Individual Case Study
We’ve gotten to hear from several of you these past few weeks. Here is the story of one woman, who we will call Coco for anonymity.
Coco is married and has three kids. Her husband, Jojo, works in a restaurant and lost his job, though he may get it back when it reopens. Her hours have been cut, though she is still working.
I spoke with the owners of the restaurant that Jojo worked at and helped them apply for the Paycheck Protection Program. With this, Jojo may be able to get paid soon, but the timeline is unclear. Coco & Jojo have taken a big hit in income and since they are likely to owe taxes, they’ve delayed filing until July 15.
I’ve also guided Coco & Jojo to receive a three month forbearance on their mortgage, though we are still negotiating with car loan companies for their two automobiles. They’ve been putting groceries on credit cards, which is not ideal but is necessary for now.
What next? I told them to keep delaying any mortgages or car loans for now, and we discussed a good budget to keep food on the table. With my experience in financial law, I am thankful to be able to support everyday people like Coco & Jojo. Call me today if you have any questions.