How Coronavirus May Impact the Bankruptcy Field With millions of Americans practicing some level of quarantine, politicians are scrambling with how to deal with the economic fallout caused by the spread of COVID-19. The top reason people file for bankruptcy in Arizona is because of medical issues, and bankruptcy filings went up 33% during the financial crisis in 2008. It is reasonable to expect a slight increase in bankruptcy filings as a result of the current crisis. As of now, it is unclear how much people infected with the coronavirus will have to pay.  Out of pocket monies for testing and treatment could be steep.  A medical bill of a few thousand coupled with a few weeks out of work is enough to send the average American to the bankruptcy courts. Thus, Lawmakers are considering giving many Americans $1,000.  These monies will help deal with the costs of this crisis.  However, it likely wouldn’t be enough to help someone deeply affected by the spread of coronavirus. Coronavirus and Bankruptcy Numbers Increase in Arizona As the number of confirmed cases of coronavirus in Arizona increase daily.  The latest numbers still have the infected in the mid double digits.  However, the total number of Arizonans impacted is a far greater number.  Between the State of Emergency declared by both Phoenix and Mesa and the numerous loss of jobs, the reach of this virus is massive.  Soon the words Coronavirus and Bankruptcy could go hand in hand as many citizens will find themselves in financial peril.  The spread of coronavirus will have a wider impact than just those infected with the virus. As more and more areas are placed under emergency status, more people are staying home, which means they aren’t out spending money at businesses. Employees of these businesses are likely to have their hours cut as the need for staffing decreases. Business owners and those working in heavily affected industries, such as restaurants and tourism, can expect decreases in income in the coming months. Although interest rates are being lowered to help citizens make due in this time of need, many will likely still be unable to pay back a loan no matter the interest rate. Additionally, it is unsure how much longer the spread of COVID-19 will be in emergency status.  Also in question, the depth of the impact it will have on the economy. However, it can be sure that due to the global nature of the crisis, people from many different areas and industries will be affected.  Citizens of Arizona included. Bankruptcy Filings in Phoenix Metro to Go Up with COVID 19 In Phoenix, Mesa, Tucson, and throughout Arizona, bankruptcy filings (both chapter 7 and chapter 13) will naturally go up after times of financial crisis. However, it is unsure how much the amount of filings will go up. Thus, this number may be mitigated by whatever measures lawmakers put into effect to stifle a financial crisis. Either way, debt settlement and bankruptcy firms need to be prepared to handle an incoming of new clients. If the COVID 19 pandemic is causing you undo financial stress and hardship, contact our Arizona law office for assistance.  Also, if the financial stress of coronavirus and bankruptcy is weighing heavily on you, please know there are options.  Additionally, we help people with debt relief throughout Arizona.  Including the counties of Maricopa, Pima, and Pinal. Plus, the cities of: Phoenix, Tucson, Mesa, Gilbert, Tempe, Chandler, Scottsdale, Glendale, Apache Junction, Peoria, Goodyear, Avondale, and Laveen. We look forward to assisting you through this coronavirus pandemic. Arizona Offices: Mesa Location: 1731 West Baseline Rd., Suite #100 Mesa, AZ 85202 Office: (480) 448-9800 Email: info@myazlawyers.com Website: http://myazlawyers.com/ Glendale Location: 20325 N 51st Avenue Suite #134, Building 5 Glendale, AZ 85308 Office: (602) 509-0955 Tucson Location: 2 East Congress St., Suite #900-6A Tucson, AZ 85701 Office: (520) 441-1450 Avondale Location: 12725 W. Indian School Rd., Ste E, #101 Avondale, AZ 85392 Office: (623) 469-6603 The post How Coronavirus May Impact the Bankruptcy Field appeared first on My AZ Lawyers.

