Don’t Pay Tax on Unemployment Benefits

Wasson and ThornhillUnemployment Benefits

income tax forms

Photo by Kelly Sikkema on Unsplash. Did you receive unemployment benefits in 2020? 1 in 4 Americans did. Under the American Rescue Plan you don’t pay tax on the first $10,200. Unemployment Benefits Are Generally Taxable As the IRS states plainly, “[i]f you received unemployment compensation during the year, you must include it in gross income.” Unemployment Compensation, IRS Topic … Read More

Don’t Waste Your Stimulus Payment

Wasson and ThornhillBankruptcy Advice

burning and wasting money

Photo by Jp Valery on Unsplash. It’s all too easy to think you’re doing the right and smart thing to pay your stimulus payment to creditors. Here are examples when it’s not. Before You Make Decisions That Hurt You Last week we introduced the radical idea that the best use of your upcoming or already received $1,400 stimulus payment might … Read More

File Bankruptcy with Your Stimulus Payment

Wasson and ThornhillBankruptcy Advice

wha t to do with stimulus payment

Photo by Mubariz Mehdizadeh on Unsplash. As surprising as it may sound, putting your new $1,400 stimulus payment into the cost of bankruptcy may be your very best use of that money. Last week Congress passed the American Rescue Plan Act and President Biden signed it into law. Among Its many parts is the $1,400 per person stimulus payment—officially called … Read More

Sell Your Home with Chapter 13 Help

Wasson and ThornhillSelling Your Home

sell your home

Photo by Ronnie George on Unsplash. Chapter 13 works with the pandemic’s mortgage payment forbearance process so that you can sell your home if and when you’re ready to do so. Last week we showed how Chapter 7 helps you take advantage of the pandemic foreclosure moratorium when selling your home. Today we show how it works even better with … Read More

Selling Your Home with Bankruptcy Help

Wasson and ThornhillSelling Your Home

home to sell

Photo by Kent Rebman on Unsplash. When selling your home during this foreclosure moratorium rollercoaster, Chapter 7 bankruptcy maximizes your sale price and protects sale proceeds. In the last two blog posts we presented 10 ways bankruptcy significantly helps you take advantage of the foreclosure moratorium. One of those ways—from two weeks ago—was in the context of selling your home. … Read More