Arizona Law Firm Explores Federal Program to Assist COVID 19 Victims
COVID-19, commonly known as the Coronavirus, is affecting us all. The most serious threat is to the health and safety of our loved ones. There are more vulnerable sects of our population who are up against a frightening challenge. To those people, and everyone dealing with illness and stress of COVID-19, our hearts and prayers are with you.
On a very different level, there is another devastating result of the Coronavirus. The financial security of countless people, and their entire families, will be threatened. From the decline of the stock market, to the loss of wages, to the destruction of businesses and business income, the effects will be sizable.
This financial storm disproportionately affects those least able to afford it. The people who miss work because of a Coronavirus diagnosis are joined by those caring for relatives who have been diagnosed, as well as those who have to self-quarantine to prevent giving the virus to others. This is a large swath of the population that will miss weeks of work and income. There are some COVID 19 programs available, but the losses will mount.
Losses will include not only lost income from an actual diagnosis, but lost income for caring for loved ones who have been diagnosed. This reduced income, coupled with increased medical bills for medical care for those diagnosed and their caretakers, results in not enough money to go around. Lower income and increased expenses are a recipe for disaster.
Who is Impacted in Arizona?
The vast majority of people in Arizona have a mortgage and a car payment. Lower income and increased expenses mean that some of these obligations will go unpaid. In just a couple of short months, those unpaid obligations could result in foreclosures and repossessions. Paying the mortgage and car payments were hard enough. Paying them as well as making up for back payments might prove impossible. There is sometimes no good solution.
Perhaps the Best Federal Program for Coronavirus
In addition to all of the other governmental programs to help with COVID-19, the federal government has another program to help people recover from financial hardship. This is not an exclusive COVID 19 program, this one is better. This program lets people keep their home and car, and even catch up the payments, regardless of whether the bank or lender wants to help. It allows people to get rid of medical bills that they cannot pay, and simply get past this trying time in our lives. This federal program is called bankruptcy.
Chapter 7 bankruptcy in Arizona will help people get out from under crushing medical bills. Chapter 13 bankruptcy in Arizona will help people deal with missed payments on homes and cars. Glendale Bankruptcy is a needed and wonderful federal program that people can use for help.
One of the biggest problems with bankruptcy in Mesa is that people wait too long to file. There is a reluctance of people to ask for help, and an aversion to the term bankruptcy. The earlier a person seeks help in bankruptcy, the more help it will provide. There is no need to spend all of your money, sell your assets, or cash in your retirement to meet bills that you will never be able to pay. Arizona Bankruptcy provides a way to keep all of your exempt property, including ample equity in your home and car, while still dealing responsibly with your debts.
Let My Arizona Lawyers Help You with your COVID 19 Program
If you are realizing that you might have a problem with your finances after this national crisis. Know that there are options. Talk to our Arizona bankruptcy attorneys today. The consultation is free. Call (480) 833-8000. Find out how Chandler bankruptcy lawyer could help you during this national pandemic. We have COVID 19 program ideas for you and your loved ones.
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