contemplating filing bankruptcy, and concerned how filing bankruptcy would affect your stimulus check, below are key bankruptcy provisions included with the CARES Act that addresses your concerns:

The CARES Act:

• Amends the definition of “income” in the Bankruptcy Code for chapters 7 and 13 to exclude coronavirus-related payments from the federal government from being treated as “income” for purposes of filing bankruptcy.

• Clarifies that the calculation of disposable income for purposes of confirming a chapter 13 plan shall not include coronavirus-related payments.

• Explicitly permits individuals and families currently in chapter 13 to seek payment plan modifications if they are experiencing a material financial hardship due to the coronavirus pandemic, including extending their payments for up to seven years (84 months) after their initial plan payment was due.

The bankruptcy provisions of the CARES Act listed above sunset within a year of the legislation being enacted.

Additionally, Sect. 3513 of the legislative package provides temporary relief for federal student loan borrowers by requiring the Secretary of Education to defer student loan payments, principal, and interest for 6 months, through September 30, 2020, without penalty to the borrower for all federally owned loans. This provides relief for over 95 percent of student loan borrowers.

Since the stimulus check you receive is not included as income, it will not effect the means test in determining whether you qualify to file bankruptcy, therefore, the money you receive under the CARES Act will not make you unable to file bankruptcy if you need to file.

If you would like more information, or would like to schedule a free consultation to speak to an attorney click here to schedule an appointment online.

Will the stimulus check I receive under The CARES Act - Coronavirius Aid Relief and Economic Security Act, affect whether I can file Bankruptcy?

temp-post-image

The House has passed the the Senate's $2 trillion Coronavirus Relief Package and sent it on to President Trump, who has vowed to sign it immediately.

For consumers, among the major provisions, the bill provides:

  • cash payments up to $1,200 for individual American adults (more for families) who earn $75k or less;
  • cash payments up to $2,400 for couples (more for families) who earn $150k or less
  • cash payments of $500.00 Per Child under the Age of 17
  • expands unemployment insurance by $250 billion for those who lost their jobs during the crisis;
  • offers more than $350 billion in low-cost loans to affected small businesses; and
  • bails out the hardest-hit industries — including airline and hotel companies — to the tune of $500 billion.

If you are a consumer contemplating filing bankruptcy, and concerned how filing bankruptcy would affect your stimulus check, below are key bankruptcy provisions included with the CARES Act that addresses your concerns:

The CARES Act:

• Amends the definition of “income” in the Bankruptcy Code for chapters 7 and 13 to exclude coronavirus-related payments from the federal government from being treated as “income” for purposes of filing bankruptcy.

• Clarifies that the calculation of disposable income for purposes of confirming a chapter 13 plan shall not include coronavirus-related payments.

• Explicitly permits individuals and families currently in chapter 13 to seek payment plan modifications if they are experiencing a material financial hardship due to the coronavirus pandemic, including extending their payments for up to seven years (84 months) after their initial plan payment was due.

The bankruptcy provisions of the CARES Act listed above sunset within a year of the legislation being enacted.

Additionally, Sect. 3513 of the legislative package provides temporary relief for federal student loan borrowers by requiring the Secretary of Education to defer student loan payments, principal, and interest for 6 months, through September 30, 2020, without penalty to the borrower for all federally owned loans. This provides relief for over 95 percent of student loan borrowers.

Since the stimulus check you receive is not included as income, it will not effect the means test in determining whether you qualify to file bankruptcy, therefore, the money you receive under the CARES Act will not make you unable to file bankruptcy if you need to file.

If you would like more information, or would like to schedule a free consultation to speak to an attorney click here to schedule an appointment online.

Will the stimulus check I receive under The CARES Act - Coronavirius Aid Relief and Economic Security Act, affect whether I can file Bankruptcy?

temp-post-image

The House has passed the the Senate's $2 trillion Coronavirus Relief Package and sent it on to President Trump, who has vowed to sign it immediately.

For consumers, among the major provisions, the bill provides:

  • cash payments up to $1,200 for individual American adults (more for families) who earn $75k or less;
  • cash payments up to $2,400 for couples (more for families) who earn $150k or less
  • cash payments of $500.00 Per Child under the Age of 17
  • expands unemployment insurance by $250 billion for those who lost their jobs during the crisis;
  • offers more than $350 billion in low-cost loans to affected small businesses; and
  • bails out the hardest-hit industries — including airline and hotel companies — to the tune of $500 billion.

If you are a consumer contemplating filing bankruptcy, and concerned how filing bankruptcy would affect your stimulus check, below are key bankruptcy provisions included with the CARES Act that addresses your concerns:

The CARES Act:

• Amends the definition of “income” in the Bankruptcy Code for chapters 7 and 13 to exclude coronavirus-related payments from the federal government from being treated as “income” for purposes of filing bankruptcy.

• Clarifies that the calculation of disposable income for purposes of confirming a chapter 13 plan shall not include coronavirus-related payments.

• Explicitly permits individuals and families currently in chapter 13 to seek payment plan modifications if they are experiencing a material financial hardship due to the coronavirus pandemic, including extending their payments for up to seven years (84 months) after their initial plan payment was due.

The bankruptcy provisions of the CARES Act listed above sunset within a year of the legislation being enacted.

Additionally, Sect. 3513 of the legislative package provides temporary relief for federal student loan borrowers by requiring the Secretary of Education to defer student loan payments, principal, and interest for 6 months, through September 30, 2020, without penalty to the borrower for all federally owned loans. This provides relief for over 95 percent of student loan borrowers.

Since the stimulus check you receive is not included as income, it will not effect the means test in determining whether you qualify to file bankruptcy, therefore, the money you receive under the CARES Act will not make you unable to file bankruptcy if you need to file.

If you would like more information, or would like to schedule a free consultation to speak to an attorney click here to schedule an appointment online.

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