Crestview, Fla. – Lewis and Jurnovoy are trusted Crestview Attorneys who specialize in bankruptcy. They’re discussing how too many debtors are avoiding financial warning signs due to the coronavirus (COVID-19) forbearance. The Cares Act provided payment flexibility, protecting debtors from foreclosures during the COVID-19 outbreak. This act will have come to an end on December 31st, 2020, leaving many debtors facing pressure from creditors.
The COVID 19 forbearance acts have made creditors less pushy, leaving many people to ignore the warning signs of financial distress. Avoiding these warning signs has created an avalanche of debtors now scrambling at the last minute. As the deferrals come to an end, creditors are reaching out to collect on the full amounts past due along with the upcoming monthly payments. Additionally, credit card lawsuits are on the rise in courts and creditors are starting to garnish wages and bank accounts to secure their payments.
While forbearance may sound nice, having to use forbearance on any debt no matter the state of the nation is a warning sign of major financial trouble. Chapter 13 bankruptcy is an answer for those who have been avoiding the finical warning signs during the COVID-19 forbearance. Chapter 13 bankruptcy provides a way to allow families to stay in their homes and forcing mortgage companies to work with the debtors. Chapter 13 bankruptcy is supervised by a judge and allows past due debt to be paid back over three to five years. This is especially helpful for those extremely behind due to COVID forbearance. Chapter 13 bankruptcy can also help with other kinds of debt including loans, car payments, taxes, and more, allowing payments to be based on your budget.
“Chapter 13 bankruptcy helps you get extra money back in your pocket to pay the things deemed important by the debtor and the judge,” said Bankruptcy lawyer, Steven Jurnovoy.
Lewis and Jurnovoy have been helping the Florida panhandle with bankruptcy issues for more than 20 years. The firm specializes in Chapter 7 and Chapter 13 bankruptcy, as well as providing help with other options to meet clients' financial needs. Lewis and Jurnovoy are here to help clients gain financial debt relief due to issues caused by COVID-19 forbearance. For more information about bankruptcy, check out their bi-weekly TV show “Bankruptcy Hour” or visit them online at lewisandJurnovoy.com.
SOURCE: Press Advantage [Link]
The primary emphasis of our law firm is in the representation of individuals in Chapter 13 bankruptcy, Chapter 7 bankruptcy,mortgage foreclosures, mortgage modifications and protecting against abusive debt collectors.
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