Understanding Bankruptcy, Apr. 2, 2020

Filed under: Latest News |

BY MICHAEL A. CIBIK, ESQ.
AMERICAN BANKRUPTCY BOARD CERTIFIED

This Week’s Subject: Bankruptcy and the Coronavirus Stimulus Bill.

Last week, Congress passed and President Trump signed the Coronavirus Aid, Relief & Economic Security Act. By now, you have heard plenty about the stimulus checks, but you may not have heard that the law provides relief to people who are in or about to file a bankruptcy.

Under the law, you do not have to include coronavirus-related payments from the federal government as income when filing a Chapter 7 or Chapter 13 bankruptcy. Those coronavirus payments do not need to be included as disposable income, either.

If you are in a Chapter 13 bankruptcy already, the law allows you to seek payment plan modifications if you are experiencing a material financial hardship due to the coronavirus pandemic, including extending your payments for up to seven years after your initial plan payment was due.

If you are having a hard time paying your bills during this time, please call or text me at (215) 735-1060.

Michael A. Cibik, Esquire
www.ccpclaw.com
ccpc@ccpclaw.com
215-735-1060

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