Articles Posted in Surviving and Thriving Through COVID-19

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penny-hoarderMost everyone has heard of the forbearance on student loan payments until September 30, 2020 due to COVID-19 – but like everything, there are nuances to this.  I was fortunate to be interviewed to participate in Tiffany Connors’ very insightful article, 5 Questions to Ask Before Deciding if Student Loan Forbearance Can Help You” for the PennyHoarder which went up today.

Lots of good advice on whether forbearance applies to your loans, and the pros and cons of accepting it.  I’ve been following PennyHoarder for years and it’s a great publication for those wanting to become debt free and live an independent life!  In fact, I’m typing this blog now while camping at Fort DeSoto in Pinellas County, Florida – my husband is out paddle boarding but since it’s near 90 out at noon, I’d really rather be doing this!  But I do like looking out over the water!

Also there are more helpful tips on using the CARES Act to help manage your student loans appear in our past few blogs if you’d like to scroll back through a few.

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money-talks-1010I was super pleased to be interviewed recently on the radio show Money Talks.  In our 4/29/20 radio interview, we spent approximately 30 minutes covering some things people can do to address debt during COVID-19.  This includes student loan and mortgage forbearances and limitations under the CARES Act, discharging private student loans in bankruptcy, protecting and restructuring debt in a small business Chapter 11 under new rules and on and on.  Take a listen.  Maybe you’ll learn something you didn’t know before and can make this time work for you to reduce debt.

Please check out our News page where this interview is linked.

 

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small-business-openAs a small-business owner, you may have been especially hard-hit by the recent global health crisis. When revenue drops unexpectedly, it can be hard to keep a small business afloat.

At Christie D. Arkovich, P.A., we understand what you are going through. We are committed to helping you reduce your debts and regain control of your finances while keeping your doors open.

Our attorneys have many years of bankruptcy experience, including Chapter 11 cases of all types.  One of our attorneys also has an MBA, and her on the ground experience has helped many businesses over the years get back on their feet.

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CARES-ACT

Webinar: Why you should care about the CARES Act

May 20, 2020 at Noon

 

The Tampa Bay Bankruptcy Bar Association will be hosting a FREE Webinar via Zoom on May 20, 2020 from 12:00 to 1:30pm. Why you should care about the CARES Act and its impact on Student Loans, Foreclosure, Collection, and Consumer and Business Bankruptcy. Christie Arkovich, Jake Blanchard, Nicole Mariani Noel and Chapter 13 Trustee, Kelly Remick, will discuss provisions of the stimulus bill that expand or create options for Debtors in Chapter 13 cases as well as Small Business Debtors under Subchapter V and many more. Panelists will also discuss foreclosure, forbearance, collection and student loan impacts. No cost to attend. This will be a live webinar and will not be recorded. Register here.

Couldn’t come at a better time now that things are hoppin’ a bit more!  I encourage our colleagues to register for local insight to help represent our clients the best we can in these trying times

 

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https://www.tampabankruptcylawyerblog.com/wp-content/uploads/sites/10/2015/07/christie_d._arkovich_p.a_1_small.jpgThere a few unanswered questions regarding the roll out of federal student loan borrower protections provided by the CARES Act.

The Student Borrower Protection Center and the National Consumer Law Center have combined forces and raised certain concerns to Secretary DeVos in a letter today that can be found here.

Clarifications are being made to the Paycheck Protection Program which have encouraged, in particular large cap, public companies, with access to other funds, to return funds that were meant for small business.  Perhaps the attached recommended consumer guidance will encourage the Department of Education to clarify and extend borrower protections where necessary as well.

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pelosiAs an attorney, if I accept representation for two clients but I only zealously advocate for one while throwing the other to the wolves, I would be subjected to discipline by the Florida Bar and likely sued.  Banks better hope when they accepted PPP applications, that they reviewed them fairly.

Despite the meme above, my beef is with the big banks on this one!

 

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https://www.tampabankruptcylawyerblog.com/wp-content/uploads/sites/10/2015/07/christie_d._arkovich_p.a_1_small.jpgYou’ve probably heard by now that the CARES Act provides for a suspension of payments and collections, and waiver of interest for six months.  However, not all loans are covered.

Importantly, 20% of federal student loan borrowers are not covered by the CARES Act.

  • Covered loans do not include FFEL loans that are commercially owned, Perkins loans and Private loans.
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ffcraOur firm used to do a lot of employee rights cases, but we reduced that area of practice when we elected to focus on foreclosure defense and student loan work.  Recently though, we have had a few clients with questions about what happens to their income if they or an immediate family member should get sick with COVID-19.  One of our attorneys suggested I post the following to help answer these questions:

WHAT ARE YOUR RIGHTS UNDER THE FAMILY FIRST CORONAVIRUS RESPONSE ACT (FFCRA)?

The Act requires certain employers to provide their employees with paid sick leave and expanded family and medical leave for specified reasons relating to COVID-19.  These provisions are applicable between April 1, 2020, through December 31, 2020.

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closed-but-awesome
While our physical location is closed, our Arkovich Law team are hard at work at home filing motions to abate Chapter 13 Plans, Modifying Confirmed Plans, helping with our clients’ real estate needs, settling all sorts of debt, and assisting with estate planning needs.  This blog is addressed toward our small businesses in the Tampa Bay area:

If you are a small business owner, make sure to apply for the Paycheck Protection Program through your local bank in order to maintain your workforce and to receive full forgiveness after the 8 week period.  Make sure you are able to return to work in 8 weeks with your business fully intact and awesome!

Also, if you experience additional business hardship, you can apply for a SBA Bridge Loan.

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