Individuals: COVID-19 Resources

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 Individuals will receive an Economic Impact Payment of $1200 per single adult, $2400 per married couple, and $500 per child. This is based on income filed in 2018 or 2019 (whichever was filed last. Social security recipients will also receive a Economic Impact Payment through the method in which the social security benefit is received. The Economic Impact Payment is available through the end of 2020.   

 https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know  

 Both the Federal Tax Return and the State of Michigan Income Tax Return Deadlines have been extended until July 15, 2020. Taxpayers are encouraged to file returns as soon as possible, especially if a refund is expected.  

Contact us about preparing your tax return today. 

 Many mortgage and credit card companies have offered deferment programs to allow for bills to be skipped during the quarantine. However, this may mean that the term of the loan will be extended or the borrower may be liable for paying an interest only payment. If the borrower is able to continue making payments, this will avoid additional interest or a longer term on the loan.  If you need assistance applying for or negotiating with your lenders, The Next Steps Law Firm can prepare an action plan or negotiate on your behalf.  

 The Michigan Governor issued Executive Order 2020-19 which temporarily suspends evictions for tenants and mobile homeowners.  However, it is advisable that rent and lot rent is paid to the extent possible. If an individual is not able to pay rent or only able to make a partial payment, the tenant should talk to the landlord about available options.  Southeastern Dispute Resolution Services provides mediation services to assist with disputes (virtual mediation is available during this time).  

 Federal Student Loans have been automatically placed in an administrative forbearance, which temporarily allows the borrower to stop making the monthly loan payment from March 13, 2020 through September 30, 2020. This means that borrowers should TALK TO THEIR LENDERS. This program only applies to certain federal student loans. For more information, visit https://studentaid.gov/announcements-events/coronavirus 

  If the borrower is able to continue making payments, any amount that is able to be paid will reduce the principal and any accrued interest. Also, it is important to renew any repayment plan due to expire to avoid a lapse. 

 Only emergency hearings are being held at the Jackson Court House until at least April 13. These include personal protection orders, mental health petitions, petitions for immediate funeral/burial arrangements, emergency petitions for guardianship/conservatorship/protective services, temporary restraining orders, in-custody hearings, and any other matter the court may deem an emergency. 

 The Next Steps Law Firm can assist with court filings.  

 The Coronavirus is affecting everyone differently. Now may be the time perfect time to update any estate planning documents that you currently have or to finally create the Medical Power of Attorney (aka Patient Advocate forms) that you may have been putting off. These documents can be done virtually through email, mail, and virtual meetings. 

Contact The Next Steps Law Firm today to learn more.  

 If you have exercise all of the steps listed above to preserve your financial viability during this hardship and you cannot make it through, bankruptcy may be an option. 

If you are considering bankruptcy, The Next Steps Law Firm  can talk you through your options.