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The USA economy is in a COMA… But that doesn’t mean we’re heading into a depression just yet. We have been told “stay home to mitigate the effects of Covid-19” Most states have a full or partial stay-at-home order in place. Essential employees can go to work. Others work at home. We have never seen…

Expect a Meat Shortage Coronavirus-linked problems in meat supply chain indicates meat shortages which means price increases for consumers. According to the USDA’s weekly report from April 27, beef production was down nearly 25% year-over-year, while and pork production was down 15%. At least 20 meatpackers have already died from COVID-19, and more than 5,000…

So many job layoffs There have been many layoffs and furloughs lately; Macy’s is furloughing 125,000 employees Walt Disney World is furloughing 43,000 employees Airbnb laid off 25% of its workforce which was 1,900 employees. Uber recently laid off 3,700 employees. Virgin Atlantic laid off  3,150 employees. United Airlines is talking about 3,400 layoffs by this fall. Lyft laid…

Bankruptcies on the way. Call the law firm to see how bankruptcy can solve debt problems. Business and individuals have been severely impacted by Covid. The Covid-19 aka Coronavirus and its impact regarding bankruptcy The coronavirus’s impact on capital markets, supply-chain disruption, hospitality and transportation is already seismic and being compared with the “economic shockwave”…

Governor Cuomo issued another Executive Order: 🟥Our ability to notarize and witness documents (including wills, trusts, powers of attorney, health care proxies, living wills) REMOTELY has been extended (again) to June 6th. 🟥Since many RESIDENTIAL tenants cannot afford to pay their rent, a tenant can request to or otherwise consent to (but cannot be forced…

Chapter 13 plans can be extended up to 7 years 7 year Chapter 13. An existing chapter 13 plan can be extended to 7 years if the case had been confirmed and then the covid-19 virus caused payment issues. On March 27, 2020, the President signed into law the historic Coronavirus Aid, Relief, and Economic…

Loan modifications under CARES Act. The law firm assists with loan modifications and mortgage relief for those impacted by the coronavirus pandemic. This blog post discusses loan modifications and mortgage relief for those impacted by the coronavirus pandemic. Federal and state governments, and financial institutions and loan servicers, have announced plans to help struggling homeowners…

Small business owners qualify for chapter 7 bankruptcy. The Coronavirus aftermath is destroying small businesses. The small business debt is typically debt which has been co-signed by the business owner. That makes the owner liable. The creditors will look to collect from the business owners which means dealing with creditors, lawsuits, wage garnishment, judgments, liens,…

Glossary of Credit Terms 2-percent rule A rule of thumb to see if refinancing a mortgage loan is a good financial decision. The rule says you should refinance if you can lower the interest rate on the loan by at least 2 percentage points (for example, to 7% percent from 9%). However, factors such as…

STEPS IN A BANKRUPCY CASE Mandatory Credit Counseling You must obtain a certificate from an approved credit counseling agency before you can file your case. It is expected that this can be done over the internet and will likely cost approximately $35- 45. A copy of any payment plan devised by the counseling service must…

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