Posted on May 14, 2020 in Bankruptcy

The coronavirus pandemic has been a series of unprecedented events, one after another. The effects of the pandemic have hit the United States so hard that Congress passed the largest stimulus package in U.S. history, worth more than $2 trillion. The Coronavirus Aid, Relief and Economic Security Act, also known as the CARES Act, is a record-breaking relief package that has helped millions of Americans, small businesses, and various levels of government. The Act was so wide-reaching that it touched many areas of American society, including the Bankruptcy Code. If you are considering filing for Bankruptcy in Florida, it is imperative that you understand the impact the CARES Act may have on your case. 

The CARES Act and Bankruptcy Cases

The most well-known portion of the Act is the part that provides for economic impact payments to many American households and individuals. The Act authorized monetary payments of up to $1,200 for people who filed an individual tax return and up to $2,400 for couples who filed a joint tax return. In addition, for each child a person or a couple has under the age of 17, they will receive an additional $500. These amounts apply to single filers whose annual income is up to $75,000 and married couples filing jointly whose income is up to $150,000.

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