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CoronaVirus (CoVid-19) Crisis and Bankruptcy - What You Need to Know

CoronaVirus (CoVid-19) Crisis and Bankruptcy - What You Need to Know
"""It would be an understatement to say that the CoronaVirus (CoVid-19) Pandemic has altered everything. In March or April, an estimated one-third of businesses and renters did not pay their rent on time. This number is anticipated to increase as the lockdown of our businesses and citizens continues in response to the CoVid-19 risks of infection, severe illness, and in some cases mortality. Thankfully, Ventura County has not experienced the same level of violence as New York City. However, our neighboring county, Los Angeles County, is not experiencing quite the same success as Ventura County.

You may be pondering how all this will affect you if you file for bankruptcy or if you are already in the process of filing for bankruptcy, given that your financial concerns are growing and everything is changing on a weekly basis. There are law firms available to assist you. They are here to assist you in navigating the bankruptcy process during these immensely difficult times, as they carefully monitor all changes as they occur. Discuss some of the changes you'll be experiencing and address some of your most pressing concerns.

Are Bankruptcy Courts Still Available?

However, the majority of court hearings will be conducted via telephone, not in person. As if you were present, everything you say will be recorded and entered into the official record. If you fail to appear at the appointed time, it can and likely will be recorded as a ""no show,"" which is a serious offense in the eyes of the court.

During the Corona Virus shutdown, can I still file for bankruptcy?

Yes, the courts still permit the filing of bankruptcy cases and motions during the CoronaVirus outbreak. The only true difference will be bankruptcy and court appearances adhering to these new pandemic protocols for the CoronaVirus.

My 341 Bankruptcy Meeting: Will it be Postponed?

All pending 341(a) meetings of creditors (originally scheduled for March 25, 2020 through April 10, 2020) have been postponed to a later date, the majority of which have not yet been determined. This order is likely to be extended. Everything is currently in a state of flux.

In a Chapter 13 case, debtors are required to begin making plan payments to the Trustee no later than 30 days after the petition was filed, regardless of the continuation of creditor meetings. These payments can be made electronically on TFS (dot) com.

Can I retain the economic relief payments I receive during the Covid-19 recession?

The bankruptcy trustee will not pursue the return of any coronavirus economic crisis-related economic relief payments. This cash may be used for your most urgent financial requirements.

Must I Continue to Pay My Mortgage During the Corona Virus Shutdown?

Yes. You will still be required to make payments as agreed. Under certain conditions, a law firm may be able to obtain court-granted relief.

According to the new laws passed by Congress, a law firm may be able to obtain relief from your creditor if you have not yet filed. Obviously, your mortgage-holding bank must be informed of your financial difficulties or job loss prior to any missed payments.

Due to the Corona Virus Crisis, will my bankruptcy discharge be delayed?

Your discharge from bankruptcy could be delayed if your 341 meeting is rescheduled or continued until further notice. Keep abreast of updates from the court or trustee. You may also receive updated information via mail, even after your meeting has taken place. There are no excuses for missing hearings or court dates, so it is imperative that you adhere to all of the instructions provided.

Will these changes resulting from Covid-19 have an effect on my automatic stay?

Unless your bankruptcy petition has been dismissed. Otherwise, the automatic stay will remain in place unless certain exceptions apply, such as a creditor's request for relief from the stay. Debtors who file multiple bankruptcies in a brief period of time may also be denied an automatic stay, and the CoronaVirus cannot be used as an excuse.

Should I contact my creditors during this outbreak of the Corona virus?

The court will notify creditors in accordance with the law, so you are not required to contact them.

Need Assistance with Bankruptcy During the CoronaVirus Epidemic?

Attorneys are available to assist you during this difficult crisis. A bankruptcy filing may appear overwhelming and complicated due to the pending changes and uncertainty, but they can assist you in navigating the process in order to complete your bankruptcy. Tell them how they can assist you.""

" - https://www.affordablecebu.com/
 

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"CoronaVirus (CoVid-19) Crisis and Bankruptcy - What You Need to Know" was written by Mary under the Finance / Wealth category. It has been read 135 times and generated 0 comments. The article was created on and updated on 31 May 2023.
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