A Helping Hand: The History and Protections of Fraternal Benefit Societies Mutual Support in Ancient Times: Long before commercial insurance, fraternal societies offered a social safety net. Ancient guilds and religious groups provided financial aid during illness, death, or hardship. These early forms emphasized shared values and community, laying the groundwork for the fraternal societies […]
More Americans than ever are invading their retirement accounts to pay bills
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. […]
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 […]
Colorado Expanded the Definition of “Dwelling” to include living in your car: Homestead Exemption Laws Expand to Meet the Modern Age
These days, what people call a “home” can be anything from a mansion to a car parked in a part of the town where they won’t be hassled and can get some sleep. Bankruptcy law has always allowed people to protect their home, through something called a homestead exemption. Homestead laws are generally found in […]
Recent State Bankruptcy Exemption Changes Thanks to NACBA
The National Association of Consumer Bankruptcy Lawyers (NACBA) lobbies Congress to create laws favorable to consumer debtors. In 2022 they had several successes: CALIFORNIA 2022 S.B.1099: Signed into law on September 28, 2022. The bill goes into effect January 1, 2023. Highlights include: “Ride through” option restored for vehicles (no more repos for failure to […]