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On March 27, 2020, the president signed into law of Coronavirus Aid Relief and Economic Security (CARES) Act which made lots of changes to bankruptcy laws to make the process more available to businesses and individuals who faced financial challenges due to the COVID-19 pandemic.<\/p>\n
A short-term relief was provided by the CARES Act to the Chapter 13 bankruptcy debtor. <\/p>
You can retain your assets but settle your debts with a monthly payment plan. The economic stimulus payments are excluded from the calculations of the monthly income by CARES Act.<\/p>\n
Debtors of Chapter 13 bankruptcy are required to pay off their creditors through a monthly payment plan but if they have lost their job resulting in missing the payments and if you can show your financial hardship proofs, the CARES Act extends their plans from three to five years to up to seven years. <\/p>
But of course, the debtor needs to talk to their attorney and accountant for the Chapter 13 bankruptcy extension.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t