Bankruptcy Economic Stimulus Money Impact is important for a bankruptcy lawyer to look at when determining your bankruptcy eligibility.
When filing bankruptcy, how does the stimulus money impact your eligibility?
The answer is: Not at all – the economic stimulus money you receive has no impact.
To Qualify for Bankruptcy, analysis of your income is needed. A historical record of your earnings is evaluated. This is done in order to determine your average monthly income. If you are an individual, only your income is analyzed. Otherwise the entire household income is reviewed and analyzed.
Even if only one spouse is filing bankruptcy, the entire household income is considered. However, your spouse does not have to file bankruptcy. Their income will be included only. They have not other mention or part of the bankruptcy filing.
The economic stimulus money https://www.washingtonpost.com/business/2021/02/03/biden-stimulus-checks-what-you-need-to-know/ that my clients or their spouse/household receives does not impact their bankruptcy analysis.
As a bankruptcy lawyer, I receive many client inquiries as to how the money received from the Cares Act impacts bankruptcy?
The aid you receive either by way of a grant or stimulus money does not enter into the equation for income analysis.
In other words, all money that is received from the government due to the coronavirus is not counted in your income. In bankruptcy, the economic stimulus money from the CARES Act is exempt from your income.
While the economy is recovering and your finances are suffering, it is a good time to analysis your bankruptcy eligibility.
- I am here to help you.Contact Us | NJ Bankruptcy Law Firm
- All meetings and court proceedings are conducted from your home.
- No need to leave your home to file or inquire as to bankruptcy options.
I am a board certified bankruptcy lawyer. Call me today to determine whether filing bankruptcy is a good option for you. Also, I will determine whether this is the right time for you to file.
Ralph A. Ferro, Jr., Esq. – Bankruptcy Lawyer (201) 446-5904 – 28 years specializing in bankruptcy law.