Bloomberg reports that Americans are increasingly invading their retirement accounts to pay bills to avoid foreclosure and pay medical debt. But is that really the best approach? Bankruptcy is particularly good at relieving medical debt, and other unsecured debts like that. But many people don’t know that that option is available and wait too long. […]
VA Stops Foreclosures After Forbearance Program Leaves Borrowers In Trouble
During the COVID-19 pandemic, the government started many mortgage forbearance programs, which involved putting unpaid mortgage amounts at the end of the loan without collecting interest. Many people signed up for this because it was an excellent deal. The VA had a similar program to this, but then it suddenly ended. Suddenly, borrowers who heard […]
Obamacare 2024 Enrollment Open Until January 16th in Most States
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 […]
NCSL Offers Great Tool for Tracking Student Loan Forgiveness Programs in States
The National Conference of State Legislatures offers an excellent database of legislation on student loan debt. Users can filter legislation by year or by subject, including Forgiveness Licensure Other Oversight Taxes To see a list of all state forgiveness programs since 2016, filter the list by “Forgiveness” and “Enacted.” It’s a great way to track […]
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 […]