Episode 1

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Published on:

14th Apr 2020

Protecting Your Finances During COVID-19

The COVID-19 pandemic has been a rollercoaster ride for many of us. While the public health issue is significant, COVID-19 has undoubtedly affected the world’s economic situation as well. We’re in a state of fragility, with people losing jobs or working reduced hours, and businesses closing due to the crisis. On an individual level, this crisis has led to increased anxiety and panic, particularly when it comes to finances.

In this inaugural episode, Attorney Heather Culp of Essex Richards and Engage Forward’s Karen Boothe discuss how you can manage financial anxiety while making sound decisions during the COVID-19 crisis. They provide advice both from a financial and a legal standpoint, particularly for those who don’t know where to start and are feeling overwhelmed.

It’s essential to take a step back and take inventory of your available assets, your income, and your expenditures, then examine your priorities. If you have extra time on hand during the shelter-in-place order, use this time to gather important documents and information.

Should you find yourself in a financial bind, Heather provides a list of available legal remedies. There are also various financial relief options you can apply for, including loans, unemployment insurance, and stimulus packages.

Before making any financial decisions, Heather and Karen strongly encourage you to speak with your attorney, financial advisor, or another expert to assist you in choosing the best path forward for you and your family.

Episode highlights

  • Where to start if your finances have been affected 12:48
  • 5 legal options for those with financial troubles 17:10
  • Where people can make financial adjustments in their lives 30:36
  • What to do with the stimulus payment provided by the government 35:26
  • Importance of knowing practical information 38:01
  • Typical issues with bankruptcy filing 39:20
  • Using retirement funds to pay debt 46:37
  • Things to avoid doing 50:14
  • Important financial documents to prepare during a health crisis 53:07
  • Key takeaways 55:44
  • The advantage of tools like technology 57:17

For more information, you can visit Essex Richards at www.essexrichards.com. You can reach Attorney Heather Culp at hculp@essexrichards.com or 704.377.4300 and Karen Boothe at karenb@engageforward365.com or (888) 472-6795.

This podcast was recorded and is being made available by Essex Richards and Engage Forward for informational purposes only. By accessing this podcast, you acknowledge that Essex Richards and Engage Forward make no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast because laws, regulations, and policies are changing every day. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Essex Richards or Engage Forward. This podcast should not be used as a substitute for competent legal or financial advice from a licensed professional in your state and should not be construed as an offer to make or consider any investment or course of action. You should direct any specific legal or financial questions to a legal or financial professional licensed in your state. You should direct any specific legal or financial questions to a legal or financial professional in your state.

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About the Podcast

Protecting Your Finances During COVID-19
Making Good Personal Financial Decisions During the COVID-19 Crisis
The coronavirus and COVID-19 diagnoses in the United States have quickly changed our lives in many ways. While health and public safety are top priority, many of us are concerned about our personal finances, and how we will take care of ourselves and our families. Some of us have lost jobs. Some of us have had our hours drastically reduced. Some of us do not have child care so we cannot go to work. Some of us are ill or caring for someone who is ill. Some of us have seen the value of our investments fall sharply. Some of us own small businesses and whether they close or not, we worry about meeting payroll and other operating expenses and whether we will be able to pay ourselves. And some of us are dealing with a combination of these changes.

If you are dealing with any of these scenarios or just want to learn more then consider listening to this podcast. Heather Culp and her guest, Karen Boothe, cover legal insight and fundamental money management strategies to help you survive when facing challenging financial decisions.

Heather Culp is a bankruptcy attorney at Essex Richards in Charlotte, North Carolina. She and her colleagues have significant experience helping North Carolinians and their families of all walks of life through their financial challenges. Heather has over 20 years of experience and has helped clients navigate the 2008 recession and rebuild.

Karen Boothe is the founder and owner of Engage Forward LLC. Karen provides educational guidance and is passionate about what she does. Engage Forward LLC develops and delivers impartial, independent educational resources and is 100% independent which means no conflict of interest. The company’s core values center around (1) People, (2) Integrity, (3) Impact and (4) Well-Being. Karen has extensive experience in the financial services industry including managing large corporate retirement plans through the 2000 tech crisis and the 2008 recession.

For More Information about:

Essex Richards
Heather Culp
Phone: (704) 377-4300 (if you live in North Carolina)
Website: www.essexrichards.com

Engage Forward LLC
Karen Boothe
Phone: (888) 472-6795
Website: www.engageforward365.com

This podcast was recorded and is being made available by Essex Richards and Engage Forward for informational purposes only. By accessing this podcast, you acknowledge that Essex Richards and Engage Forward make no warranty, guarantee or representation as to the accuracy or sufficiency of the information featured in the podcast because laws, regulations and policies are changing every day. The views, information or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Essex Richards or Engage Forward. This podcast should not be used as a substitute for competent legal or financial advice from a licensed professional in your state and should not be construed as an offer to make or consider any investment or course of action. You should direct any specific legal or financial questions to a legal or financial professional licensed in your state. You should direct any specific legal or financial questions to a legal or financial professional in your state.