Obamacare open enrollment for the 2024 calendar year has begun. The open enrollment period is a crucial window in the health insurance calendar, allowing individuals and families to review, select, or change their health insurance plans. This period is critical because it is typically the only time during the year when people can make these […]
Bankruptcy Means Test, Median Income Updates, Effective November 1, 2023
LegalConsumer.com has updated its means test calculator to incorporate the latest justice department median income data that applies to all bankruptcy petitions filed on or after November 1, 2023. The bankruptcy means test is basically a tool to figure out if someone can file for Chapter 7 bankruptcy, which wipes out most of their debts, […]
New Mexico Bankruptcy Exemptions Rewritten in 2023
On March 16, 2023, the New Mexico Legislature passed sweeping changes to New Mexico’s bankruptcy exemptions (2023, ch. 104), effective July 1, 2023: Homestead increased from $60,000 to $150,000 Household goods up to $75,000 per person Motor vehicle exemption increased from $4,000 to $10,000 Jewelry increased to $5,000 Tools of Trade increased to $15,000 Wildcard increased from $500 to $15,000 Exemption in lieu of homestead increased from $5,000 to $15,000 New […]
Washington’s Vehicle, Wildcard Exemptions Increased in 2023
In 2023, the state of Washington revised (RCW 6.15.010), effective July 23, 2023: increased the wildcard exemption to $10,000 RCW 6.15.010(1)(d)(ii) the motor vehicle exemption from $3,250 to $15,000 RCW 6.15.010(1)(d)(iv) and the tools of trade exemption to $15,000 raised the jewelry exemption from $1,000 to 3,500 RCW 6.15.010(1)(d), each married person of a spousal community is now “entitled […]
Wyoming Homestead Increased 5x to $100,000 in 2023
Wyoming Homestead Exemption Increases 5x to $100,000 As of July 1, 2023, the state of Wyoming is apparently trying to keep up with its neighbors who increased their homestead exemptions recently (Colorado in 2022 and Montana). While not as large as Colorado’s homestead of $250,000 or Montana’s inflation-adjusted homestead of $378,560, it still represents a […]
Student loan forgiveness may be taxed in several states
USAToday reports that a handful of states have decided to go ahead and tax student loan forgiveness, Most states followed suit and didn’t impose taxes on student loan cancellations. But in the handful that do plan to tax forgiveness, borrowers should get ready so they’re not surprised this tax season or worse, face an audit. Which states will […]
New Student Loan SAVE Repayment Plan Offers the Best Deal Ever Offered
The Biden administration on Tuesday, August 22 announced the details of the best deal ever offered to federal government student loan borrowers who qualify for income-driven repayment (IDR), The Department of Education is now accepting applications for the “Saving on a Valuable Education” program or SAVE. The SAVE Plan replaces the Revised Pay As You Earn […]