Pensacola, Fla.-Martin Lewis and Steve Jurnovoy, affordable bankruptcy lawyers in Pensacola, FL, have issued a response to the new CARES Act. The CARES, or Coronavirus Aid, Relief and Economic Security Act was recently passed by the Senate and House and will now take effect in the nation.
The CARES Act are measures taken by Congress to curb the economic crisis that has swept the entire nation in light of COVID-19, or Coronavirus. Millions of people have either permanently or temporarily lost their jobs, while others have had their regular work hours cut significantly to reduce labor expenses. This has caused a drastic climb in unemployment filings and Welfare benefit requests.
The CARES Act affected two different chapters of bankruptcy that Lewis and Jurnovoy’s firm handles. Chapter 7 and Chapter 13 Bankruptcy are two forms of bankruptcy that the Pensacola bankruptcy firm noticed direct changes due to the CARES Act.
The bill amended Chapter 7 bankruptcy filers from requiring them to claim any monetary assistance they received as part of the CARES Act as income. Otherwise, the financial assistance would have made it impossible for many families to qualify for Chapter 7 Bankruptcy.
Similar to the adjustment made for Chapter 7 filers, the CARES Act made adjustments for those filing under Chapter 13 bankruptcy too. Chapter 13 is also known as “debt reorganization” or “debt repayment”. The adjustment will exempt payments made to families under the CARES Act from having to report the money as part of their disposable income, a necessary qualification for Chapter 13 Bankruptcy.
It’s unclear yet what changes bankruptcy lawyers in Pensacola will see after this new act. However, they are certain the increasingly tighter wallets of the American people will soon drive more families to consider filing for bankruptcy.
For more information about bankruptcy, contact expert bankruptcy lawyers, Lewis and Jurnovoy today. Call their office at (850) 432-9110 or visit their website at www.lewisandjurnovoy.com.
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For more information about Lewis & Jurnovoy, PA, contact the company here:
Lewis & Jurnovoy, PA
Martin Lewis
(850) 432-9110
bankruptcylawyers.pcola@gmail.com
1100 North Palafox St
Pensacola, FL 32501
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