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san antonio bankruptcy lawyerThe recent CARES Act deadline for excluding pandemic relief payments from Chapter 13 “current monthly income” was extended to March 27, 2022. 

Way back in March 2020, the CARES Act made some helpful temporary changes to consumer bankruptcy law. (See our blog post in April 2020 about this.) Some of these changes would have expired, but in the meantime, Congress passed two other laws which extended the changes. These are still temporary, so it’s important to know the new deadlines. Last week we focused on one change dealing with Chapter 7’s means test. Today we focus on a similar change and new deadline about Chapter 13’s crucial “current monthly income” calculation. 

The Crucial Role of Your “Current Monthly Income” in Your Chapter 13 Payment Plan

The Chapter 13 “adjustment of debts” consumer bankruptcy option provides many advantages over Chapter 7 “straight bankruptcy” for many people. Chapter 13 tends to be better for those with tax and child/spousal support debts, vehicle and home mortgage loans, and more than usual or unusual assets. It involves paying into a monthly Chapter 13 plan for the benefit of your creditors. Usually, that plan allows you to prioritize paying your more important creditors over the rest of them. 

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san antonio bankruptcy lawyerThe CARES Act’s March 27, 2021 deadline for excluding pandemic relief payments from the means test was extended by one year to March 27, 2022.

At the beginning of the pandemic, the CARES Act made some helpful temporary changes to consumer bankruptcy law. (See our blog post in March 2020 about this.) Those changes had expiration dates which have now passed. However, in the meantime, Congress passed two other laws which extended the changes. They are still temporary changes. As time passes, these consumer bankruptcy law changes and their new expiration dates continue to be important. Today we focus on one of these changes pertaining to the Chapter 7 means test. 

All Pandemic Relief Payments Excluded as Income for the Means Test

The point of this first change is to prevent the pandemic relief payments from disqualifying people from Chapter 7, “straight bankruptcy.” People could receive and spend their payments without jeopardizing their bankruptcy options. Here’s how it works. 

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Posted on in Bankruptcy

san Antonio bankruptcy attorneyHaving health insurance is extremely important. Both Chapter 7 and Chapter 13 bankruptcy can help you get and keep your health insurance.

Last week we discussed the 6 months of free health insurance provided by the recent American Rescue Plan Act.  It may apply to you if you lost your job and your health insurance with it. If this applies to you please check out that blog post. 

Today’s blog post gets into the broader topic of health insurance and bankruptcy. 

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Posted on in Income Taxes

San Antonio Bankruptcy LawyerWhat do you do (and not do) if you already owe 2018 or 2019 income taxes, or taxes from earlier years, and haven’t sent in the latest tax returns? What if you owe 2020 income taxes even though the IRS is not taxing $10,200 of unemployment income that year? That was our topic last week. The first $10,200 of unemployment is not being taxed because of last month’s American Rescue Plan Act. This week’s topic covers your options if you owe income taxes for prior tax years. Even if you don’t owe for 2020, or owe less, that may not help much if you were already behind.

If You HAVEN’T Submitted Recent Tax Returns

For tens of millions of Americans, the last year has been the most financially disruptive in their lifetimes. Many lives were turned upside down around a year ago. If that includes you it’s understandable that you had trouble preparing and sending in your 2019 income tax returns.

The IRS recognized this to some extent by extending its tax return deadline from April 15 to July 15, 2020. So did virtually all states with income taxes (which include 41 out of the 50 states). But if your financial challenges went beyond last July, you may still not have made that deadline. Indeed you may not have submitted them even now if you owe and cannot pay.  That may be especially true if you were already a year or more behind on taxes at that point.

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TX foreclosure lawyerIt is extremely difficult to face foreclosure. You may feel angry, upset, and frustrated, and all of those feelings are to be expected. However, if you are in danger of losing your home, it is important to remain calm and to understand how the process works. This is the only way to identify any potential defense you may have, which will give you the best chance of keeping your home. To learn more, our attorneys have created a list of the most frequently asked questions they are asked about foreclosure, and the answers to them.

Is Texas a Judicial Foreclosure State?

Most foreclosures in Texas are non-judicial. This means that when a borrower defaults on their mortgage, the lender can foreclose on the home without first filing a lawsuit against them and going to court. Non-judicial foreclosure is only available when the mortgage deed contains a Power of Sale clause. When a mortgage loan does include a Power of Sale clause, the borrower has already agreed that the lender can foreclose on the home in the event that they default on the mortgage.

When a mortgage loan does not contain a Power of Sale clause, lenders must go through the judicial foreclosure process. This requires them to file a lawsuit and go to court to obtain an order that allows them to foreclose.

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