Blogs
Resources for COVID-19 Information
COVID -19 Has Changed How We Live Our Lives What We Can Do to Survive and Flourish
Why are we easily misled about the truth?
Why Smart People Believe Coronavirus Myths, (the following is a clip form BBC.com/future)
We’ve debunked several claims here on BBC Future, including misinformation around how sunshine, warm weather and drinking water can affect the coronavirus. The BBC’s Reality Check team is also checking popular coronavirus claims, and the World Health Organization is keeping a myth-busting page regularly updated too.
You might also like:
- What is Covid-19’s real death rate?
- How fear of the coronavirus warps our minds
- What Covid-19 means for the environment
At worst, the ideas themselves are harmful – a recent report from one province in Iran found that more people had died from drinking industrial-strength alcohol, based on a false claim that it could protect you from Covid-19, than from the virus itself. But even seemingly innocuous ideas could lure you and others into a false sense of security, discouraging you from adhering to government guidelines, and eroding trust in health officials and organizations.
There’s evidence these ideas are sticking. One poll by YouGov and the Economist in March 2020 found 13% of Americans believed the Covid-19 crisis was a hoax, for example, while a whopping 49% believed the epidemic might be man-made. And while you might hope that greater brainpower or education would help us to tell fact from fiction, it is easy to find examples of many educated people falling for this false information.
Economic Stimulus Payments:
IRS COVID-19 RESOURCE
The Treasury and IRS launch new tool to help non-filers register for Economic Impact Payments
IRS.gov feature helps people who normally don’t file get payments:
The Treasury Department and the Internal Revenue Service have a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return. NOTE FROM DIANE – IN ORDER TO AVOID SCAMS NEVER USE ANY OTHER PORTAL.
second tool next week provides taxpayers with payment delivery date and provide direct deposit information
Small Business Loans:
US Chamber of Commerce: COVID-19 Emergency Loans: Small Business Guide
COVID-19 Information and Resources for Legal Professionals:
Check back regularly as this section is being updated (by Findlaw).
Law Firm Management During Covid-19
- Keeping Your Law Firm Operational During an Outbreak
- Reassuring Clients During a Crisis
- Employer Liability for Covid-19 Exposure (With Links to Relevant Federal Guides)
- More…
- Unexpected Financial Emergency in Law School? Here Are Your Options
- Is It Easier to Get Rid of Student Loan Debt in Bankruptcy Than We Thought?
- More…
Resources and Tips for Remote Working
- Tips for Staying Productive When Working From Home
- How to Effectively Manage Remote Staff
- How to Keep Your Wireless Network Secure When Working From Home
- More…
MUSINGS FROM DIANE:
Quality information is king. Never take medical advice from someone who wants something from you. Nor should you rely on reports from politicians – most only have one goal – that is to be reelected. Instead, rely on the scientists.
This is a difficult time for everyone, but the good news is that our actions show we care about others. We are following common sense social distancing. We are staying in touch with our friends and family, but in ways not to expose those who are vulnerable.
This too we shall survive, just like those who came before us survived wars, other pandemics and economic depressions. Humans are resilient and adapt to challenges.
Be kind to each other.
The post Resources for COVID-19 Information appeared first on Diane L. Drain - Phoenix Arizona Bankruptcy & Foreclosure Attorney.
The Alexandria Bankruptcy Court Trustee Hearings are now by Telephone. Bankruptcy Trustee hearings are now telephonic. That’s the policy of the Alexandria VA bankruptcy court, effective April 9, 2020. (Richmond and Norfolk, too.) People who file bankruptcy are required by law to “appear” in front of the bankruptcy trustee to answer question. (For most people, […]
The post Bankruptcy Hearings: Now Telephonic by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed - .
The Alexandria Bankruptcy Court Trustee Hearings are now by Telephone. Bankruptcy Trustee hearings are now telephonic. That’s the policy of the Alexandria VA bankruptcy court, effective April 9, 2020. (Richmond and Norfolk, too.) People who file bankruptcy are required by law to “appear” in front of the bankruptcy trustee to answer question. (For most people, […]
The post Bankruptcy Hearings: Now Telephonic by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed - .
