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Written by Canterbury Law Group

Will I Get a $1,000 Check from the Coronavirus Stimulus Package?

Government Stimulus Check Coronavirus

Will I get money from the Coronavirus Bail-Out/Stimulus Bill? Right now, Democrats and Republicans are battling over the specific provisions of the Coronavirus Stimulus Plan.  President Trump proposed a plan that would provide $250 Billion in Direct Payments to Americans.  The debate centers on the timing of payments and whether the payments should be a set amount or be flexible based on circumstances.

Government Stimulus Check Requirements

To complicate things further Sen. Bernie Sanders is pushing for modifications that would provide for payments of $2,000 per month to every American over 18.  While it is doubtful that Sanders’ proposed changes will be adopted, as the Bill stands right now, you would receive:

  • $1,200 if you are single and made no more than $75,000 as shown on your 2018 Federal Tax Return;
  • $2,400 per couple if you and your spouse filed as “Married Filing Jointly” and your combined income as shown on your 2018 Tax Return was no more than $150,000.

These payments reduce to zero as your reported income goes to $99,000 individually or $198,000 per couple.  Additionally, eligible families with children will receive $500 per child.  These payments are part of a bailout that also includes:

  • $50 Billion to Bail-Out the Airline Industry;
  • $150 Billion for other affected industries; and
  • Provisions for payments to Small Businesses.

Make Sure You Get Your Government Stimulus Check

This Bill is evolving and can change.  Contact the Business Lawyers at Canterbury Law Group so we can help you get all the help you are entitled to under this and any subsequent Coronavirus relief.

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Written by Canterbury Law Group

Tips on Filing for Bankruptcy

Many people opt to file for bankruptcy when their income isn’t sufficient to repay creditors. Certain types of bankruptcy filings can lead to elimination of at least some or all debt and a halt for collection calls. While bankruptcy can be devastating emotionally, it does have many benefits. If you are planning on applying for bankruptcy, here are several useful tips to know about:

Learn About the Different Types of Bankruptcy

There are several different types of bankruptcy. The two main types many people know about are Chapter 7 and Chapter 13. Chapter 7 eliminates virtually all debt, especially from unsecured loans. Chapter 13 is used to come up with a court-approved plan to partially repay all debt in 3 to 5 years. You will have to learn about what each type entails and which type of bankruptcy is best suited for you. Before you file your case, you will have to learn about the law a bit first.

Hire a Lawyer

It’s virtually impossible to file for bankruptcy without a lawyer. The body of law in this area is muddled and complicated so you will really need an experienced attorney. Hire a lawyer from the county you live in, for example a bankruptcy attorney in Scottsdale. It’s best to consult with an attorney before you decide to proceed with a court filing. Your attorney will tell you how to fill out the legal documents and what evidence to present in court. Attorneys are necessary because, in some cases, creditors have the right to sue you back. A lawyer may be able to intervene and reduce the risk of this.

Understand Your State Laws

Bankruptcy law differs from state to state. How many of your assets you can keep, or how much debt will be discharged will depend on the law in your state. Therefore, it’s very important that you understand the rules and guidelines set forth in the state of your residence. You can get expert help too. For example, you can ask a local bankruptcy lawyer in Scottsdale for state laws in Arizona.

Bankruptcy Does Not Get Everyone off the Hook for Debt

Filing for bankruptcy often removes the obligation of a single debtor to a creditor. This does not apply to others responsible for the same debt, such as the other joint account holder or a co-signer. If there’s credit card debt, then all the people formally responsible for that account will have to pay. When you file for bankruptcy, the other person could end up being solely responsible for the debt. You may want to think in advance to avoid this scenario. Ask your lawyer for the best course of action.

Inform All the Creditors

You will have to inform all your creditors that you are filing for bankruptcy, not just the creditors responsible for the overwhelming debts. In some states, it’s required by law. When you are in the process for filing for bankruptcy, you must inform all debt collection callers of the situation and provide the name of the attorney handling the case so the calls can stop.

Bankruptcy need not be expensive and emotionally draining. Follow the above tips to make it less so.

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Written by Canterbury Law Group

Tips to Avoid Losing Money in the New Year

The Scottsdale lawyers at Canterbury Law Group are authorities in bankruptcy matters.   As we enter the New Year, we realize that many Scottsdale residents are trying to improve their financial affairs. Unfortunately the world is full of opportunities for you to give up your hard-earned money unwisely. Becoming an informed consumer is a big step toward avoiding these minefields—and developing the financial power that will keep you out of debt troubles.

Here are some tips for today on how to avoid money traps.

Avoid the “Free” Trial Offer – Ever wonder why businesses are willing to offer that free trial? Sure, it may build customer loyalty and maybe you’ll happily become a repeat buyer. But companies know that many of us will never read the fine print and the vendors typically make no attempt to remind us when the free period is over. Instead your “free” subscription or service converts to a paid one. You are left with an unwanted monthly expense and now they have a steady revenue stream.  It is often challenging, if not impossible, to terminate these subscriptions.

Skip upgrades and add-ons – Upgrades at fast food, electronics, retailers and car dealerships make for huge profits so companies really push them. To avoid this trap, do your homework. Know ahead of time what you really want. For example, quiz your insurance agent about how much your own insurance covers you in a rental car. If you later decide an extended warranty or other add-on is appropriate, fine. If not, just say NO. And stick to it.

Don’t co-sign for others – Remember,  your best friend or family member can lose their job, and when they do that car will be repossessed and the bank will be coming after you—for the entire unpaid balance.

Filing bankruptcy can seem overwhelming.  However, at Canterbury Law Group, we will represent you through the entire process and fight diligently to secure your fresh financial start. Call us today to schedule your consultation. We can put you on the path to reach financial success!