Virus Stimulus Package – Bankruptcy

Geraci Law helps answer questions about the Virus Stimulus Backage.

Virus Stimulus Package – Bankruptcy

The United States Government is close to authorizing a stimulus package where Americans will receive a check. How much are you expecting? What do you do with the money? Geraci Law is here to help.

If the bill passes, if you are:

  • Single and making less than $75,000 per year, you will receive $1,200 check.
  • Married and household income less than $150,000, you will receive a $2,400 check.
  • Any couples or individuals UNDER this earnings mark will receive $500 per child.

The income threshold will be based on your Adjusted Gross Income (AGI). So what do you do with the money? You should think about your finances. Ask yourselves these questions:

  • Will this money pay off my debt in full?
  • Will this additional income pay off my mortgage arrears in full?
  • Does putting this money toward my debt SOLVE my problem or just buy me another month without collection calls?

Think about your answers. You do not want a Band-Aid for a wound. This stimulus package is supposed to help cover the short paycheck or missed hours at work. If you are NOT paying off your debt balances in full, then what happens in the next month or the following with your minimums? Does this prevent a foreclosure? Does it stop a car repossession?

Bankruptcy DOES. Filing a Chapter 7 to eliminate your credit card and other debt could allow you to get back on track. The additional funds could help start a savings plan for an emergency. Filing a Chapter 13 would STOP a repossession or a foreclosure.

Geraci Law is here for you. If you have questions or if you want to talk to a professional about your financial situation, we’re here. Geraci Law is open and ready to help!

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at  Bankruptcy laws are in place to help you.  Who knows bankruptcy like Geraci Law?  Geraci Law has 25,000 5-star reviews 5starsince November 2016!


Author: Elizabeth Doren Paralegal at Geraci Law L.L.C.

I am a paralegal at Geraci Law L.L.C. (the greatest consumer bankruptcy law firm that ever was or will be!) I talk to thousands of people who are struggling financially.

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