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

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

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

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

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

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

Renewed and New Unemployment Benefits Approved

Wasson and ThornhillUnemployment Benefits

employed employees

Photo by Alex Kotliarskyi on Unsplash. Federal unemployment benefits were extended as of December 27, 2020. With one new unemployment benefit added. Here’s what the new law includes. The Coronavirus Response and Relief Supplemental Appropriations Act (CRRSA), was enacted on December 27. Last week we wrote about the new $600 stimulus payments of this new Act. It also extended unemployment … Read More

Trump DOES Sign Pandemic Relief Law

Wasson and Thornhillpandemic

signing signature

Photo by Scott Graham on Unsplash. Unexpectedly Trump did not sign the new pandemic relief law last week. Then after multiple objections, he unexpectedly signed it Sunday night. Late last weekend (on December 20) Congress announced it had a deal on a new pandemic relief law. That agreement was the topic of our blog post last week. Since our last … Read More

Chapter 13 and Your Vehicle Loan or Lease

Wasson and ThornhillVehicle Loans

car vehicle

Photo by A n v e s h on Unsplash. Chapter 13 is more powerful and flexible than Chapter 7 in buying time on your vehicle loan or lease. It can even help more after a repossession. We’re in a series on the smart timing of your bankruptcy case. Last week we interrupted for a breaking story on the pandemic-based … Read More

Chapter 7 and Your Vehicle Loan or Lease

Wasson and ThornhillVehicle Loans

vehicle alone in parking lot

Photo by Erik Mclean on Unsplash. A timely Chapter 7 filing helps in diverse situations with your vehicle loan or lease. Check out these 7 ways Chapter 7 gives you big advantages. We’re in a series on the smart timing of your bankruptcy case. Last week we got into filing bankruptcy to stop a vehicle repossession or surrender. We referred … Read More

Non-Vehicle Cramdown Timing

Wasson and ThornhillSecured Debts

kitchen with appliances

Photo by Clayton on Unsplash. Cramdown is often used as a tool to lower monthly payments and the total paid on vehicle loans. This tool also works with other collateral. We’re in a series of blog posts on the best timing for your filing of your bankruptcy case. Last week we got into timing the cramdown of a vehicle loan. … Read More

Vehicle Loan Cramdown and Chapter 13 Timing

Wasson and ThornhillVehicle Loans

vehicles on road

Photo by Xan Griffin on Unsplash. Vehicle loan cramdown lowers your monthly payment and reduces the total you pay for your vehicle. You have to qualify, and timing is crucial. We’re in the midst of a series on filing your bankruptcy case with the best timing. Today we get into the right timing to be able to cram down your … Read More

Student Loans and Chapter 13 Timing

Wasson and ThornhillStudent Loans

nervous student

Photo by Tim Gouw on Unsplash. Chapter 13 gives you significant timing advantages better enabling you to demonstrate the required undue hardship to write off student loans. We’re in a series on the best timing for filing your bankruptcy case. Two weeks ago we introduced the special condition you have to meet to discharge (write off) student loans: undue hardship. … Read More