The Alexandria Bankruptcy Court Trustee Hearings are now by Telephone. Bankruptcy Trustee hearings are now telephonic. That’s the policy of the Alexandria VA bankruptcy court, effective April 9, 2020. (Richmond and Norfolk, too.) People who file bankruptcy are required by law to “appear” in front of the bankruptcy trustee to answer questions. (For most people, […]
The post Announcement: Bankruptcy Hearings: Now Telephonic by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed - .
April 1, 2020
From: NY Post
By: Thornton McEnery
A Brooklyn taxi operator who got his first medallion in the 1970s has filed for bankruptcy as the coronavirus ravages an already struggling industry, The Post has learned.
Joe Pross, who started driving a taxi in 1975 and now runs a fleet of 42 cabs, filed for Chapter 11 bankruptcy protection for his Crown Heights-based medallion company, Walker Service Corp., on March 27, court papers show.
Pross, 75, declined to be interviewed for this story. But his Brooklyn federal court bankruptcy filings underscore how vulnerable taxi operators were prior to the coronavirus crippling tourism and forcing thousands of New Yorkers inside.
Walker Service Corp. appears to be the first medallion owner to file for bankruptcy protection since the pandemic shut down the city, but it’s not likely the last, industry experts say.
“This industry was on the brink before this happened, and this virus has just pushed it totally over the edge,” said Matthew Daus, a former TLC commissioner who’s now a lawyer with Windels Marx. “I hope we don’t see more bankruptcies, but I’m afraid a lot of people might go under and file for bankruptcy protection. This will be worse than 9/11 economically, especially for the black cars and luxury livery.”
In an affidavit filed with his bankruptcy papers, Pross says his medallions — “once worth millions” — plummeted in value as ride-hailing apps and Uber and Lyft grew in popularity, leaving him and his wife struggling to pay off loans they took out on their medallions to build the business.
By 2019, before the coronavirus even hit, Pross’ fleet was pulling in $29,400 a month — far short of the $105,610 a month he needed to repay $18.7 million in medallion loans, court papers show.
In late February, his lender, Virginia-based Pentagon Federal Credit Union, issued notices of default on six loans and demanded $158,186 within 30 days to rectify the situation.
Pross says he tried to negotiate repayment. Then the coronavirus hit — slamming the brakes on taxi revenue even as drivers and operators continue to face expenses for parking, dispatchers, mechanics and administrative workers.
“The current COVID-19 pandemic has now rendered the debtors with virtually no income to operate its businesses as the debtors have recently suspended operations during the COVID-19 pandemic for March, April and possibly May 2020,” Pross’ filing says.
As The Post reported on March 15 - before Gov. Cuomo even ordered restaurants shut down and non-essential workers stay home — taxi drivers were making as little as $50 a week as people afraid of contagion avoided public spaces.
“The drivers are coming back asking if I can pay their gas because their fares didn’t even cover it. We can’t go on like this,” a taxi operator who asked not to be named told The Post on Wednesday.
Pross’s affidavit also blames Walker’s debt holder, PenFed, saying it has been playing hardball by “shockingly” refusing to extend its 30-day payment deadline.
PenFed acquired $290 million worth of medallion loans, including Pross’s, as part of its 2019 merger with New York-based Progressive Credit Union, according to reports at the time.
The credit union declined to comment on how many medallion loans it currently possesses, but insisted its working hard to keep taxi operators in business.
The credit union declined to comment on how many medallion loans it currently possess, but insisted it’s working hard to keep taxi operators in business.
“PenFed actively works with our members experiencing financial hardships, including taxi medallion borrowers who have requested relief,” a PenFed spokesperson said in a statement. “PenFed has an extensive team in New York working to help members who need assistance during this challenging time.”
Pross is hoping to come out of bankruptcy with reduced loans so he can continue to run the business through his main business, Utica Taxi, which operates the cars and garages and employs the dispatchers and other workers, filings show.
But with coronavirus deaths in New York nearing 2,000 and growing, the main business also faces the threat of going under.
“The proliferation of ride-sharing apps such as Uber and Lyft … combined with the economic devastation associated with the COVID-19 pandemic, may eventually render Utica Taxi bankrupt as well,” Pross’ affidavit said.
