The pandemic has already taken a financial toll on many families and businesses throughout the nation. Data revealed that approximately 722 companies filed for bankruptcy in the U.S. last month, an increase from last year for the third consecutive month. The latest unemployment report from the U.S. Bureau of Labor Statistics reported an employment rate of 13.3% in May, accounting for 20.5 million Americans. All signs indicate that this trend could continue into the summer, and possibly the fall.
If you are considering filing for bankruptcy in Kansas or Missouri, Castle Law Office is here to work with you every step of the way.
Reminder: Temporary Changes to the CARES Act
- For purposes of computing a debtor’s income to determine his or her eligibility for Chapter 7 and Chapter 13, coronavirus-related payments from the federal government are excluded from the analysis.
- Coronavirus-related payments are not considered in determining a debtor’s disposable income for a Chapter 13 plan of reorganization.
- CARES Act allows Chapter 13 debtors who have already confirmed a plan to modify the plan based on a material financial difficulties caused by the pandemic. This includes extending their payments for seven years after their initial plan payment was due.
- The modifications apply in pending Chapter 7 and Chapter 13 cases. The changes will be applicable for one year from the active date of the CARES Act.
- CARES Act Resource - U.S. Department of the Treasury
- May Employment Report
- COVID-19 Bankruptcy Information from Castle Law Office
*We understand that social distancing and protecting our staff and clients are still very important. We will have hand sanitizer readily available and cleaning after each visit. We ask that all clients call our office if they do not have a confirmed appointment. Our team members are hard at work answering your calls to help provide you with the resources you need to get answers to your questions, including speaking directly with one of our attorneys.
Phone: (816) 842-6200
Email: [email protected]
Website: www.castlelaw-kc.com (use the chat function to message us)
Facebook: www.facebook.com/castlelawkc.com (message us on messenger)