The coronavirus has had a devastating impact on the lives of countless Americans. Many have fallen ill, and others have become unemployed and struggling to make end’s meat. Whether the impact has been to your income or the expense of supplies needed to prepare for this emergency, the unexpected tragedy has caused great financial hardship. Fortunately, there are many different options for relief from debt due to Coronavirus. Filing bankruptcy or using the Coronavirus Stimulus Check for Debt may be good options to consider. To see which option may be best for your specific circumstances, contact a Florida bankruptcy attorney.
COVID-19 Coronavirus Stimulus Check for Debt
Congress recently passed the CARES Act, which may provide individuals meeting with a $1,200 stimulus check. For joint filings, the Coronavirus stimulus check would be $2,400. Plus, recipients may receive an additional $500 for each minor child. The money is certainly needed but it may not be enough to solve the bigger, more pressing financial problems. If you have outstanding debt or are falling behind on the mortgage or car payment the most effective use of the money may be to file a bankruptcy. Bankruptcy can be used to eliminate debt, stop a foreclosure or repossession, and even stop harassment by your creditors. There are two types of bankruptcy that individuals file – Chapter 7 and Chapter 13. A bankruptcy law firm in Tampa can explain the differences and advise on which type of bankruptcy may be best for your situation.
Coronavirus Debt and Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is the fastest type of bankruptcy and will give you and your family a fresh start from debt. There are many ways to use your Coronavirus stimulus check for debt, such as paying all of your creditors a little or paying one creditor all of it while hoping to deal with the rest in the future. Using your stimulus check for a Chapter 7 Bankruptcy may help ensure that no matter how much you owe you can get out of all the debt now to live your best post COVID life. Chapter 7 is the often most cost-effective way to ensure your debt doesn’t haunt you in the future.
Coronavirus Stimulus Check for Debt and Chapter 13 Bankruptcy
Chapter 13 Bankruptcy is the other type of bankruptcy that individuals may use for COVID 19 Coronavirus debt. Chapter 13 is a tool we often recommend to people trying to save property such as their home or car. As long as you have the property you want to keep, you will be protected by the automatic stay. See 11 USC 362. These protections happen automatically once your bankruptcy case is filed. If you fell behind in your mortgage payments, instead of making a partial payment which the lender may not even accept, you can file Chapter 13 and force your mortgage lender into a five year repayment plan. You may even be able to use the court’s modification program to modify the terms of your mortgage.
Bankruptcy Attorney in Tampa
If you are having a difficult time meeting your financial obligations Florida Law Advisers, P.A. may be able to help. Our Tampa bankruptcy attorneys have years of experience helping people obtain a fresh start. We use our experience and skills in the courtroom to help achieve the results our clients need and deserve. Regardless, whether you need help with Chapter 13, Chapter 7, or other forms of debt relief our professional legal team will provide you with competent legal advice you can trust. Call us now at 800 990 7763 to speak with a bankruptcy attorney in Tampa.