Coronavirus Aid, Relief, and Economic Security Act “CARES Act – the Payroll Protection Program
Brief Summary of the Payroll Protection Program Portion of the CARES ACT:
(BBB webinar 3/29/20 Jonathan Gallagher, DEO, Shelley Adday. CHRO)
How it can benefit your business:
Paycheck Protection Program “PPP”, $350B loan program for businesses. The intention is to provide unsecured (and forgivable) loans to small businesses with the goal to keep employees on the payroll.
- Term period is 2/15/20 through 6/30/20
- 100% government guaranteed
- Can be 100% forgivable if utilized for specific expenses
- Retroactive back to 2/15/20. If the business laid-off employees, they can be rehired with no penalty and potentially include the number of employees into the forgivable calculation.
Who can apply for the loan:
- Any business with less than 500 employees
- Includes sole proprietors
- All businesses that could qualify for an SBA loan before the COVID-19 crisis
Loan Details:
- The loan amount is the lesser of $10M or 2.5X your average monthly payroll expenses.
- Interest is capped at 4% and payments can be deferred up to 6 – 12 months
- No credit check, no personal guarantee
- Must have been in business and paid employees before 2/15/20
PPP – Loan Forgiveness for funds used within the 8 weeks following the loan origination:
The loan may be forgiven UP TO 100%. which includes:
- Payroll costs (during the 8 weeks following the origination date)
- can include mortgage interest on commercial properties purchased before 2/15/20
- if renting (must have signed the lease before 2/15/20) can add the rents for the 8 weeks following the origination of the loan
- All utility payments (during the 8 weeks following the loan origination).
PPP – Calculation for maximum loan amount:
The loan application is based on the prior 12 months:
Add together:
- Payroll costs – wages to employees and certain independent contractors (if acting like regular employees), employee’s income cannot exceed $100,000 annually
- employer contributions to health insurance
- Employer contributions to retirement
Above payroll costs divide by 12 = monthly “payroll costs”
Monthly payroll costs X 2.5 = maximum loan amount
Valuation of Forgiveness of the Loan:
Valuation shall be in the immediate 8 weeks following the origination of the loan. Assume there will be a requirement to support payments.
EIDL Loan (Economic Injury and Disaster Loan) and PPP loan
The Economic Injury Disaster Loan Program (EIDL) can provide up to $2 million of financial assistance (actual loan amounts are based on amount of economic injury) to small businesses or private, non-profit organizations that suffer substantial economic injury as a result of the declared disaster, regardless of whether the applicant sustained physical damage.
You caan apply for both, but you cannot double dip, that means you cannot use both funds for the same purpose.
Resources:
Better Business Bureau webinar: CARES Act and Families First Cononavirus Response Act
MUSINGS FROM DIANE:
Whenever there is new law, or a new interpretation of an existing law – SLOW DOWN. The truth is no one really knows what it means or what the consequences will be if you act. The process is the following: new law is created (either through the legislative process or the courts), creative lawyers decide to apply the new law to certain facts, the court may or may not agree with the lawyer’s interpretation and come out with a decision that does or or does not follow the new law. One of the parties may appeal and the case goes up to a higher court. Years later there is a “final” decision until the law changes again.
When it comes to the new law dealing with COVID-19, no one, including the people who wrote the law, really know how that law will be interpreted and applied. Many times you can ask the drafters of the law and they will give opposing opinions on what something means. So, be very cautious in taking the advice from anyone, including a lawyer, how to interpret this extremely complicated law, and the others that will definitely follow. Take is slow before acting.
The post CARES ACT – Sources and Summaries for Payroll Protection Program appeared first on Diane L. Drain - Phoenix Arizona Bankruptcy & Foreclosure Attorney.
Included in the 2 trillion dollar Coronavirus Aid, Relief, and Economic Security (“CARES”) Act is a provision that allows homeowners with government guaranteed loans (Fannie Mae and Freddie Mac) to request up to 12 months of mortgage payment forbearance.
Under the CARES Act a homeowner may ask for 6 months of loan payment forbearance that is renewable for another 6 months. In other words, a qualified homeowner can go an entire year without making a single mortgage payment.
What exactly is a mortgage payment forbearance?
Well, it simply means that a payment does not have to be made presently, but eventually the skipped payment must be repaid.
How are skipped payments to be paid?
