COVID-19 placed many homes in financial jeopardy. Extended furloughs required people to rely on savings and 401(k) plans to ride out the storm. The stimulus checks were able to prevent many people from falling into economic ruin. Sadly, the situation was already so desperate for some that no amount of assistance would turn things around. These are facing bankruptcy.
The emotional stress of bankruptcy is mind-numbing. People are ashamed of the situation, but they are also terrified of what happens next. Hasty decisions can lead to even more problems. Young employees are especially vulnerable to making the wrong choices and reaping harsh consequences.
Compassionate employers do not want to see their loyal employees suffer under these circumstances. They want to help their subordinates get out of a major mess, and many times good advice from experts will help. Countrywide Pre-Paid Legal Services has a financial wellness program that will offer expert assistance to those in dire straits.
Getting the Right Advice
Countrywide has a nationwide network of certified counselors who provide guidance and advice to financially distressed people. There is a counselor in every community where there is a Countrywide client, and it is not hard to schedule a COVID safe meeting with one.
Answering questions is an essential Countrywide service. A financial wellness plan member might wonder which type of bankruptcy to file for: Chapter 7 or Chapter 13? A Countrywide counselor will perform a budget analysis to determine the existing financial situation of a plan member and suggest the best alternative. Some are frightened about what will happen to their credit ratings and will they be able to ever qualify for a mortgage or a house loan. The counselor can smooth the troubled waters and give hope to a stressed-out person.
Adhering to the Rules
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2006 has clear guidelines for anyone filing for bankruptcy. The person must have six months of credit counseling before they can file. Moreover, that individual must complete a financial management instructional course before they can discharge their debt in bankruptcy. Countrywide can help.
We can serve as an approved agency that issues Certificates of Completion for counseling and a Personal Financial Instructional Management course necessary under the Bankruptcy Code. We can help a plan member comply with the Code wants. We will go even further for the sake of financial wellness plan members.
Our benefits often complement each other. Our Debt Management Plan will help a person avoid many of the debt pitfalls that lead to bankruptcy. There are ongoing counseling sessions and assistance to lower debt interest rates, waive fees, and consolidate the existing debt into an affordable repayment plan. It costs a bit extra, but the aid is worth it.
Empathy is an Essential Service
Anybody facing bankruptcy is in a heightened emotional state. It is embarrassing and frustrating to admit personal finances are out of control. Countrywide counselors understand a plan member’s feelings. They will not lecture a person or preach a sermon. People are treated with courtesy and respect by Countrywide. We seek solutions to problems.
Developing the Financial Wellness Plan
Countrywide wants the benefit to be used by all employees. We are not aware of the demographics of a prospective client’s workforce. We ask decision-makers to select the plan’s financial wellness benefits. Countrywide will explain each option and answer all questions. We will include the chosen benefits in the plan document. We provide member service and benefits administration.
People often face bankruptcy due to circumstances out of their control. Our financial wellness benefits allow an organization to display compassion that employees will appreciate. If you have any questions about Countrywide, please feel free to contact us at your convenience. We welcome any opportunity to explain all our benefits and answer any of your questions.