How Coronavirus May Impact the Bankruptcy Field With millions of Americans practicing some level of quarantine, politicians are scrambling with how to deal with the economic fallout caused by the spread of COVID-19. The top reason people file for bankruptcy in Arizona is because of medical issues, and bankruptcy filings went up 33% during the financial crisis in 2008. It is reasonable to expect a slight increase in bankruptcy filings as a result of the current crisis. As of now, it is unclear how much people infected with the coronavirus will have to pay.  Out of pocket monies for testing and treatment could be steep.  A medical bill of a few thousand coupled with a few weeks out of work is enough to send the average American to the bankruptcy courts. Thus, Lawmakers are considering giving many Americans $1,000.  These monies will help deal with the costs of this crisis.  However, it likely wouldn’t be enough to help someone deeply affected by the spread of coronavirus. Coronavirus and Bankruptcy Numbers Increase in Arizona As the number of confirmed cases of coronavirus in Arizona increase daily.  The latest numbers still have the infected in the mid double digits.  However, the total number of Arizonans impacted is a far greater number.  Between the State of Emergency declared by both Phoenix and Mesa and the numerous loss of jobs, the reach of this virus is massive.  Soon the words Coronavirus and Bankruptcy could go hand in hand as many citizens will find themselves in financial peril.  The spread of coronavirus will have a wider impact than just those infected with the virus. As more and more areas are placed under emergency status, more people are staying home, which means they aren’t out spending money at businesses. Employees of these businesses are likely to have their hours cut as the need for staffing decreases. Business owners and those working in heavily affected industries, such as restaurants and tourism, can expect decreases in income in the coming months. Although interest rates are being lowered to help citizens make due in this time of need, many will likely still be unable to pay back a loan no matter the interest rate. Additionally, it is unsure how much longer the spread of COVID-19 will be in emergency status.  Also in question, the depth of the impact it will have on the economy. However, it can be sure that due to the global nature of the crisis, people from many different areas and industries will be affected.  Citizens of Arizona included. Bankruptcy Filings in Phoenix Metro to Go Up with COVID 19 In Phoenix, Mesa, Tucson, and throughout Arizona, bankruptcy filings (both chapter 7 and chapter 13) will naturally go up after times of financial crisis. However, it is unsure how much the amount of filings will go up. Thus, this number may be mitigated by whatever measures lawmakers put into effect to stifle a financial crisis. Either way, debt settlement and bankruptcy firms need to be prepared to handle an incoming of new clients. If the COVID 19 pandemic is causing you undo financial stress and hardship, contact our Arizona law office for assistance.  Also, if the financial stress of coronavirus and bankruptcy is weighing heavily on you, please know there are options.  Additionally, we help people with debt relief throughout Arizona.  Including the counties of Maricopa, Pima, and Pinal. Plus, the cities of: Phoenix, Tucson, Mesa, Gilbert, Tempe, Chandler, Scottsdale, Glendale, Apache Junction, Peoria, Goodyear, Avondale, and Laveen. We look forward to assisting you through this coronavirus pandemic. Arizona Offices: Mesa Location: 1731 West Baseline Rd., Suite #100 Mesa, AZ 85202 Office: (480) 448-9800 Email: info@myazlawyers.com Website: https://myazlawyers.com/ Glendale Location: 20325 N 51st Avenue Suite #134, Building 5 Glendale, AZ 85308 Office: (602) 509-0955 Tucson Location: 2 East Congress St., Suite #900-6A Tucson, AZ 85701 Office: (520) 441-1450 Avondale Location: 12725 W. Indian School Rd., Ste E, #101 Avondale, AZ 85392 Office: (623) 469-6603 The post How Coronavirus May Impact the Bankruptcy Field appeared first on My AZ Lawyers.

