pre-bankruptcy asset transfer

Eviction moratorium ending.

The U.S. Supreme Court ends Covid-19 eviction moratorium on residential properties.

Residential eviction moratorium ending this week.  If you have accumulated past due rent from Covid-19 illness or lost wages, your landlord can now move to evict you and put you out.   The US Supreme Court has ended the residential eviction moratorium.  Landlords are lining up to start evictions, which have been suspended for over a year.   Many landlords are owed thousands of dollars, but were unable to find relief, until now.   

Recent reports have shown that only 11% of available governmental funds were accessed to help renters suffering from Covid-19 income losses.  This shows that the funds were hard to access, and not readily made available to those that needed it the most.    Most courts directed renters to these resources, but few took advantage.   Landlords tried to direct their tenants to these federal funds too, but renters didn’t oblige in most instances. 

Chapter 7 bankruptcy can eliminate the past-due rent owed, to help renters get a fresh start.  Renters won’t be able to stay in their homes though, unless they can work something out with their landlords. 

Chapter 13 bankruptcy can help debtors stay in their homes, allowing them to bring their rent current over a 3-5 year repayment plan.  Debtors can eliminate other unsecured debts as well.  Debtors need to make current rent payments and need steady income to fund a chapter 13 repayment plan.   This will stop any eviction process set to begin now  that the eviction moratorium ending this week has been ordered by the US Supreme Court.

For a free bankruptcy strategy session, contact me today to review these options and I can show you how we can help you get a fresh start. 

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About Author

Terrance Leeders

Chicago Bankruptcy Lawyer, husband, father, Cubs fan.

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