We have been inundated with calls from clients in who have been laid off due to the coronavirus. In addition, many people are uncertain whether they will still have a job in the weeks to come. We’re all coping with the current pandemic, and as bleak as it seems, financial relief is still in sight.
Recently, the Coronavirus Aid, Relief, and Economic Security (CARES) act, was passed into law and made several temporary provisions to the bankruptcy code not only for Small Business Owners, but Individuals who need to file Chapter 7 or Chapter 13 Bankruptcy.
Under the CARES act, payments you receive from the Government won’t be counted as income for eligibility under the means test. In addition, these payments will be excluded from a disposable income analysis if you’re filing a chapter 13 bankruptcy. Lastly, for those individuals who are already in a confirmed chapter 13 bankruptcy, the CARES act allows you to modify your plan and/or extend your plan to seven (7) years if your facing a financial hardship caused by the pandemic.
If you’re in financial crisis, please know we are here to help.
Contact Our Offices
At the Law Office of Andrew B. Finberg, LLC, we offer experienced bankruptcy counsel to individuals in Burlington, Camden, Gloucester, Ocean, Atlantic, Cape May, and Mercer counties in New Jersey. To schedule an appointment, call our office at 856-988-9055 or contact us online.