How Does Unemployment Effect My Ability to File for Bankruptcy? Losing your job can be a huge, financial blow. Even if you have savings, you may only be able to get by for a few months or less on what you have. The longer it takes for you to find a job, the worse off things will be. You may rack up a lot of debt while you are unemployed. You may turn to credit cards or personal loans to get by when you don’t have an income, and you may fall behind on important payments, including your mortgage. If you had any debt before your unemployment, the situation may be come even worse. Bankruptcy may give you the debt relief you need while you are unemployed. But you may wonder whether you can even file for bankruptcy if you don’t have a job. Here’s what you need to know: Chapter 7 Bankruptcy Mesa Chapter 7 bankruptcy can liquidate your unsecured debts if you qualify. There is no limit on the amount of debt that can be discharged, but only certain debts can be discharged, such as credit cards, medical bills, and personal loans. You cannot discharge things like back taxes, child support, or student loans. To qualify for Chapter 7 bankruptcy in Mesa, you have to pass a “means test,” which looks at how much money you make compared to the average income in your area and other factors, such as whether you are married or have children. The means test also looks at what assets you have available. So with Chapter 7 bankruptcy, not having a job is actually a bonus. If you have no income, you are almost certain to be able to pass the means test. Filing for Chapter 7 bankruptcy can get rid of huge debt payments so you can make your savings stretch or do more with your part-time income or unemployment compensation. Know that any income you make or savings you have will be factored into the means test. Talk through all your financial circumstances with a bankruptcy attorney to determine how Chapter 7 will help you and how your finances will be impacted. Chapter 13 Bankruptcy A Chapter 13 bankruptcy filing near Mesa results in a debt reorganization plan. The bankruptcy court looks at your ability to pay and determines a new schedule for paying back your debt. You pay one debt payment, which is then distributed to your creditors. The repayment plan is usually three to five years, and it lowers your interest rate and even how much you eventually pay back your creditors. If you are unemployed, you are probably going to have a hard time filing for Chapter 13 bankruptcy in Mesa. With no income, you really won’t have any ability to repay your creditors, and therefore, a debt repayment plan will be moot. Chapter 13 bankruptcy is the better choice if you have fallen behind on mortgage payments and want to try to save your house from foreclosure. So if you are unemployed, not being able to file for Chapter 13 bankruptcy might be a problem. Again, it’s best to talk to a bankruptcy lawyer about your financial circumstances in detail so you can figure out the right strategy to meet your goals. Filing for bankruptcy in Glendale can give you debt relief that can help you take control of your finances again. If you are unemployed, your finances and your debts may seem out of control. In addition to looking for a job, you should work with a Glendale bankruptcy attorney to determine your legal options for getting debt relief that can help you get back on track. My AZ Lawyers is ready to help you if you are considering debt relief through bankruptcy. A Glendale bankruptcy attorney from our team will thoroughly review your finances and talk through your goals to get a sense for what you want to get from your bankruptcy. Your attorney will then recommend a course of action to help you get the most of what you want out of bankruptcy. Call us today to schedule a consultation with a dedicated bankruptcy lawyer who can help you understand your options. We serve clients throughout the Phoenix area, including in Mesa, Glendale, and Tucson. Mesa Location: 1731 West Baseline Rd., Suite #100 Mesa, AZ 85202 Office: (480) 448-9800 Email: info@myazlawyers.com Website: http://myazlawyers.com/ Glendale Location: 20325 N 51st Avenue Suite #134, Building 5 Glendale, AZ 85308 Office: (602) 509-0955 Tucson Location: 2 East Congress St., Suite #900-6A Tucson, AZ 85701 Office: (520) 441-1450 Avondale Location: 12725 W. Indian School Rd., Ste E, #101 Avondale, AZ 85392 Office: (623) 469-6603 The post How Does Unemployment Effect My Ability to File for Bankruptcy appeared first on My AZ Lawyers.

