The spread of the coronavirus has crippled working Americans and put their financial future in jeopardy. As the nation begins to reopen, much uncertainty still lingers. The United States government rolled out stimulus checks and small business loans, and state unemployment programs have offered added relief until the end of July. Banks and creditors have […]
On March 27th the United States government passed the CARES Act. The Senate approved a $2 trillion stimulus bill to keep the economy afloat and sustain Americans’ immediate needs amid the ongoing coronavirus pandemic. Unemployment claims have skyrocketed and broken previous records. In the last two months alone, more than 26 million people have filed […]
On May 22nd The California Senate Judiciary Committee advanced a piece of legislation that would allow small businesses like restaurants and bars to renegotiate the terms of their leases and rental agreements if they have been negatively impacted by the coronavirus shutdowns. Senate Bill 939 would grant small business owners the ability to modify their […]
If you’ve been considering bankruptcy, but the coronavirus pandemic has delayed your decision, here are some steps you can take now. The #QuarantineLife is first starting to end as U.S. businesses begin to open up. States are lifting COVID-19 restrictions at different paces. Even if you haven’t gotten out of quarantine yet, your state is […]
Homebuying typically picks up in the spring, but with a pandemic and rapidly deteriorating economy, the long-term impacts on the housing market remain uncertain. A Zillow study released in March 2020 tracked housing trends during previous pandemics. It concluded that home sales dropped dramatically during outbreaks while home prices remained even or decreased slightly. Overall, […]
Even before the coronavirus pandemic, economists were warning of a possible recession in 2020. Trade issues with China, economic declines in other regions, flat global industrial production, and increasing personal debt are just some factors that have been stressing the U.S. economy. The longest economic expansion in history appears to have ended, with 10 million […]
If the coronavirus pandemic and the current state of the economy have switched your focus from debt consolidation to bankruptcy, you are not alone. John Rao of the National Consumer Law Center said people don’t typically file right away during a crisis; he said: “There is no question that given the effect of this pandemic, […]
Health and safety are top concerns during the coronavirus pandemic, but aside from COVID-19, economic and financial issues are also taking center stage. Financial hardship is impacting millions of Americans. Protecting your credit is important for your financial future. Missing payments will lower your credit score, which can affect your eligibility for a new credit […]
If you’ve fallen on hard financial times, bankruptcy can help set you on the right course. You can receive a discharge of debts with Chapter 7 bankruptcy or discharge some debt and create a repayment plan with Chapter 13 bankruptcy. However, there are many considerations and steps to navigate. These bankruptcy basics are intended to […]
The coronavirus pandemic has changed many things, including how financial institutions view loan modification. With the passage of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), institutions won’t be directed to classify loan modifications as trouble debt restructurings (TDRs). Financial institutions have been encouraged to work with borrowers impacted by COVID-19, as confirmed […]
