4 Tips For Removing Economic Lockdowns You Can Use Today

To say the CoronaVirus (CoVid-19) Pandemic has changed everything is definitely an understatement. It is estimated that 1/3 of businesses and rental unit tenants did not pay their rent on time in March or April. That number is expected to climb as the lockdown of our businesses and people continues amid the CoVid-19 risks of infection and serious illness, in certain cases death. Luckily, in Ventura County, we've not had the amount of carnage that Americans in New York City are having. Still, our county next door, Los Angeles County is just not exactly having the exact same stellar results that we are enjoying in Ventura County.

With financial worries mounting, and everything changing week by week, you might be wondering how all it will affect you if you file for bankruptcy or seem to be in the process of your bankruptcy. There are actually legal firms out there to help. They can be carefully following all the changes because they appear, and they are here to help you over the bankruptcy process during these incredibly challenging times. Discuss some of the changes you'll be handling and answer some of your most significant questions.

Will be the Bankruptcy Courts Still Open?

Yes, On the contrary, most court hearings will be done over the telephone, not in person. Everything you say will be recorded and entered into the official record as if you were in person. If you fail to make yourself available at simply click the following internet site prescribed time, it can and most likely will be entered into the record as a 'no show' and that is a big no-no with the court.

Can I Still File for Bankruptcy During the Corona Virus Shutdown?

Yes, the courts will still be allowing bankruptcy cases and motions to be filed during the CoronaVirus crisis. The only real difference is bankruptcy and court appearances will be observing these new CoronaVirus pandemic protocols.

Will My 341 Bankruptcy Meeting be Postponed

All pending 341(a) meetings of creditors (initially scheduled for March 25, 2020, through April 10, 2020) are already continued to a later date, most to be determined. This order will probably be extended. Everything remains fluid right now.

In a Chapter 13 case, the continuance of the creditor meetings isn't going to relieve debtors of their obligation to commence making plan payments to the Trustee not later than 30 days after the date the petition was filed. Debtors may make these payments electronically on TFS (dot) com.

Can I Keep the Economic Relief Payments I Receive During the Covid-19 Economic Crisis?

The bankruptcy trustee will not be seeking the turnover of any financial relief payments related to the coronavirus economic crisis. That money you may use for your most immediate financial needs.

Do I Still Need to Make My Mortgage Payments Throughout the Corona Virus Shutdown?

Yes. You shall need to continue to make payments as promised. Under certain circumstances a law practice could be able to get some relief from the court.

If you haven't filed however, a law firm could be able to get some relief from your creditor as per the new laws passed by Congress. Keep in mind, your bank holding your mortgage must be notified of your financial challenges or job loss ahead of you missing payments.

Will My Bankruptcy Discharge Be Delayed As a result of the Corona Virus Crisis?

Your final bankruptcy discharge may be put off if your 341 meeting is rescheduled or continued until further notice. Stay informed with updates from your court or trustee. Updated information can also be sent to you by mail, even with your meeting has occurred. It's important that you follow all of the requirements communicated to you, you'll find no excuses for missing hearings, or court dates.

Will My Bankruptcy Automatic Stay Be Affected by These Changes As a result of Covid-19?

Not unless your bankruptcy case has been dismissed. Otherwise, the automatic stay will remain in effect unless certain exceptions are met, for example your creditor requests relief from stay. Debtors who file multiple bankruptcy cases in a short quantity of time might be denied an automatic stay also and also you won't be allowed to use the CoronaVirus as an excuse.