With roughly 140,000,000 households in America receiving an economic impact payment, there are a number of people that are paying back debts that are seeing portions of their stimulus payments being sent back to pay federal income taxes and unsecured debt. The stimulus payments often equate to at least $1200 or more and these payments are being deposited directly into the bank accounts where 2019 tax refunds were delivered.
The goal of these payments is for the federal government to work at stimulating the economy. With nearly one in five Americans losing wages or losing a job because of the virus, the consumer stimulus package is working to help people and businesses get back on their feet. The stimulus package is designed by the government to help us spend money and keep the economy rolling but there are many banks that are working to seize these funds to recover the money that has been owed in credit over the time of the virus.
Private debt collectors may siphon the funds out of your account as soon as they are made available but there are some ways that you can protect this stimulus payment from your creditors. By working with a bankruptcy lawyer or starting the process of a bankruptcy, you can make sure that your stimulus payment can be properly protected in the future. As your stimulus check may not be included in various assets that you may have at the time of a bankruptcy, it is possible that a creditor may not even check for these types of assets.
A bankruptcy lawyer can help you with the process of protecting your money and advising you on how to keep your stimulus safe before it is deposited. If you qualify for the means test on your stimulus, working with us can help you save your check for the future!
This post was written by Trey Wright, one of the best bankruptcy attorneys in Tallahassee, Florida. Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, which specializes in areas related to bankruptcy law, estate planning, and business litigation.
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