How Does Unemployment Effect My Ability to File for Bankruptcy? Losing your job can be a huge, financial blow. Even if you have savings, you may only be able to get by for a few months or less on what you have. The longer it takes for you to find a job, the worse off things will be. You may rack up a lot of debt while you are unemployed. You may turn to credit cards or personal loans to get by when you don’t have an income, and you may fall behind on important payments, including your mortgage. If you had any debt before your unemployment, the situation may be come even worse. Bankruptcy may give you the debt relief you need while you are unemployed. But you may wonder whether you can even file for bankruptcy if you don’t have a job. Here’s what you need to know: Chapter 7 Bankruptcy Mesa Chapter 7 bankruptcy can liquidate your unsecured debts if you qualify. There is no limit on the amount of debt that can be discharged, but only certain debts can be discharged, such as credit cards, medical bills, and personal loans. You cannot discharge things like back taxes, child support, or student loans. To qualify for Chapter 7 bankruptcy in Mesa, you have to pass a “means test,” which looks at how much money you make compared to the average income in your area and other factors, such as whether you are married or have children. The means test also looks at what assets you have available. So with Chapter 7 bankruptcy, not having a job is actually a bonus. If you have no income, you are almost certain to be able to pass the means test. Filing for Chapter 7 bankruptcy can get rid of huge debt payments so you can make your savings stretch or do more with your part-time income or unemployment compensation. Know that any income you make or savings you have will be factored into the means test. Talk through all your financial circumstances with a bankruptcy attorney to determine how Chapter 7 will help you and how your finances will be impacted. Chapter 13 Bankruptcy A Chapter 13 bankruptcy filing near Mesa results in a debt reorganization plan. The bankruptcy court looks at your ability to pay and determines a new schedule for paying back your debt. You pay one debt payment, which is then distributed to your creditors. The repayment plan is usually three to five years, and it lowers your interest rate and even how much you eventually pay back your creditors. If you are unemployed, you are probably going to have a hard time filing for Chapter 13 bankruptcy in Mesa. With no income, you really won’t have any ability to repay your creditors, and therefore, a debt repayment plan will be moot. Chapter 13 bankruptcy is the better choice if you have fallen behind on mortgage payments and want to try to save your house from foreclosure. So if you are unemployed, not being able to file for Chapter 13 bankruptcy might be a problem. Again, it’s best to talk to a bankruptcy lawyer about your financial circumstances in detail so you can figure out the right strategy to meet your goals. Filing for bankruptcy in Glendale can give you debt relief that can help you take control of your finances again. If you are unemployed, your finances and your debts may seem out of control. In addition to looking for a job, you should work with a Glendale bankruptcy attorney to determine your legal options for getting debt relief that can help you get back on track. My AZ Lawyers is ready to help you if you are considering debt relief through bankruptcy. A Glendale bankruptcy attorney from our team will thoroughly review your finances and talk through your goals to get a sense for what you want to get from your bankruptcy. Your attorney will then recommend a course of action to help you get the most of what you want out of bankruptcy. Call us today to schedule a consultation with a dedicated bankruptcy lawyer who can help you understand your options. We serve clients throughout the Phoenix area, including in Mesa, Glendale, and Tucson. Mesa Location: 1731 West Baseline Rd., Suite #100 Mesa, AZ 85202 Office: (480) 448-9800 Email: info@myazlawyers.com Website: https://myazlawyers.com/ Glendale Location: 20325 N 51st Avenue Suite #134, Building 5 Glendale, AZ 85308 Office: (602) 509-0955 Tucson Location: 2 East Congress St., Suite #900-6A Tucson, AZ 85701 Office: (520) 441-1450 Avondale Location: 12725 W. Indian School Rd., Ste E, #101 Avondale, AZ 85392 Office: (623) 469-6603 The post How Does Unemployment Effect My Ability to File for Bankruptcy appeared first on My AZ Lawyers.

Here’s our fee agreement for Chapter 13 in the Alexandria VA  Bankruptcy Court.   c13 2020 fee The post Robert Weed Chapter 13 Fee Agreement by Robert Weed appeared first on Robert Weed - AE.

