Can creditors who have judgments against me take my CARES Act stimulus payment?
Yes, collection agencies with judgments against you can garnish it if you leave your stimulus payment in your bank account. So take action now, to protect it!
Withdraw all of the cash, or transfer the money to a prepaid debit card. These cards are available at Wal-Mart and H&R Block, or you can use phone apps like Venmo or Cash App. These apps allow you to link your bank account to the app, and will send you a debit card so you can spend the money in a store. For more information, contact our experienced Nebraska attorneys today.
What if I owe money to the IRS?
Although the IRS is not collecting on new (2019) unpaid tax liability, they will likely collect on older tax debt (2018 and older). If you have any questions on tax debt liability contact Steffens Law today!
How should I spend my stimulus payment?
If you’re planning to file Bankruptcy, we recommend the following: Groceries, gas, utility bills, insurance, or rent are all great ways to spend your stimulus check. You could also use it to pay your bankruptcy fees. However, we advise against using it to repay loans from family members. By law, they could be required to pay into Court all the money you repaid them. So, hold off on that!
Bottom line: Use your stimulus payment for “needs”, not “wants”. And stretch the money as far as you can!
Our Nebraska Bankruptcy Attorneys Are Dedicated To Helping You
If you have other questions about your stimulus payment, call Steffens Law Office at 308-832-6679, or fill out our form to contact us today.