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 amounts 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.

During this time, you may have been personally impacted 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 also considering bankruptcy for the first time or those already in bankruptcy wondering how new legislation can apply to you. At The Law Office of Marc G. Alster, our CARES Act and bankruptcy attorney in Hackensack can provide 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 like yours more easily qualify. Individual debtors considering Chapter 7 or Chapter 13 to relieve themselves can also find short-term relief afforded to them by the new legislation. Keep in mind, however, that all changes to bankruptcy law and policies during this time are temporary and set to expire on March 27, 2021 unless extended.

If you’re among the millions of Americans who will qualify for the highly publicized stimulus check from the federal government, you may have concerns about how this not-insignificant amount of income could affect your eligibility for Chapter 7 or Chapter 13 bankruptcy. The good news is that it won’t in either case – when you need to calculate your monthly income for Chapter 7 or your disposable income in Chapter 13, your stimulus check 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 may qualify for additional relief. In situations like these, those under a Chapter 13 payment plan may be able to revise their plan to extend it by up to two years or 24 payments – giving people more time to worry about their immediate financial crisis and more time to resolve an ongoing problem.

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 while the CARES Act remains in effect, The Law Office of Marc G. Alster can help. We have more than 30 years of experience helping people like you find solutions to their financial problems through bankruptcy or resolving problems related to this important legal process.

While you may be facing an unprecedented time in your life and career, there is unprecedented legislation that can make matters easier on you and your family. Find out how you may benefit from bankruptcy-related provisions in new legislation by reaching out to our CARES Act and bankruptcy attorney 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.