Protecting the 2020 CARES Act Stimulus Payment in Bankruptcy
The 2020 CARES Act Stimulus Payment has been a lifeline for many Americans during the current pandemic crisis. However, with the sudden influx of funds and financial instability, many individuals are wondering how they can protect their payment in the event that they have to file bankruptcy.
Fortunately, the 2020 CARES Act has taken steps to ensure that any stimulus payments received by individuals are protected from creditors and bankruptcy proceedings. This means that even if an individual must declare Chapter 7 or 13 bankruptcy, their stimulus check will be untouchable by creditors. The law also ensures that any debt repayment plans established through bankruptcy do not require an individual to use any of their stimulus money as part of those payments.
It is important for individuals who are considering filing for bankruptcy to understand how the CARES Act Stimulus Payment will be treated under state and federal laws pertaining to debtor protection.
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