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  • Edward G. Topolski

Dealing with finances after Covid

Are you asking yourself how to get your finances under control as we put COVID 19 behind us????


Well it looks like we are on our way to whatever the new normal will be.. Our economy is starting to reopen. Restaurants, gyms, retail stores, amusement parks, and other businesses are once again open for business. Granted there are still capacity limits and other guidelines to protect all of us, but things seem to be looking up and we are on our way to a new normal. The big topic of the day seems to be the current labor shortage. There are more job openings than there are job applicants but in time this too will work out.


Recently, I’ve spoken with people who have had their home mortgage and/or rent payments in forbearance, and those agreements have ended. In one case, a gentleman and his wife both senior citizens contacted their mortgage company to see what options were available to get back on track. After submitting information about their current finances, the mortgage company told them that they do not qualify for a loan modification and demanded they pay the roughly $16,000.00 in past due mortgage payments or foreclosure proceedings would be started. This left the couple with a choice of selling their home and using the small amount of equity they would receive to buy another home, or seeking help in reorganizing their debts through filing a Chapter 13 Bankruptcy. The good news was that the couple had enough monthly income to pay their regular monthly mortgage and living expenses, however the bad news was they did not have enough excess monthly income to commit to a Chapter 13 Plan which would allow them to bring their mortgage current over 60 months and keep their home. So they decided to sell their home and use the small amount of equity they received to buy a mobile home in a park and start over. I felt really bad for the couple because all they did wrong was BELIEVE what they were told by the mortgage company that at the end of the forbearance period the mortgage company would work with them to modify their loan.


This is the time to start developing a plan for getting back to work, review our finances, and come up with a plan to get our financial lives started again. I think that many of us, including myself, tend to procrastinate at times when it comes to making changes in our lives that are needed. Realizing that we really don’t have any control over the economy overall, but we do have 100% control of our own personal financial lives now is the time to plan for out futures.


If your credit card balances have reached their limits and your mortgages/rent are behind this is the time to come up with a plan for moving forward as we put COVID19 and the financial problems it caused behind us.. Call me today and we’ll schedule a free consultation to brainstorm and make sure you have a solid plan for your future...



Thank you, Edward G. Topolski.

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