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Filing Bankruptcy – Economic Stimulus Money Impact

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To Qualifying for Bankruptcy, analysis of your income is needed.   The economic stimulus money https://www.washingtonpost.com/business/2021/02/03/biden-stimulus-checks-what-you-need-to-know/ that my clients receive does not impact their bankruptcy analysis.

As a bankruptcy attorney, I receive many inquiries as to how the money received from the Cares Act impacts my bankruptcy? 

Answer:   

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.   CARES money is exempt from your income.

While the economy is recovering and your finances are suffering, it is a good time to analysis whether to file bankruptcy.  https://njbankruptcylawfirms.com/covid-payments-and-ue-impact-on-taxes-and-income/

  • I am here to help you.  
  • All meetings and court proceedings are conducted from your home. 
  • No need to leave your home to file or inquire as to bankruptcy options.