CARES Act & Bankruptcy Attorney in Hackensack

Bankruptcy Assistance During the COVID-19 Pandemic

Signed into law on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act went into effect on the same day. The historic legislation amounted to nearly $2 trillion in economic relief for various sectors of the United States’ economy, including direct aid to individuals and businesses who have been among the hardest hit in the economic fallout caused by statewide closures of non-essential businesses and stay-at-home orders.

Since March 27, 2020, the Cares Act has been amended several times. Despite this, you may still have been and continue to be suffering economic losses due to your business’ closure or loss of income. While it’s a difficult consideration, you may also be among those affected who are now considering filing for bankruptcy protection for the first time, or those already in bankruptcy wondering how the Cares Act legislation applies to you. At The Law Office of Marc G. Alster, our bankruptcy attorney, Marc G. Alster in Hackensack is fully familiar with how the CARES Act can provide valuable financial assistance to those suffering, and related legal guidance and assistance during these unprecedented times.

Learn how by contacting us online or calling (201) 878-4630 and scheduling a free consultation with our attorney today!

The CARES Act Can Expand Your Potential for Debt Relief through Bankruptcy

If you’re a small business owner, one of the key bankruptcy features of the CARES Act is an expansion of Chapter 11 to help small businesses more easily qualify for Chapter 11 protection. Individual debtors considering filing for Chapter 7 or Chapter 13 relief can also find short-term relief afforded to them by the CARES Act legislation. Keep in mind, however, that all changes to bankruptcy law and policies during this time are temporary and set to expire between December 27, 2021 and December 27, 2022, unless extended.

If you’re among the millions of Americans who will qualified for the highly publicized stimulus checks from the federal government, you may have concerns about whether these payments could negatively affect your eligibility for either 7 or Chapter 13 bankruptcy protection. The good news is that Pandemic related unemployment income and/or stimulus checks cannot negatively affect your eligibility to qualify for bankruptcy protection – when you need to calculate your monthly income for Chapter 7 or Chapter 13, your stimulus checks and Pandemic related unemployment income will not be taken into account.

If you are already in a Chapter 13 bankruptcy plan and have been hit with a new financial hardship due to the COVID-19 pandemic, you will likely qualify for additional relief if needed. If chapter 13 debtors have been negatively affected by the Pandemic, debtors will be able to extend their Chapter 13 plan payments for up to 2 additional years – allowing them to spread their Chapter 13 plan payment obligation over an additional 24 payments, thereby lowering their remaining monthly chapter thirteen Plan payments. These Cares Act extensions are set to expire on March 27, 2022.

Do You Need Assistance with a Bankruptcy Matter During This Time?

If you’re in need of legal assistance for a bankruptcy-related problem during the COVID-19 pandemic or even after the CARES Act no longer remains in effect, The Law Office of Marc G. Alster can help. Mr. Alster has more than 30 years of experience helping people like you find solutions to their financial problems through bankruptcy on non-bankruptcy resolutions.

While you may be facing unprecedented career and/or noncareer related financial stress in your life, there is unprecedented legislation that can make matters easier on you and your family. Find out how you may benefit from the CARES Act bankruptcy-related provisions in this legislation by reaching out to bankruptcy attorney, Marc G Alster in Hackensack today.

Contact The Law Office of Marc G. Alster online or by calling (201) 878-4630 and ask how you can arrange a free initial consultation to get started as soon as possible.