Questions about bankruptcy? Wondering whether it is the right solution for your unique financial situation? Contact us today at 912-275-7018 to set up a free initial consultation. Help is just a phone call away.
With many stimulus programs ending at the end of July (including enhanced unemployment benefits of $600 per week), many people may be thinking about withdrawing money from their retirement accounts to tide them over. As this article discusses, that became easier with the passage of the CARES Act, which eliminated early withdrawal penalties for those affected by Covid-19. But is it the right thing to do? Too often we see people file for bankruptcy after having already liquidated their retirement accounts. This is very unfortunate as those retirement accounts are 100% protected in bankruptcy. If you are not 100% sure that a retirement distribution will get you through these tough times, then doing so is risky, especially if you end up having to file for bankruptcy down the road. Before tapping into a retirement account, feel free to call us at 912-275-7018 for a free consultation to discuss your options.
CNBC.COM
Tapping into retirement savings doesn't have to be 'the end of the world.' How to decide if it's right for you
This article provides a good, basic overview of the bankruptcy options available for businesses. If your business is struggling and you would like some advice as to what your options are, feel free to contact The Schofield Law Firm for a free initial consultation. Call 912-275-7018 or send an e-mail to contact@schofieldlawfirm.com.
BLOOMBERG.COM
Bankruptcy Is Tough and Costly And Might Be Your Only Option
With many people out of work, getting a forbearance on mortgage payments might provide some needed relief. Borrowers with federally-backed mortgages would not have to make their regular monthly payments for anywhere from three to twelve months, seemingly allowing some to weather this current storm. But buyer beware, some lenders are requiring the full amount of the delayed payments in one lump sum at the end of the forbearance period. Meaning you either pay a large "balloon payment" or face the prospect of default and foreclosure. Hardly the relief that a person out of work for an extended period of time can afford. If you find yourself in this situation, know that a chapter 13 bankruptcy allows for the payment of past due mortgage payments over time (three to five years). This beats the alternative of being foreclosed upon because your lender will not work with you. If you would like to discuss how a chapter 13 bankruptcy works, please feel free to call us at 912-275-7018 or e-mail us at contact@schofieldlawfirm.com to set up a free consultation.
FORBES.COM
COVID-19 Mortgage Forbearance: What To Know Before You Delay Payment
Glynn County Clerk of Superior and Magistrate Court
7 April at 20:32 ·
Order Extending Declaration of Statewide Judicial Emergency (April 6, 2020)