Crestview, FLA. – Originally passed with the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the United States Congress recently voted to extend the Covid-19 bankruptcy relief provision until March 27, 2022. According to bankruptcy attorneys, Lewis and Jurnovoy, the bankruptcy relief provision does several things to help citizens who may be struggling financially due to the recent pandemic.
The Covid-19 Bankruptcy Relief Extension Act first guarantees that any Covid related relief payments given to individuals cannot be taken by creditors, by omitting those payments as personal income. Next, the provision freezes court-ordered repayment plans often used to escape chapter 13 bankruptcy and enables companies to take advantage of the more streamlined Chapter 11 bankruptcy method. The change allows the debt limit to increase from $2.7 million to $7.5 million.
Additionally, the bankruptcy relief provision ensures that all families that have undergone bankruptcy proceedings remain eligible for mortgage forgiveness and eviction moratorium, as well as prevent utility service suspension.
The bill was introduced into the House of Representatives in late February by Senator Chuck Grassley and was passed through the house by a vote of 399 to 14, in mid-March. The bill will now make its way over to the Senate.
As bankruptcy attorneys, Lewis and Jurnovoy understand how difficult this past year has been for so many families. Since becoming partners in 1998, Lewis and Jurnovoy have been dedicated to helping families with debt relief in Crestview and the entire Florida Panhandle. The law firm specializes in both chapter 7 and chapter 13 bankruptcy cases, offering a free consultation to potential clients interested in learning more about the bankruptcy process. To set up a free consultation or for more information about bankruptcy, mortgage modification, or debt consolidation, give Lewis and Jurnovoy a call at (850) 409-3350 or visit them online at https://www.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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