There are basically three options here:
- Reinstatement: Make a one-time payment for the amount due.
- Repayment Plan: Pay extra each month on the amount due.
- Loan Modification: Rewrite the mortgage loan to pay the amount due over the remaining term of the loan.
Other remedies.
In addition to allowing for a payment forbearance, FHA and Freddie Mac loans will also receive the following benefits:
- Waiving assessments of penalties and late fees,
- Halting all foreclosure sales and evictions of borrowers living in Freddie Mac-owned homes until at least May 17, 2020,
- Suspending reporting to credit bureaus of delinquency related to forbearance,
- Offering loan modification options that lower payments or keep payments the same after the forbearance period.
Not sure if you have a Fannie Mae or Freddie Mac Loan?
Us the Fannie Mae lookup tool and Freddie Mac lookup tools to see if you have a government guaranteed loan.
USDA Rural Housing Development Loans.
A similar loan deferment program is also being sponsored by the USDA home loans.
Contact Your Mortgage Company:
Bank of America
Phone: 1-800-669-6607
Cenlar FSB
Phone: 1-800-223-6527
Chase
Phone: 1-800-848-9380
Freedom Mortgage
Phone: 855-690-5900
Lakeview Loan Servicing, LLC
Phone: 1-855-294-8564
LoanCare, LLC
Phone:800-410-1091
Mr. Cooper a/k/a Nationstar
Phone: 1-855-375-4001
NewRez
Phone:1-866-317-2347
PennyMac
Phone: 1-800-777-4001
PHH Mortgage Services
Phone: 888-820-6474
Wells Fargo
Phone: 1-800-357-6675
Image courtesy of Flickr and sergio santos
The unfolding of the COVID-19 virus episode has been the weirdest experience in my lifetime. I remember the courthouse bombing by Timothy McVeigh in Oklahoma City and commercial jets hitting the Twin Towers on 9/11, but those were one day events.
The corona virus is different because it continues from day to day and all of us are potential victims. You see young people dying on breathing machines and you realize your family is not safe.
At first the virus seemed like just a bad version of the flu and I dismissed it, but as I kept reading news reports I realized this was different and it was heading our way. Then it became apparent that all my staff would soon be working from home.
Our attorneys have always been able to work from home, but not the paralegals. I scrambled to purchase computers and then raced to my tech vendor set them up. Thankfully we got the job done just before daycare services closed so all our staff can work from home.
On March 19th our Chapter 13 Trustee, Kathleen Laughlin, held a Zoom conference with 32 attorneys across the state, and she explained that her court hearings would continue on Zoom. Last week the Chapter 7 trustees declared that their hearings would be conducted by telephone. So, the good news is that court hearings will go during this period of social distancing.
Four years ago I started a one-man campaign to allow clients to sign bankruptcy petitions using digital signatures. This blog was instrumental in getting that message across, and two years ago our brave judge, Thomas Saladino, agreed that it was time to allow debtors to sign their bankruptcy petitions digitally.
Nebraska is the first and only state to implement a permanent rule allowing digital signatures. In a state that spans 450 miles across, that rule change has allowed us to serve clients in all 93 Nebraska counties.
Now that attorneys nationwide cannot personally meet with clients to sign petitions, 43 bankruptcy courts recently issued temporary orders allowing for digital signatures and more are expected to allow it soon. This blog lead the way.
I participated in four bankruptcy hearings by Zoom last week, and I now interview new clients via Zoom right in their living room. Then I conducted a case signing using Zoom and shared my screen with the client who could see me typing in his responses and he could view the same documents I viewed on my screen. He said it was amazing, and it really was.
In many ways, the COVID-19 crisis has forced us to become better communicators and to utilize technology that was at our fingertips all along. Sometimes it takes a crisis to move forward. I doubt we will ever go back to the old ways again.
So, our firm is open. We are answering every call and responding to every email. Sometimes I work in my office apart from other employees, and sometimes I work in my home office. But wherever I or my staff works, we are all working full time every day and we can service new and existing clients thanks to our technology investments.
It’s going to be a wild year. Today we are scared. Tomorrow we start to pick up the pieces of our businesses and protect what remains from the claims of creditors. Whatever comes, our firm stands ready to serve.
60 and over during the Pandemic – tips to stay financially healthy.
