 The Tennessee Department of Health has recently issued new quarantine guidelines, recommending a total of 24 days instead of the previous 14. To quote the document (seen here), "Household contacts must be quarantined for 14 days AFTER the case has completed their 10 day isolation period (whether the case is symptomatic or not)." 'Household contacts' are individuals who share any living spaces with a case. That includes bedrooms, bathrooms, living rooms, kitchens, etc.
So in this scenario....if one of your family members is determined to be COVID-19 POSITIVE, then EVERY family member who shared any room in the home with them should then be isolated for 10 days, then quarantined for an additional 14 days. What would 24 days of missed work do to your finances? Nearly four weeks with no pay? What if you're a typical two-paycheck household and both are missing work for 24 days? Tennessee families just are not prepared for this type of additional blow, after already sustaining previous financial hits from work stoppages, slow downs or business closings. Compound that with the additional financial burden of many families impacted by 'remote schooling' - and the boulders just continue to be piled onto backs of West Tennessee families. How many boulders can your family's shoulders sustain? Smart families are pre-planning their next steps, including debt resolution or bankruptcy choices. If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!  A new article at bankrate.com states that 67% of parents with young children say 'virtual or remote learning' for school will negatively impact their finances.
With a new school year already underway or about to start for most West Tennessee systems, many are offering (or in some cases REQUIRING) virtual or remote learning. Bankrate.com surveyed over 3,000 adults and found that 67% of those with children aged 5 to 10 say their finances will be impacted in the following ways:
Until now, families have been relying on government stimulus programs, expanded unemployment benefits, personal savings and credit cards to stay afloat. With those options running out, and the additional burden of parents who are unprepared for at-home schooling, many families are feeling the pressure. The handwriting is on the wall, and smart families are pre-planning their next steps, including debt resolution or bankruptcy choices. If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!  According to a new article (here) from MarketWatch, business bankruptcies are on the way to a 10 year high with over 400 companies having filed so far this year. Some of the well known names include Remington, J.C. Penney, Neiman Marcus, Hertz, 24 Hour Fitness, and Men's Wearhouse.
Categories hit hardest include:
Those business categories are some of the largest service-industry employers in the nation, and is an indicator of the personal bankruptcies that are soon to follow, as businesses have reduced hours, furloughed or fired many of their workforce during this crisis. Until now, families have been relying on government stimulus programs, expanded unemployment benefits, personal savings and credit cards to stay afloat. Those options are soon ending or are running out. The handwriting is on the wall, and smart families are pre-planning their next steps, including debt resolution or bankruptcy choices. If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!  That extra $600 per week you got for the pandemic crisis...the government may want a piece of that back!
Tax preparers say millions of Americans who received unemployment benefits during this crisis may not know they could owe the IRS for it when they file next year. Jobless benefits are subject to federal income taxes, and workers who are collecting for their first time may not know it. When applying for unemployment benefits, you have the option to have 10% of the payments withheld for federal income taxes. But tax experts said most may not know about the option or how to sign up for it. According to an online article seen here, tax experts say the unemployment benefit tax problem is "...a bigger issue now because of the volume of people who are unemployed..." Stimulus checks, by contrast, are not taxable, as they're considered advance payments of a tax credit. If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!  SMALL BUSINESS COULD FACE CATASTROPHIC CONSEQUENCES Over 100 business executives sent a letter to Congress this week, warning of CATASTROPHIC consequences if small businesses aren't bailed out due to COVID-19. The letter states "By Labor Day, we foresee a wave of permanent closures...by year end, the domino effect of lost jobs, as well as lost services and products...could be catastrophic." The letter was signed by a number of business leaders including representatives of Starbucks, Facebook, Microsoft, Walmart, and the Chamber of Commerce. In it, they said legislation needs to guarantee federal loans to sustain small businesses through 2020 and well into 2021...adding that a two or three month program won't be enough. More details about the story here.  TENNESSEE RESIDENTS MAY FACE EVICTION
Meanwhile, in another story this week, the headline reads: "Wave of evictions expected...in many states." Within the article, the writers note "with 30 million unemployed...and the federal eviction moratorium that expired July 25th...if not extended, landlords can initiate eviction proceedings in 30 days....it's going to be a mess." A survey last week found that 30% of Tennessee residents said they weren't able to make last month's rent or mortgage payment and had little or no confidence they could pay this month's. Read the story here. Most families admittedly were already living paycheck to paycheck, and new stimulus packages being proposed by the government ultimately tells them they'll need to get by with even less. The fact remains that the vast majority of Tennesseeans were unprepared for a crisis such as this, the goal posts keep getting moved, and as the money tap is now slowly being turned off...bank accounts will dwindle, debts will continue to mount, and bill collectors will be feeling the pressure as well to COLLECT, by whatever means necessary. Smart families should be preparing to take legal steps now. If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today! |
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