The Financial Assistance Options Through COVID-19

The coronavirus pandemic has taken a serious financial toll on many Americans. Millions have suffered from reduced wages and unemployment as a result of forced closures and severe illness concerns. As the nation continues to struggle with the physical toll of fighting to stop the spread of the virus, many people continue to face the fallout of limited income and continuously mounting bills. For some, the only hope of recovery may be through the assistance of a bankruptcy lawyer Jacksonville FL. Financial experts advise against calling on such an attorney for immediate relief, as there have been some concessions made by the federal government to help alleviate the finanical burden many are carrying.

The CARES Act Relief

This past spring saw the CARES Act put into place. This is the Coronavirus Aid, Relied, and Economic Security law. For those with federally-backed mortgages, some very clear guidelines were established. A loan servicer or lender could not foreclose upon an individual for 60 days after March 18, 2020. Additionally, anyone who experienced financial hardship because of the pandemic had a right to request a forbearance from the lender or loan service. The forbearance could extend up to 180 days. Beyond the schedule amounts, no additional interest, fees, or penalties were allowed to be tacked on either.

Government Assistance Programs

In addition to the CARES Act, the federal government has also been working with state-level agencies to increase the amount of financial assistance received by those who are unemployed or receiving food stamps. The federal government has also issued one stimulus check to qualifying families, with a second stimulus check in deliberations in Washington over the summer sessions. State-level assistance and private organizations may also help those who have lost income, and dealing with lenders or debt holders directly could also reduce your finanical burden.

Filing bankruptcy is often the last resort for financial dilemmas. It is costly and doesn’t happen overnight. Always look for an alternative before calling a lawyer.

The Financial Assistance Options Through COVID-19
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