WARNINGS FROM THE FEDERAL TRADE COMMISSION
March 30, 2020 – a reprint from article by Jennifer Leach, Association Director, Division of Consumer and Business Education, FTC.
I know, 60-year-olds. You’re not old. In fact, we’ve found that, when people think “old,” they think of someone about 10 years older than they are right now. But, because we’ve been warned about the effects of the Coronavirus on people 60+, listen up. Because scammers follow the headlines and know you might have this on your mind.
Right now, scammers are scuttling out of their dark corners to offer false hope (Home test kits! A cure!) and use fear (Your Social Security number is about to be revoked! Your loved one is in trouble!) – all to get your money or information. (None of those things are real, by the way.) They’re asking for your bank routing number to “help” you get your relief money – which is not how you’ll get it, by the way. They’re sending fake emails that look real, but those fake CDC or World Health Organization emails are trying to steal your personal information – or, if you click a link, put malware on your computer, tablet, or phone. Scammers are calling (and calling…and calling…), using illegal robocalls to pitch you the latest scammy thing. They’re texting, and they’re all over social media.
So, while you’re washing your hands and working to stay safe, here are a few ways you can help protect yourself – and those you love – from scammers.
- Don’t be rushed. Whatever the call, email, text, or social media post is about, remember that scammers try to rush you. Legit people don’t.
- Check it out. Before you act on something or share it – stop. Do some research. Do the facts back up the story?
- Pass it on. If you get offered something great, or you’re worried about something alarming: talk to someone you trust before you act. What do they think?
- Keep in touch with the FTC. Sign up for Consumer Alerts to help spot scams: ftc.gov/subscribe. And watch for the latest at ftc.gov/coronavirus.
- Report scams to the FTC. Go to ftc.gov/complaint. Your report can help us shut the scammers down.
Want to help even more? Pass this post on. Tell a friend. And hey, let’s be careful out there.
MUSINGS FROM DIANE:
Ahh, our golden years!! A dream of a peaceful life, time with family, the financial and physical ability to do whatever you want. Those are powerful ideals, but they come at a price. What is the price? Diligence and commitment. The diligence to question the intentions of those who would profit from your naivete (yes, that includes family). The commitment to follow through. Want to ride a bike or skydive, then get in shape. Take the time to exercise your body and mind. Lose weight (trust me you will sleep better and feel years younger). Move – stop sitting in front of the TV and take a walk. Help others – volunteer in a way that is important to you. Love children? How about volunteering at a school or other groups that desperately need loving arms to hold a crying child. Love crafting, sewing or knitting? Volunteer to teach others the skills that you have. The options are limited only by your imagination, but nothing will happen unless you get up and doing something.
I would love to hear from each of you about what brought excitement to your day.
The post 60 and over in the time of COVID-19? Tips to Stay Financially Healthy. appeared first on Diane L. Drain - Phoenix Arizona Bankruptcy & Foreclosure Attorney.
If you have lost your job due to the coronavirus crisis, you are likely in survival mode. Your immediate goal should be to “shelter in place” to protect your health and that of your family. Beyond that, whatever funds you have need to be allocated to food and shelter.But what about transportation? Is your vehicle at risk of repossession even in a time of national emergency? What steps can you take to protect your car or truck?Your first course of action should be to find out how your vehicle lender intends to handle what is likely to be an increase in delinquencies. If you have not done so already, visit your vehicle lender’s website to see if they have any “coronavirus” relief programs in place. Currently, for example, Ford Motor Credit, GM Financial, Toyota Financial Services, Hyundai Finance and others have plans available.Similarly, Georgia’s Own Credit Union, Delta Community Credit Union and others have COVID-19 relief programs.These lenders may ask for documentation of your hardship. If you intend to ask for a deferment, you need to follow their instructions to the letter. And realize that a deferment just means that your loan will be extended. Payments will not be forgiven. And you may be additional interest in exchange for extending your loan.Lenders who serve “higher risk” borrowers, however, may not offer much in the way of help. One such lender, who services a large number of “buy here pay here” loans says on its website: “we understand our customers may be impacted during this time. While we are currently working on a program to help impacted customers, please connect directly with your local dealership and stay in close contact with us regarding any loan payment challenges you may encounter.”You can assume that “buy here pay