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Maintaining Your Financial Security During the Coronavirus (COVID-19) Epidemic

Many things are changing in this nation along with the Federal, State, and local government determining what next steps that must be taken in order to control the spread of the coronavirus (covid-19). What is important is to maintain financial security in addition to maintain your health during the covid-19 epidemic. Businesses that depends on in-person interaction have affected these businesses such as travel agents, pilots, flight attendants, servers, hotel workers like housekeepers, restaurant workers like cooks and hostess, retail workers, and the list continues to a number of other positions that have been effected by the covid-19 pandemic. However, there things that you can do to mitigate any financial problems that you may face during this epidemic.

Relief When it Comes to Mortgage Payment

Many banks, servicers, and lenders would be willing to listen and cooperate with debtors who are having a difficult time paying the mortgage. You can call the creditor and ask for a delay in payments and there are many special programs that the creditors have put in place to cope with the covid-19 outbreak. It is important that you are vigilant and call the creditor to request what programs you may be qualified for. Do not use the wait and see approach. It is better to see what your options are, so you can plan for the worst-case scenario in the future. Of course, you will have to pay back everything that you have missed sometime in the future.

Evictions and Foreclosures are Stayed

Under Hud No. 20-042, the federal government has passed a law to stay evictions and foreclosures for 60 days for all loan that are backed by the FHA. In addition, Chief Judge Mary Ellen Barbera had issued and Order suspending all evictions and foreclosures during this coronavirus pandemic. There is no expiration of the order in the meantime until she orders otherwise.

Relief on Car Payments

Several car finance companies are offering to defer payments on their cars for 90 to 120 days for a brand-new vehicle. However, people who have car payments to make should call them to see if they will allow some sort of deferred payment plan.

Paid Sick Leave and File for Unemployment Benefits

On March 18, 2020, President Trump signed into law to expand unemployment benefits. The law is known as Families First Coronavirus Response Act provides additional monies to the states for unemployment claims made by people who have lost their jobs. Furthermore, the law provides paid sick leave for people who cannot telework because they are subject to quarantine, are advised by a doctor to quarantine, the person has symptoms of the coronavirus and is seeing medical provider, the person is helping a person who has been quarantined, the person has kids who do not have anyone to watch their children, or the person is in situation that is pretty close to any of the following cases above.

Retirement Accounts Should not be Cashed

It appears cashing out your retirement that is the best possible solution to do at this point in time. However, these assets are protected when using the Bankruptcy Protection.

Soubra Law Firm has represented many people through their difficult situation. You can protect your assets with proper planning. Should you have any questions about bankruptcy or protecting your assets, you can call us at (301) 219-5038 or you can fill out the form and provide us with your issue.

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