Q&A about Medical Bankruptcy

Wasson and ThornhillBankruptcy Advice

medical room in hospital

Photo by Martha Dominguez de Gouveia on Unsplash. There is no such thing, legally speaking, as a medical bankruptcy. However, the majority of personal bankruptcies have a medical cause. The last two weeks we’ve written about health insurance. Two weeks ago we discussed the 6 months of free health insurance provided by the recent American Rescue Plan Act.  Last week … Read More

Bankruptcy Helps with Health Insurance

Wasson and ThornhillHealth Insurance

health is good Xray

Photo by Owen Beard on Unsplash. Health insurance is extremely important, for lots of reasons. Chapter 7 and Chapter 13 can both help you get and keep your health insurance. Last week we discussed the 6 months of free health insurance provided by the recent American Rescue Plan Act.  It may apply to you if you lost your job and … Read More

Free Health Insurance for 6 Months

Wasson and Thornhillpandemic

doctor ready to provide health care

Have you lost a job, and with it your employer-based health insurance? You can get 6 months of that insurance for free starting April 1. Last month’s American Rescue Plan Act included the $1,400 stimulus payments, expanded unemployment insurance, and many other benefits. One other less well-known benefit pays your health insurance if you’ve lost your job and your health … Read More

What If You Already Owe Income Tax?

Wasson and ThornhillIncome Taxes

no taxes without representation

Photo by Donovan Reeves on Unsplash. What if you already owe a prior year (or more) of income tax, regardless whether you expect to owe for 2020? What should you do and not do? What if you owe 2020 income taxes even though the IRS is not taxing $10,200 of unemployment income that year? That was our topic last week. … Read More

Got Unemployment Income and Owe Income Tax?

Wasson and ThornhillIncome Taxes

what to do with income

Photo by Travis Essinger on Unsplash. What if you owe 2020 income taxes even though the IRS is not taxing $10,200 of unemployment income? What should you do and not do? Last week we discussed the extent to which unemployment income is not taxed because of the American Rescue Plan Act. Generally, you don’t pay federal (and possibly state) income … Read More

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

More Foreclosure Moratorium Help

Wasson and ThornhillBankruptcy Advice

home in bankruptcy

Photo by Sven Brandsma on Unsplash. The mortgage foreclosure moratorium extension can be helpful. But it doesn’t help with judgment and tax liens on your home. Bankruptcy does so. Last week we wrote about the ongoing foreclosure moratorium and the related mortgage forbearance opportunities. We discussed how bankruptcy can hugely increase the practical benefits of this for you and your … Read More

Forbearance Extension Helped by Bankruptcy

Wasson and ThornhillHome Foreclosures

financial rollercoaster

Photo by Matt Bowden on Unsplash. The mortgage forbearance extension can be helpful. But the whole situation is extremely stressful. Bankruptcy can help in many ways. Wild Foreclosure Moratorium Rollercoaster Ride If your mortgage has qualified for the federal mortgage foreclosure moratorium, the last 11 months have been a wild ride. Since the original 60-day foreclosure moratorium in March 2020, … Read More

Another Extension of the Mortgage Foreclosure Moratorium

Wasson and ThornhillForeclosure

man worried about foreclosure

Photo by [ik] @invadingkingdom on Unsplash. President Biden acted immediately to re-extend the previously extended federal foreclosure moratorium. It now goes through March 31, 2021. New Foreclosure Moratorium Extension through March 2021 On the day of President Biden’s January 20 inauguration, the White House stated that: he will ask the Department of Veterans Affairs, Department of Agriculture, and the Department … Read More

New Extension of the Student Loan Moratorium

Wasson and ThornhillStudent Loans

student chairs

Photo by Nathan Dumlao on Unsplash. President Biden acted immediately to re-extend the previously extended federal student loan moratorium. It now goes through September 30, 2021. New Extension through September 2021 On the day of President Biden’s January 20 inauguration, the White House stated that: the Acting Secretary of Education will extend the pause on federal student loan payments and … Read More

New Extension of the Eviction Moratorium

Wasson and ThornhillFinancial Crisis

apartment home for rent

Photo by Jose Alonso on Unsplash. President Biden again extended the previously extended federal eviction moratorium. So it now goes through March 31, 2021, under the same rules. New Moratorium Extension through March 2021 Hours after his inauguration last week, President Biden signed an executive order requesting extension of the eviction moratorium through March 31, 2021. On the same day … Read More