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Could Your Stimulus Payment be at Risk? Atlanta, GA

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Could Your Stimulus Payment be at Risk?

a gavel over a pile of banknotes

The COVID-19 pandemic is putting a strain on the economy that is being felt by everyone. Businesses are closing, people are losing their jobs and the uncertainty is beginning to wear many people down. When the federal government announced a stimulus payment would be sent out, the promised help was very welcome. As details of the coronavirus stimulus came to light, however, the omission of protection from debt collectors was missing in the language. Can your stimulus payment be taken to cover your debts? How can you protect yourself?

Identifying the Problem

In an article featured on CNN.com, some senators have recognized the issue and are calling on officials at the Treasury Department to prevent debtors from garnishing stimulus payments. Some states are taking matters into their own hands, preventing debt collection from stimulus payments, but the Treasury Department has yet to issue guidance concerning this potential problem. The problem with this is that it directly affects those at most risk during the pandemic. These payments are designed to help pay bills and buy necessities until the economy can reopen for business.

Protect your Stimulus Payment

The most effective way to ensure you have access to your complete stimulus payment is to closely monitor the bank account it will be deposited into and withdraw as soon as you see the payment posted. The stimulus payment will be deposited into the same account listed on your IRS tax return. Either deposit the funds into an account that is inaccessible to your debtors, or simply hold on to the cash instead.

These are trying times for many of us. The uncertainty of the job market, the massive job losses and not knowing when the economy will reopen are impacting many around the country and around the world. You do not have to face trying times alone. Give us a call at (404) 685-8800, or fill out a contact form. Gingold & Gingold can help you navigate this difficult time and explain bankruptcy options to you.

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

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Our Client Reviews

Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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