From: Crain's New York BusinessBy: Gwen Everetthttps://www.crainsnewyork.com/coronavirus/ag-james-and-cuomo-suspend-state-debt-collectionNew York will freeze collections on medical and student debt owed or referred to the state, Attorney General Letitia James and Gov. Andrew Cuomo announced Tuesday.More than 165,000 debts are affected by the decision, the AG and governor said, adding that the freeze will last at least 30 days. During that time, the attorney general's office will take applications to suspend other types of debt owed or referred to the state, James said, and will decide whether to extend the freeze. It's an effort to mitigate the mounting financial stresses New Yorkers are facing as the Covid-19 crisis rattles the state's economy. The state shut down restaurants, bars and event spaces Monday."In this time of crisis, my office will not add undue stress or saddle New Yorkers with unnecessary financial burden," James said. 

From: vox.comBy: Matthew Yglesiashttps://www.vox.com/2020/3/16/21181500/joe-biden-elizabeth-warren-bankruptcy

Corona Virus and Debt             Due to the extreme measures necessary to prevent the spread of the COVID-19 “corona virus,” many Americans face a serious reduction in income.  This will likely make it very difficult for many to meet their monthly debt obligations.             While this particular event, a world-wide pandemic which causes such economic turmoil, is very rare, our economy is no stranger to downturns and recessions.  It is the nature of economics that there will times of growth and prosperity, and times of contraction and loss.  This has always been the case.             The law has evolved over the centuries to help people when hard times come around.  The Bankruptcy Code is perhaps one of the strongest legal tools which has been developed to accomplish this.              If you find that you are unable to service your debts, whether it is a mortgage, a car loan, credit cards, personal loans, or medical bills, the Bankruptcy Code is designed to provide relief for you.  The purpose of the Bankruptcy Code is to provide people struggling with debt a fresh start.  In most cases, bankruptcy filers are able to keep all of their property, including their homes and retirement accounts.              It helps to get advice on a potential Bankruptcy filing as soon as you become seriously concerned about paying your debts.  Bankruptcy may not be the best route for everyone, and even when it is the best option, it is sometimes best to delay the filing.  We offer a free consultation to determine the best course of action for you.  While we usually have that consultation in person, we would be glad to do so by phone if you prefer.             The attorneys at our firm have a great deal of experience in handling these kinds of problems in difficult economic times.  We have seen these kinds of situations before, and we can give you expert legal advice on how to handle them.  Again, there is no fee for the initial consultation.  If you are worried about how you will handle your debt through this crisis, please give us a call.          The post COVID-19, Corona Virus, Debt & Bankruptcy appeared first on Chris Wesner Law Office.

From: NY PostBy: Rosemary Misdary, David Meyer and Jorge Fitz-GibbonCoronavirus has slammed the brakes on the Big Apple taxi industry. New York City cabbies are suffering a radical drop in ridership amid concerns over the potentially deadly bug, with some only scraping together a few bucks after long shifts behind the wheel. “We don’t make money,” said Queens cabbie Jones Donkoi while trying to land fares on the Upper West Side. “I collected $300 in fares but if you take the taxes and surcharges and lease payment, I make about $40 at the end of a 12-hour shift.” “I support three children,” he said. “I’m going to find another job because I can’t continue like this. I can’t buy anything.” Driver Mohammad Azad said it’s so bad out there that he had just $10 in his pocket after his first three hours on the road on Sunday. “Our pockets are empty,” said Azad, who was near Spring Street in SoHo Sunday. “If it continues like this, it will be very hard to survive in New York City. All taxi drivers are miserable. Am I scared? Yes. But we take the risks.” Another driver said he took home just $50 one day last week, and at one point drove around two hours without a single fare. “I don’t know what’s going to happen,” said the cabbie, who would only identify himself as Patrick. “I am driving around hoping to get a passenger and there are none. They are too scared.” One cabbie said his family has had to cut down on food spending and even stopped buying laundry detergent to try to get by. Taxi garages throughout the city told The Post that business has dropped by 30–50 percent as fewer tourists hit the city and more locals stay indoors to avoid contact with the COVID-19 virus. And cabbies