Weltman, Weinberg & Reis Co., LPA, a full-service creditors' rights law firm entering its 90th year in business, is pleased to announce the addition of attorneys Garry A. Masterson and Alexander C. Weinberg to the firm's Cleveland office.
On April 22nd, 2020, the Chief Judge of the United States Bankruptcy Court for the Eastern District of Pennsylvania signed Misc. Order 20-3007. The Order outlines the local process for notification of forbearance agreements in active chapter 13 bankruptcy cases due to the COVID-19 pandemic.
On April 17th, 2020, the Bankruptcy Judges, along with the Clerk of Court of the Western District of Pennsylvania Bankruptcy Court, held a conference* with attorneys practicing in that jurisdiction to discuss matters and procedures related to the outbreak of COVID-19.
The Coronavirus Economic Stabilization Act of 2020 (CARES Act) provides for a borrower to obtain a forbearance on a federally backed mortgage loan. However, how the forbearance agreement is handled in the bankruptcy court or the chapter 13 trustee's office often differs from jurisdiction to jurisdiction.
To address some of the issues raised by the pandemic shutdown, Congress passed the Coronavirus Aide, Recovery, and Economic Security Act (CARES Act), which, among other things, amended the SBRA to give struggling businesses additional options an attempt to survive the shutdown.