Blog > 2020 > June > Bankruptcy Protection and COVID-19
Struggling with debt under any circumstances is stressful enough, but going through financial hardships during a pandemic with existing financial strains can only make it that much harder. If you are concerned about your financial situation and don’t know what to do about resolving your debt during this challenging time, bankruptcy could be a viable option to get back on your feet. Here’s what you need to know.
The CARES Act (Coronavirus Aid, Relief, and Economic Security Act), was passed and signed into law on March 27, 2020. The purpose of this act is to deliver economic relief to the American people to protect public health and the economic impact of COVID-19. Under the CARES Act, certain temporary provisions were made to bankruptcy laws to protect those who are already in bankruptcy proceedings or are going to be filing bankruptcy amid the pandemic. Here are some benefits of this provision:
The changes to Chapter 7 and Chapter 13 bankruptcy code will expire on March 21, 2021. Consulting an experienced bankruptcy attorney can help determine your eligibility in filing for bankruptcy and avoid any missed deadlines.
Bankruptcy may the right option for you if:
There are two common types of consumer bankruptcy — Chapter 13 and Chapter 7. Contact an experienced bankruptcy attorney to determine which option will be best to handle your specific financial situation.
The good news is that bankruptcy courts are still hearing cases during the COVID-19 pandemic. If you are having difficulty making ends meet, filing for bankruptcy could be the answer to your financial burdens so you can get a fresh start.
If you are struggling with mounting debt during this difficult time, we can help you. Contact SM Law Group, APC today at for a free consultation and learn how you can be protected under bankruptcy laws.
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