Means Test Pandemic Law Change Extended

Wasson and ThornhillChanges in Bankruptcy Law

money from pandemic relief

Photo by Alexander Mils on Unsplash. The recently expired deadline allowing pandemic relief payments from being excluded from the means test was extended to March 27, 2022. Way back at the beginning of the pandemic the CARES Act made some helpful temporary changes to consumer bankruptcy law. (See our blog post in April 2020 about this.) Those changes had expiration … 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 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

$600 Pandemic Relief Payments Protected

Wasson and Thornhillpandemic

pandemic caused closure

Photo by Edwin Hooper on Unsplash. The $600 pandemic relief payments now being distributed are protected from the reach of bankruptcy trustees, with some timing considerations. The federal Consolidated Appropriations Act (CCA) became law on December 27, 2020. It is reportedly the longest single bill that Congress has passed. Within its 5,593 pages are about 15 pages of temporary changes … 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

$600 Pandemic Relief Payments Are Coming

Wasson and Thornhillpandemic

$600 cash

Photo by Alexander Mils on Unsplash. Now that Trump did sign the new pandemic relief law, and the increase to $2,000 is not happening, when and how are the $600 payments coming? Last Sunday (on December 27) President Trump signed the pandemic relief law that Congress had passed 6 days earlier. Because between its passage and before signing he’d surprisingly … 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

Congress Agrees to New Pandemic Relief

Wasson and Thornhillunemployment benefits

money for relief

Photo by Blogging Guide on Unsplash. Congressional leaders finally announced an agreement for new pandemic relief, extending unemployment benefits and new stimulus payments. On Sunday evening, December 20, 2020, the U.S. Senate Republican and Democratic leaders announced that they finally agreed on a new pandemic relief package. Majority Leader Mitch McConnell said the following on the floor of the Senate: … Read More

No Federal Student Loan Payments through January

Wasson and ThornhillStudent Loans

college student

Photo by Element5 Digital on Unsplash. The pandemic’s federal student loan forbearance period which was expiring at the end of December has been extended through January 31, 2021. On Friday, December 4, the Department of Education extended a forbearance period that was expiring on December 31, 2020. Its press release says “[f]ederal student loan borrowers will not be expected to … Read More

The New Eviction Moratorium

Wasson and ThornhillFinancial Crisis

hopeful rainbow over apartment

Photo by Vlad Zinculescu on Unsplash. The CDC imposed a new eviction moratorium over virtually all “residential property” in the United States. How do renters take advantage of it? On Friday, September 4, 2020, a federal order went into effect temporarily stopping certain residential evictions throughout the country. Issued by the Centers for Disease Control and Prevention (“CDC”), it’s titled … Read More