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 […]
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 […]
What’s happening with Student Loans? What you need to know now that student loan payments are resuming
There are two things going on with Student Loans: What Resumption of Student Loan Payments Means For You? The resumption of student loan payments in October will not only end inflation but may cause many Americans to think seriously about bankruptcy to get of other debts they may not be able to pay any longer […]
Michigan Bankruptcy Exemption Limits to Increase by 14% April 1, 2023
Michigan adjusts its exemptions for inflation every three years. The revised 2023 amounts were published by the Michigan Department of the Treasury on January 25, 2023. They apply to cases filed on or after April 1, 2023, and are summarized here. The total increase for the period is 13.96% Michigan Bankruptcy Exemptions Inflation Adjustments 2023