If you're facing a significant financial emergency, such as bankruptcy or repossession, or foreclosure, below are some information regarding these scenarios, to help you understand some alternatives and exactly how they might impact you in the long-term. Credit rating Protections in the CARES Act. The 2020 CARES Act offers debt protections and consumer assistance for customers to help them financially make it through the COVID-19 crisis. Here's what you require to understand, from credit reporting modifications to credit freezes, to payment relief, and more.