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COVID-19 Relief Act

Merillville Bankruptcy Attorney Highlights the CARES Act (Covid19 Relief Act) and its Impact on Consumers & Business Owners

What is the CARES Act (Covid19 Relief Act)?

The CARES Act (Covid19 Relief Act) recently enacted by Congress in Spring of 2020 offers expanded relief for both consumers and businesses facing financial hardship due to the current COVID19 Pandemic.  The Act increases eligibility for individuals seeking bankruptcy relief by excluding certain COVID19 relief payments from the income calculations which determine a consumer’s ability to file for Chapter 7 Relief or determines the amount a debtor should be required to repay to their creditors in Chapter 13.  The Act also provides that debtors in Chapter 13 cases with confirmed plans can potentially extend their reorganization plan for up to two additional years to address any plan default incurred by those directly or indirectly effected by the COVID19 Pandemic.  For small businesses, the debt limit for utilizing the new Sub Chapter V of Chapter 11 has been increased to 7.5 million in total debt.  The Act also provides additional protections for mortgage borrowers with Federally backed mortgage loans offering forbearance for up to 180 days for borrowers experiencing financial hardship during the COVID19 Pandemic.  The Act also offers relief for Federal Student Loan borrowers by suspending payments due on certain loan and interest for accumulating on many student loans.

Everyone’s situation is different and how the provisions of this act apply to each individual’s situation may be different.  Please feel free to call our office or contact us online to discuss your situation in more detail.  Our firm remains open for business and available to serve the needs of our clients during this trying time.

Christopher R. Schmidgall Attorney Photo
Christopher R. Schmidgall
Member

For more than ten years, Christopher Schmidgall has protected the lives of people who find themselves caught in the tangled machinery of criminal prosecution. With the skill and determination he’s demonstrated throughout his life, Chris offers them the help they need to get their lives back in order. Not long after graduating from Valparaiso...

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Amanda C. Hires
Member

Following a remarkably accomplished academic career, Amanda Hires applied her record of success to servicing good people facing difficult situations. She served as a volunteer at the New Orleans Public Defender’s Office and worked intensively with prosecutors and defense attorneys while under the guidance of Judge Sheila Moss at the Lake County Superior Court...

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Jessica McPheeters
Associate

Jessica McPheeters is an associate attorney with her primary focus being in Estate Planning, Probate, Business Formation and Planning, and other general practice matters. Jessica received her Bachelor of Science in Business Administration with a concentration in Economics from Ball State University in 2014. Jessica then received her Juris Doctor from Valparaiso University School of Law...

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