Avoiding Bankruptcy: Taking Advantage of the 2021 American Rescue Plan Act

Avoiding Bankruptcy: Taking Advantage of the 2021 American Rescue Plan Act

Many times bankruptcy isn’t the outcome of frivolous spending, but the inability to keep up with increased living costs, irregular salaries, and accumulated debts.

Our governments’ responses to COVID pandemic caused millions of Americans to lose their jobs, and made it difficult for them to pay their debts.  However, the federal government then passed the 2021 American Rescue Plan Act (ARPA), which may help some of you to avoid bankruptcy.  So, continue reading to learn more about ARPA.

What is the 2021 American Rescue Plan Act?

Due to the economic hardship imposed by our governments’ responses to the COVID pandemic, more than 43% of US small businesses had to close their doors temporarily or permanently. Decreased consumer demand, health concerns, and the lack of workers caused businesses to pause and wait for better days.

In an effort to alleviate the effects of shutdowns, the US government outlined a relief plan that is intended to deliver financial aid to American families. 

ARPA provided $1.9 trillion in economic stimulus for emergency grants, lending, investment, and other relief. It is intended to assist small businesses and families most affected by the pandemic.

ARPA in Florida

ARPA delivered $676 million to the Florida Department of Economic Opportunity, to aid Florida homeowners in avoiding bankruptcy. In essence, the financial relief package makes Florida homeowners eligible for up to $50,000 in assistance.

The homeowner’s property can be a single family home,  a condo, or even a four-unit property provided the homeowner resides in one of the units

Relief is available to:

  • Paying for mortgage arrearages;
  • Insurance;
  • Or accumulated taxes.

Get Back on Your Feet With Miami Bankruptcy

Whether or not ARPA is able to help you, the Miami Bankruptcy Law Offices of James Schwitalla, P.A will! With more than 30 years of experience, Mr. Schwitalla and his firm have helped thousands of individuals, couples, families, and small business owners ease their financial hardships.

Mr. Schwitalla can provide legal advice and assistance in case of bankruptcy litigation, as well as offer creditor-representation services and debt relief legal assistance. 

Contact The Bankruptcy Law Offices of James Schwitalla, P.A,. now to have your situation analyzed by Mr. Schwitalla, and your bankruptcy and non-bankruptcy options explained to you in a way that you will understand!

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