The CDC has once again extended the moratorium on evictions and foreclosures until the end of July, commenting that this will be the final extension. Unfortunately, there are currently 7 million tenants behind on their rent and many homeowners behind on mortgage payments…when the moratorium ends, not only will back payments come due, but many could be facing evictions or foreclosures.
For renters, help may come in the form of the 46 billion dollars in emergency funds approved by Congress, although it has been slow in getting into the hands of those it is intended to help. The money will help cover the rent that tenants currently owe, escaping eviction and past due rent.
For homeowners that have fallen behind on their mortgage payments, some lenders have been willing to work on new payment arrangements, bringing homeowners current on their mortgages. Failing that, many homeowners may consider Chapter 13 bankruptcy protection to work out a repayment plan allowing them to keep their home as they work to catch up.
There are many strategies that Americans have at their disposal during these trying times. When you are facing a difficult financial situation, it is worthwhile to discuss your case with an experienced bankruptcy lawyer who can advise you as to whether bankruptcy protection is a good strategy for your unique circumstances. Contact the Peoria Bankruptcy Law offices of Charles E. Covey for immediate assistance today at 309-674-8125.