here” dealerships will be less accommodating. You should also assume that if your payment history has been spotty, your finance company will be less inclined to defer payments.Whatever your dealer or finance company’s intentions, you need to know where you stand.Along those lines you should not hesitate to reach out to the customer service representatives. Vehicle lenders are always concerned that a financially strapped purchaser may disappear with his/her vehicle and the economic disruption caused by the coronavirus will increase this concern. You are always better off maintaining open lines of communication with your vehicle lender.What Should I Do if my Vehicle Lender Will Not Cooperate?Even with deferments and cooperation from your vehicle lender, you will not be able to put off making payments forever. Other lenders may not work with you much at all. What is the worst case scenario?Because cars and trucks are mobile and easily moved, vehicle lenders are allowed by law to use “self help” or repossession to protect their investments. Under Georgia law, a lender can repossess without warning the minute you go into default on your loan.Your installment contract will define what constitutes a “default” – usually loans go into default if they are seven to fourteen days late, although some contracts only look for one day late.Generally speaking the top tier lenders like General Motors, Ford, Toyota, Hyundai, and credit unions like Georgia’s Own or Delta Community will try to contact you about your missed payment before sending out the repossession agent.Third tier lenders and “buy here pay here” dealers will usually skip the notification and move right into repossession.Under Georgia law, a repossession agent cannot breach the peace to pick up a vehicle. This means that he cannot break into your garage or engage in a street brawl to pick up your car. This is why most repossessions occur in the middle of the night or mid-day in your work parking lot.If you take action to block the repossession agent, you could find yourself facing a criminal charge for theft so hiding your vehicle or sitting in the car to stop the repossession is not a good solution.If you conclude that a repossession is inevitable, you should remove your personal property from your car or truck as these items tend to disappear when you vehicle is seized.Once your vehicle is taken it will be stored at an impound lot. Your lender cannot sell your vehicle without first giving you an opportunity to redeem it. By law, your lender must send you a “10 day letter” in which you are given 10 days to pay the balance in full plus costs to get your vehicle back. Once 10 days pass, the finance company is allowed to see your car or truck at auction and your ownership interests cease at that time.Once the vehicle is sold, your lender will apply the proceeds against the remaining balance due under your contract. In many cases the auction price is insufficient to pay off the loan balance – the remaining balance due is called a deficiency claim. Your lender can sue you for this deficiency balance or sell the deficiency account to a debt buyer who can pursue you to collect this debt.We often see large deficiency balances in cases where a vehicle was financed over a long period of time (5 or 6 years) or when someone traded in one vehicle for another rolled the balance due from the first vehicle into the contract for the second.Can Bankruptcy Help?Bankruptcy can stop a repossession. It can also stop the sale of your vehicle. Once your vehicle is sold at auction, however, bankruptcy will not help.If you want to keep your vehicle, Chapter 13 bankruptcy creates a payment plan in which you basically refinance your loan. The idea behind Chapter 13 is that you need a vehicle to get to and from work and that your vehicle is essential to your financial rehabilitation.Chapter 7 can stop a repossession temporarily but it is not designed to help you refinance and keep your vehicle. Chapter 7 will wipe out a deficiency claim.Should You File Bankruptcy if You are Temporarily Out of Work?Generally speaking, I am not a fan of filing bankruptcy when you are facing a temporary financial setback. Bankruptcy assumes a certain level of stability and consistency. If you file bankruptcy – either a Chapter 7 or Chapter 13 – while the economy is on full lockdown, you may have to amend or even dismiss in a month or two if you are suddenly re-employed with overtime.That being said if you are going to look at bankruptcy now, I would be much more inclined to consider Chapter 7 as opposed to Chapter 13.Bankruptcy is an imperfect remedy but it can be appropriate to stop a bad situation from getting worse. Susan Blum and I have represented thousands of honest, hardworking men and women in Atlanta area bankruptcy cases and we’re happy to answer your questions as well.Call us or email us to schedule a free consultation by phone or Skype. We do ask that you fill our brief two-page questionnaire before our virtual meeting so that we can offer you the best advice.The post How to Protect Yourself from Vehicle Repossession In Case of Coronavirus Layoff appeared first on theBKBlog.
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