I am not a first responder, physician or any type of medical professional; however, our debt relief practice is also on the front lines of this ongoing Pandemic known as the coronavirus. As a leading consumer bankruptcy law firm in the Greater Philadelphia area, over the years we have successfully assisted thousands of individuals and married couples in financial distress. Bankruptcy itself is not usually dictated by the overall economy, people file bankruptcy for several different reasons including personal medical costs, unexpected expenses, helping others, marital problems, and related issues. However, this ongoing Pandemic has effected everyone in some way.
My office is fielding countless phone calls from people who were either financially back on their feet or getting there, and are now, literally all of the sudden, are unable to pay their ongoing regular expenses due to job loss and reduction in income. These times are especially scary in comparison to the 2009 recession because of the ever-present health risks to ourselves and our communities. The Economic Relief Act is designed to give hope and financial security. However, our ultimate relief will come from the outstanding medical personnel in this country; they will eventually get us back to work, rather than a few short term dollars which will quickly prove to be insufficient for the financial needs of the public.
The Economic Relief Act is only moments away from turning into law. The Act itself is about double the 2009 Recovery Act at 2 Trillion dollars. A large percentage of the Act aims at putting money directly in the pocket of Americans to quickly stimulate the economy which has been decimated from the Coronavirus. The Relief Act promises $1,200 to an individual earning $75,000.00 or less per year or $2,400.0 to a family making under $150,000.00 per year. The good part is that most Americans are eligible for financial relief. The bad news is that the average housing payment in America is approximately $1,100.00. When you add utilities, taxes, car payments, food, gas, clothing, insurances, debt payments, and other monthly expenditures, the promised Relief will be insufficient to get most by even for only a week or two.
Our ability to get through these tough times depends on our patience, compliance to “stay in” and our medical capabilities. Thereafter, our will to work will prove to be stronger than the short term Relief Act.
If you are facing difficult financial times due to the coronavirus, now more than ever is the time to contact our debt relief and bankruptcy lawyers at Sadek and Cooper. We are here for you!