COVID19 Bankruptcy Lawyer Memphis, TN COVID19 Bankruptcy Lawyer Memphis, TN

A COVID19 bankruptcy lawyer Memphis, TN families trust at Darrell Castle & Associates knows that this is likely a very hard time for you and your loved ones. You may have been struggling financially before this pandemic hit, or you may have lost your job because of it. If you believe that bankruptcy is the answer, let us see how we can help. We are offering virtual consultations with our clients right now as our physical offices in Tennesee are currently closed. We know that there is uncertainty and financial instability that came along with COVID19, so we would like to represent you when it comes to your bankruptcy claim.

Filing for bankruptcy may be what is best for you and your family in the long run. The sooner you file, the sooner you can begin to rebuild your credit and slowly get back onto sturdy financial footing. Based on the bankruptcy chapter you apply for, you may be eligible for a discharge of debts, such as credit card dues and medical expenses. To see how our COVID19 bankruptcy lawyer Memphis, TN residents confide in can be of help to you, give us a call now.

How COVID19 Affected the Nation

Most people don’t expect that an illness can financially ruin a nation. However, because many people are avoiding going out into public or are not allowed to go out due to safety concerns, that means that a large portion of the nation has lost their jobs due to being laid off. When something like that happens, it means that the money they needed to pay off their bills is simply not there. Under normal circumstances, this might mean filing for bankruptcy. What does it mean now? Your COVID19 bankruptcy lawyer Memphis, TN clients rely on wants you to know that it is still possible to file bankruptcy. While the government is currently attempting to keep people afloat, it may not be enough.

What To Do If You Are Worried About Eviction

Many local and state governments are trying to help by placing a hold on evictions for people who have been impacted by COVID19. Logically, if more people are on the streets, more people are able to spread the virus. As your COVID19 bankruptcy lawyer Memphis, TN families depend on may explain, just because you may not get evicted now does not mean your landlord won’t later. It is best to assume that whatever rent or mortgage you owe now will still be owed at a later date. This is why it may be best to file for bankruptcy as early as possible.

The Major Flaw in Stimulus Packages

Stimulus packages may have helped some people more than others. One of the considerations that the stimulus packages failed to consider, is the vast differences in living costs for those who live in different areas. For example, if you live in a city where the cost of living for housing, health, and grocery is higher than the national average, then the stimulus may have not saved you from financial devastation. And even if local and state governments have put a halt on evictions, it does not mean that you will not owe that bill later on. Many Americans are likely to face financial turmoil for months or years before they fully recover.

A COVID19 bankruptcy lawyer Memphis, TN residents trust for quality legal assistance can assess your current financial situation and let you know whether filing for bankruptcy is a helpful resource for you. We will be honest and compassionate as we ask questions, evaluate your finances, and inform you of your options. We always have our client’s best of interest in mind, and will do what is within our power to get you out of financial hardship. 

Getting Help For Your Bankruptcy Plan

Please know that there is no shame in needing help. We understand that you and your family may be in dire need of some kind of resource before you lose everything. It is tragic that because of COVID, most Americans’ lives have changed drastically within a very short period of time. And because COVID is largely out of our control, we may have limited options in taking means into our own hands. Because of the situation at hand, there is only so much we can do, which is why many people may be turning to filing for bankruptcy as their last resort.

Can a Memphis, TN COVID19 Bankruptcy Lawyer Help?

The last thing anyone wants to do is file for bankruptcy. Although bankruptcy does offer the benefit of discharging debts so a person is no longer legally responsible for them, doing so does have some negative impact because of the filing. One of the biggest impacts is the effect that bankruptcy has on a person’s credit score. However, the reality for many families here in Tennessee and across the country is that the coronavirus pandemic has caused overwhelming financial struggles and soaring unemployment rates. If the pandemic has hit your family financially, you may want to speak with a COVID 19 bankruptcy lawyer Memphis TN clients recommend from Darrell Castle & Associates, PLLC.

The COVID-19 pandemic has affected many aspects of Americans’ lives, including passing laws that provide financial assistance and also temporary changes to the U.S. Bankruptcy Code.

In March, the United States Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in response to the economic crisis created by the pandemic. The CARES Act is the largest stimulus package ever enacted in this country, providing more than $2 trillion in aid. Some of the items in the Act included:

  • Giving one-time checks to taxpayers. Married couples who filed jointly received $2,400, single tax filers received $1,200, and anyone with children under 17 received $500 per child.
  • Every American who filed for unemployment benefits received an additional $600 per week from the federal government.
  • Freelance contractors, gig workers, and other workers previously considered self-employed and ineligible for unemployment benefits are now eligible.
  • Extensions of unemployment benefits beyond the individual state rules.
  • Moratorium on evictions and foreclosures.

Many of the benefits provided in the CARES Act will expire as of July 31, however, the House of Representatives has passed an Act 2 which the Senate has just begun debating on as of the writing of this article. Contact a COVID 19 bankruptcy lawyer in Memphis, TN for the most up-to-date information.

Temporary Changes to U.S. Bankruptcy Code

When a person files for bankruptcy, all of their income and assets are used to determine if they are eligible to file for bankruptcy. In light of the financial benefits a person may have or will receive under the CARES Act, a notice went out to all bankruptcy trustees that none of these payments are to be included as either disposable income or as current monthly income. These payments are also not to be included in any calculations on whether the filer is able to pay back any of their debt.  If for some reason the trustee does attempt to calculate these payments into the bankruptcy, then the trustee must notify the U.S. Trustee Program beforehand.

Our team at Darrell Castle & Associates, PLLC knows that even if the government is trying to help in different ways, it only delays the inevitable: filing for bankruptcy. For example, filing for Chapter 7 bankruptcy will likely be the quickest route to go and, although you would need to give up some of your property, it may help you keep the property you need and help you avoid paying creditors when you do not have the finances. To see how our COVID19 bankruptcy lawyer Memphis, TN families trust can help you during this difficult time, contact Darrell Castle & Associates, PLLC now.