are feeling the squeeze. “It’s really dire out there,” said Bhairavi Desai, executive director of the New York Taxi Workers Alliance. “Trips dry up after evening hours and with significant loss of airport trips, only small fares remain.”A chunk of the fares they collect go toward paying off their pricey taxi medallions or, in some cases, the weekly lease payments to garages that rent them their cabs. “Tomorrow I will ask if my garage can lower the rate to rent the cabs,” said Brooklyn cabbie Abdallah Abdujabar. “Every week I pay $600 plus gas, EZ Pass. It adds up to $800, $900.” Then there are fees that come out of the fares, including a $2.50 state congestion surcharge and a 30-cent city surcharge. According to taxi garage owners and dispatchers, the crunch is having a ripple effect on the industry. Garages that rent out the cabs rely on the drivers’ lease payments to pay off their medallions, and without that money coming, some owners said they risk defaulting on bank loans they took out to make their medallion payments. “My drivers work a 12-hour shift and they’re not even making the money to pay the lease on the car,” said Mahbub Hassan, a dispatcher at Yellow Cab Crescent Management in Long Island City. “In four hours, they’re lucky to get three rides.” “We have 268 cabs in our fleet, and 100 of those cars are just sitting there without drivers,” Hassan said. “We have been giving our drivers $200, $300 discounts on the lease, and drivers are still not making enough to cover the lease payment.” Added a manager at Midtown Operating Corp: “At the end of the day, we are all in the same boat along with the rest of the city. My pockets are not that deep.” Meanwhile, drivers said they also have to live with the fear that they’re exposing themselves to the virus while trying to make a living. “They give me three hand sanitizers per shift,” driver Muhammad Boote, a cabbie for 12 years, said of his bosses at Queens Medallion Leasing in Long Island City. “I’ve almost run out. I need to ask for more.” Additional reporting by Anabel Sosa and Khristina Narizhnaya

From: forbes.comBy: Adam S. MinskyYesterday, President Trump announced that he would be freezing student loan interest as part of his national emergency declaration regarding the Coronavirus outbreak. But with few details provided during his public announcement, student loan borrowers have been wondering what exactly this means for them. Here’s what President Trump’s student loan interest rate freeze would do:Interest accrual on certain federal student loans will be frozen. This means that no further interest will accrue on certain federal student loans going forward. The student loan interest freeze will only apply to student loans “held by federal government agencies,” such as the U.S. Department of Education and its contracted student loan servicers. The student loan interest freeze is temporary, but will continue indefinitely until the policy is changed. The student loan interest freeze will be implemented automatically, likely in the coming week (although the exact timing is unclear).While some applauded the President’s decision, there is much that the national emergency declaration does not do:Private student loans are not covered by the interest freeze, since these loans are not held by U.S. federal government agencies. Certain federally-guaranteed student loans — such as federal Perkins loans and FFEL-program loans — may not be subject to the interest freeze if they are not held by a federal government agency (which is the case for many of these loans). Borrowers must continue to pay their normal monthly payments on all student loans. Your monthly payment amount will not change, nor will your payments be suspended. To be absolutely clear: the President’s declaration does not include any student loan payment relief at all, whatsoever. For student loan borrowers who have already accrued significant uncapitalized interest (such as for borrowers on income-driven repayment plans), all outstanding interest will still have to be paid off first, before any payment will be applied to principal. This is required under federal regulations and the underlying federal student loan promissory notes, and President Trump’s declaration does not alter these terms. For student loan borrowers in default, so-called “forced collections” will continue. That means student loan borrowers will still be subject to administrative wage garnishment, offset of Social Security payments, and involuntary seizure of federal and state tax refunds. Ultimately, while President Trump’s interest rate freeze will pause balance growth (or, in some cases, temporarily reduce the cost of repayment), student loan borrowers who are struggling with lost income or wages due to the Coronavirus outbreak do not receive any direct student loan relief from the national emergency declaration. This is an evolving situation, so stay tuned.