The government has been helpful with stimulus packages, but these are starting to dry up. Many employees are about to face the consequences of the past few months. It can include filing for bankruptcy.
Hit by a Tidal Wave
The prospect of bankruptcy is not caused by irresponsible spending. Landlords have delayed rent payments and utility companies have delayed monthly payments or avoided shutting down utilities because of unpaid bills. People in debt have tried to meet the required payments, but it has not been easy. As quarantines continue, creditors start demanding payment for any debts in arrears. It can create a situation where bankruptcy is the only option.
Financial wellness can take a severe hit from bankruptcy filings. Someone with a jumbo college loan may feel there is no option but bankruptcy. A lack of understanding of bankruptcy law creates decisions that can be damaging. Assistance with bankruptcy is something that many employees would appreciate because the information assists in maintaining financial wellness. Countrywide Pre-Paid Legal Services has a program that will offer guidance in dealing with bankruptcy.
Complying with the Law
A nationwide network of certified counselors provides financial wellness assistance to Countrywide plan members. Their service is in addition to the materials we offer for plan members facing bankruptcy.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 mandates that before filing bankruptcy, an individual must complete a financial management instructional course. Countrywide has a debtor education course that will provide the educational requirement of the law. A financial wellness plan member will be provided with an approved agency that will issue certificates that evidence completion of counseling and instruction.
But, there still is hope for a person facing the prospect of a bankruptcy court. The Countrywide counselor is there to help a person avoid that day. Counselors will offer advice on how to restructure loans and reduce outstanding interest rates on various debts. Someone who has a student loan will find the Countrywide counselor will provide options to investigate that reduces the burden.
Creditors want their money and a constrained budget cannot supply it. Our counselors will do a budget analysis to help restructure personal finances. It may take a little fine-tuning, but it is possible to squeeze a few extra dollars out of the budget. The extra money is there to help pay down debt and meet monthly obligations.
Rest assured that our counselors will go the extra mile for the sake of financial wellness plan members. This is not an easy time for a person and our counselors appreciate the anxiety. We treat all our plan members with courtesy and respect. The intent is not to preach sermons, but supply wanted help.
The Employer Is Involved
The Countrywide financial wellness plan is tailored to meet the needs of a client. Decision-makers are involved in structuring a plan that meets the needs of all employees. We explain our options and let the executives decide. We will then draft the plan and supply the administrative work that guarantees quick service. No one who is in a Countrywide plan must wait for essential help.
It is not going to be easy to come out of furloughs and quarantines. The new normal is going to place some burdens on the shoulders of hard-working people. Countrywide is committed to lightening the load for these folks. We can help your people financially adjust to a new reality.
If you have any questions about our services, we ask that you contact us at your convenience. Countrywide offers a service that any employee will appreciate. We welcome your inquiry and will answer your questions.