How Do I Prioritize my Finances During the Pandemic?

On top of huge concern for health and safety, many Connecticut residents are also facing some very overwhelming financial obstacles in the wake of the COVID-19 pandemic. In such an unprecedented time, it is critical to keep in mind what is most important regarding your financial circumstances.

Firstly, pay what is absolutely necessary. Food and utilities come first. Secondly, if you are unable to make payments on your mortgage or rent, there may be temporary protection from your Bank or Landlord. Government-backed lenders and many other banks are offering moratoriums on your payments and many landlords are willing to be accommodating. The foreclosure courts are briefly on hold.  The eviction courts are closed. You will not lose your house or apartment immediately.  Keep Thorough Documentation and Records. As things change with time, there will likely be confusion, so confirm everything you can in writing especially with the Banks, who don’t keep transparent records or designate specific people responsible for your account.  Long waits and numerous changing customer representatives aren’t going to evidence your account.  Keep records.

Nonetheless, these are all temporary fixes and you need a more permanent plan. If you have lost your job or your household has had a decrease in income, budgeting can still fail as you try to keep you and your family financially afloat, Mortgage moratoriums and temporary rent suspensions are also extremely short-term solutions, but there are long-term answers and smart ways to survive tough economic times and overwhelming debt. You have a legal right to financial recovery.

If it is difficult for you and your family to get by, please contact the Law Offices of Neil Crane, LLC. Contradicting information and constant policy changes make understanding your finances extremely challenging. Our team of attorneys can clarify what is actually going on and analyze your financial circumstances to help you explore your options.