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Liz Weston

Thursday’s need-to-know money news

May 7, 2020 By Liz Weston

Today’s top story: Start thinking bankruptcy now to maximize your options later. Also in the news: Why this is the perfect time to teach teens about credit, how to protect your stimulus relief check from debt collectors, and how to return a deceased relative’s stimulus check.

Start Thinking Bankruptcy Now, to Maximize Your Options Later
Timing is everything during the pandemic.

This is the perfect time to teach teens about credit
5 ways to prepare Gen Z for the real world of debt and finances.

How to protect your stimulus relief check from debt collectors
Turn that check into cash quickly.

How to Return a Deceased Relative’s Stimulus Check
Unfortunately, you can’t keep it.

Filed Under: Liz's Blog Tagged With: Bankruptcy, Coronavirus, debt collectors, pandemic, stimulus relief check, teens and money

Wednesday’s need-to-know money news

May 6, 2020 By Liz Weston

Today’s top story: Is my money safe in a bank during the COVID-19 crisis? Also in the news: Helping home buyers keep their distance with e-closings, what kinds of credit card relief are available during the pandemic, and how to save for retirement while on unemployment.

Is My Money Safe in a Bank During the COVID-19 Crisis?
Should you be worried about your accounts?

Mortgage E-closing: Helping Home Buyers Keep Their Distance
Changes during the pandemic.

COVID-19: What Kinds of Credit Card Relief Can You Request?
Several options are being offered.

How to Save for Retirement While on Unemployment
Saving for the future is still important.

Filed Under: Liz's Blog Tagged With: banking, COVID-19, Credit Cards, e-closings, mortgage, pandemic, retirement savings, unemployment

Tuesday’s need-to-know money news

May 5, 2020 By Liz Weston

Today’s top story: For self-employed, filing for unemployment benefits is getting easier. Also in the news: How to pay rent when you can’t afford it, what to keep in mind with credit card payments during the pandemic, and how to find out what you owe the IRS.

For Self-Employed, Filing for Unemployment Benefits Is Getting Easier
What you need to know before filing a claim.

How to Pay Rent When You Can’t Afford It
Exploring your options.

COVID-19: What to Keep in Mind With Credit Card Bill Payments
Reach out to your card issuer.

Use This IRS Tool to Check What You Owe Them
Making sure you’re up-to-date.

Filed Under: Liz's Blog Tagged With: CARES Act, Coronavirus, Credit Cards, IRS, rent, Taxes, tips, unemployment

Start thinking bankruptcy now, not later

May 5, 2020 By Liz Weston

If you’ve lost your job or struggle to pay your debt, you may need to file for bankruptcy. If that’s the case, you should ignore some common financial advice and start thinking defensively.

The coronavirus pandemic that upended the economy is also expected to send unprecedented numbers of people and businesses to bankruptcy court. Millions are out of work, and economic disruptions could continue until a vaccine is widely available, something that may be more than a year away.

“I am gearing up for having a tsunami of new cases,” says Jenny Doling, a bankruptcy attorney in Palm Desert, California, who serves on the American Bankruptcy Institute’s Chapter 13 Advisory Committee. “I think there will be a whole lot more people filing than what anyone’s ever seen before.”

In my latest for the Associated Press, what you need to know now if bankruptcy is in your future.

Filed Under: Liz's Blog Tagged With: Bankruptcy, Coronavirus

Monday’s need-to-know money news

May 4, 2020 By Liz Weston

Today’s top story: How states are helping student loan borrowers during the Coronavirus. Also in the news: Making a financial recovery kit to rally faster after disaster, a new episode of the SmartMoney podcast on buying a first home in an expensive area, and why your credit limit just dropped.

How States Are Helping Student Loan Borrowers During the Coronavirus
Find out what your state is doing.

Make a Financial Recovery Kit to Rally Faster After Disaster
Using all this free time wisely.

SmartMoney Podcast: ‘How Can I Buy My First Home in an Expensive City?’
Important factors to take into consideration.

Why Your Credit Limit Just Dropped
Reducing risk.

Filed Under: Liz's Blog Tagged With: Coronavirus, Credit Cards, credit limit, financial recovery kit, real estate, SmartMoney podcast, Student Loans

Q&A: Getting your stimulus check

May 4, 2020 By Liz Weston

Dear Liz: Do you have suggestions on what we should do about not receiving our stimulus check? We have our Supplemental Security Income checks direct deposited, making our bank information correct and known to the IRS. I have checked the IRS “Get My Payment” site daily and continue receiving the message, “payment status not available.” I’ve contacted the IRS, our governor, both state senators, our congresswoman, the mayor and several in the media without a response. Whom can I contact to receive an answer and information?

Answer: The U.S. Treasury Department says people who receive SSI should receive their relief payments in early May. The huge volume of payments means the money is being doled out in stages, but the IRS portal that’s supposed to help you track your payment has experienced a number of glitches.

One possible workaround is to enter your address on the IRS website in capitalized letters. Older computer systems and buggy programs sometimes respond to capital letters when they can’t process lowercase ones. The IRS insists the tool is not case sensitive, but it does suggest not using punctuation when entering your address.

The $1,200 payments are being sent automatically, but if you’re on SSI and have children 16 or younger, you only have until May 5 to request an additional $500-per-child payment through the IRS portal.

Filed Under: Coronavirus, Q&A Tagged With: Coronavirus, q&a, stimulus check

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