COVID-19 Update

Coastal Georgia Bankruptcy recognizes the impact the coronavirus outbreak is having on lives, businesses and communities around Coastal Georgia.  To continue assisting both current and future clients seeking assistance or guidance during these trying times our office remains open during normal business hours and we are taking all necessary precautions to protect the safety of our clients and the community.

Coastal Georgia Bankruptcy was established with the mission of helping people through periods of financial hardship and stress.  With coronavirus becoming a part of our daily lives, this commitment to helping individuals and businesses in our community has never been greater.  While social distancing may keep us apart physically, it will not stop the team at Coastal Georgia Bankruptcy from providing sound financial advice and assistance during these uncertain times.  If you are struggling to meet your financial obligations or are concerned about how the coronavirus outbreak is affecting your financial future, please call (912) 721-2724 or schedule an appointment through our website.  All consultations are done remotely by telephone or video conference, so you don’t even have to leave your home.  No office meeting is required. 

Protect Your Stimulus Money -

The recently enacted Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law on March 27, 2020.  The CARES Act provides an unprecedented $2 trillion of financial aid intended to assist businesses, individuals and families impacted by the coronavirus pandemic.  Included in this assistance are direct payments to qualifying taxpayers and their families.  Also, included in this legislation are temporary amendments to the Bankruptcy Code that impact small businesses and individuals.  These temporary amendments affect those considering bankruptcy protection and those that have already filed for bankruptcy protection.  If you facing financial issues caused by COVID-19, make sure you contact an experienced bankruptcy attorney.  At Coastal Georgia Bankruptcy we will guide you through the process, protect stimulus funds received and help take advantage of CARES Act amendments intended to help those businesses and individuals considering bankruptcy.

Small Business Amendments: The CARES Act temporarily amends the recently enacted Small Business Reorganization Act (the “SBRA”) to increase the debt threshold for small businesses eligible to file under the SBRA from $2,725,625 to $7,500,000. This temporary eligibility increase sunsets after one year.  Since the SBRA was just recently enacted there is there is limited information to guide its implementation, it is quite possible that Courts will use broad discretion in fashioning relief to small business debtors impacted by the coronavirus epidemic.
Individual Amendments: The CARES Act temporarily amends certain definitions in Chapter 7 and Chapter 13 cases to exclude coronavirus related payments provided for in the CARES Act from being treated as part of a debtor’s income. The amendments exclude coronavirus related payments both from the definition of “current monthly income” for purposes of determining a debtor’s eligibility for Chapter 7 and from the calculation of “disposable income” for purposes of Chapter 13 plan confirmation.  Chapter 13 debtors are also now permitted to seek modifications of their confirmed Chapter 13 plans if debtors are experiencing or have experienced a material financial hardship due, directly or indirectly, to the coronavirus pandemic. Plan modifications are also permitted to extend their plan payments for up to seven (7) years after the time that the first payment under their original confirmed plan was due. Like the provision affecting small businesses, the amendment affecting individual debtors also sunset after one year.

Protect Your Family -

We also understand that in addition to financial worries our clients are concerned about the future of their family and loved ones.  Therefore, during our consultations we will also provide assistance regarding Advanced Health Care Directives and Durable Powers of Attorney.

Advanced Health Care Directive: A document that allows you to choose someone to make health care decisions for you when you cannot (or do not want to) make health care decisions for yourself and allows you to state your treatment preferences if you have a terminal condition or if you are in a state of permanent unconsciousness.
Durable Power of Attorney: A document that authorizes another person (your agent) to make decisions concerning your property for you (the principal). Your agent will be able to make decisions and act with respect to your property (including your money) whether or not you are able to act for yourself.

These customizable documents will assist you and your loved ones in making financial and healthcare decisions during these difficult and troubling times.  Offering these additional services is just another way Coastal Georgia Bankruptcy can help assure our clients we are always there to help.