Here at the Calig Law Firm, we want to give some information on this current Stimulus Checks and what options you have with respect to a Stimulus Check if you receive one.
Would filing for bankruptcy protect this stimulus check from creditors?
It depends. The Consolidated Appropriation Act, passed in December of 2020, included protections for people who are in bankruptcy. However, there is no current legislation specifically protecting this round of stimulus checks from garnishment by private creditors. However, depending on your financial situation, we may be able to use existing bankruptcy laws (exemptions) to protect some, or all, of your stimulus payment.
Will I receive a check?
The stimulus check comes with a $1,400 per-person maximum. Individuals earning $75,000 or less per year get the maximum, as would married couples with incomes earning $150,000 or less.
Incomes for individuals between $75,000 to $80,000, and married couples between $150,000 to $160,000 see a small decline from the maximum.
Additionally, unlike the first two checks, families who qualify will get up to $1,400 for each dependent claimed on a tax return, not just their qualifying children under 17.
The recent legislation excludes individuals and families at the highest income levels.
Check here to find out if you qualify for this round.
When will I receive the payment?
Payments started going out March 12, 2021. You can track your payment using the IRS “Get My Payment” tool. This tool requires you enter the full Social Security Number, date of birth, street address, and zip code. This tool will allow you to pinpoint when you should receive the check.
If you have questions about whether we can help protect our stimulus payment from creditors, contact us today and we can review some of your options.