The COVID-19 Corona Virus and Debt
(Are you having trouble paying your debts due to Corvid-19)
You are not alone. By no fault of your own a pandemic has swept the globe. You have lost your job, have reduced earnings, used your savings and now what?
Do not be discourage, there is help.
For now, CARES Act” (H.R. 748), that was signed into law on March 27, 2020, suspends payments and interest on certain debts.
- Suspends debts for federal student loans (and interest won’t accrue) for six months, until September 30, 2020. The payment suspension is automatic, you don’t have to request it.
- The CARES Act also imposes a 60 day foreclosure freeze by loans secured by Fannie Mae or Freddie Mac, VA Loans or Dept of Agriculture.
- If you fall behind on your property tax there is also a freeze
- Credit Cards have announced several kinds of assistance you can request
- Automobile lenders are also offering payment delays and other alternatives, if requested and qualify.
Lastly, manage your credit report. There are several free apps you can use to monitor your credit report.
If you decide that bankruptcy is the right step for you and your family, the Marin Law Firm and attorney Carmelina Marin can help you strategize and develop a pathway to financial stability.