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Posted on in Income Taxes

San Antonio bankruptcy attorney

If you are among the one in four Americans who received unemployment benefits during the pandemic, the IRS is not taxing the first $10,200 of it. 

Unemployment Benefits Are Generally Taxable

As the IRS states plainly, “[i]f you received unemployment compensation during the year, you must include it in gross income.” Unemployment Compensation, IRS Topic No. 418. Furthermore, “unemployment compensation” explicitly includes not just the usual “state unemployment insurance benefits.” It also includes “Federal Pandemic Unemployment Compensation provided under the . . . CARES Act of 2020.” Unemployment Compensation.

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Schertz banruptcy attorney

Paying your stimulus money to various combinations of creditors, in the hopes of avoiding bankruptcy or before a planned one, is dangerous.

Before You Make Decisions That Hurt You

Last week we introduced the radical idea that the best use of your upcoming or already received $1,400 stimulus payment might be to pay for a bankruptcy case. We focused then on how to figure out when you should throw in the towel and decide to file bankruptcy. One clue is if you find yourself making questionable decisions. That can mean that you are starting to feel desperate. Then the bad decisions can turn your situation even worse.

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Boerne bankruptcy attorney

You no doubt have countless uses for the next stimulus payment. But if you are like some people, the very best use is to file bankruptcy. Like who?  

Last week Congress passed the American Rescue Plan Act and President Biden signed it into law. Among its many parts is the $1,400 per person stimulus payment—officially called the Economic Impact Payment. On Friday, March 12, 2021, the IRS put out a news release about these payments. This provides general information about qualifying for the payments, and the amounts individuals and families will receive. There are more details in this IRS Fact Sheet. For information on your own payment, “[b]eginning Monday [March 15], people can check the status of their third payment by using the Get My Payment tool . . .  .”

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San Antonio Chapter 13 bankruptcy attorney

Chapter 13 bankruptcy enables you to use the pandemic’s mortgage payment forbearance process and sell your home if and when you are ready to do so.

Last week we showed how Chapter 7 helps you take advantage of the pandemic foreclosure moratorium when selling your home. Today we show how it works even better with the more powerful Chapter 13 “adjustment of debts.”

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Texas chapter 13 lawyer, Texas chapter 7 attorney, Texas bankruptcy lawyer, There are many options available to Americans who want to resolve their debts, but for those who wish to avoid a mass liquidation of assets, chapter 13 bankruptcy may be the answer. If you are struggling with insurmountable debt, you likely have many questions and concerns about the chapter 13 bankruptcy process.

An experienced bankruptcy attorney can evaluate your situation, address your concerns, and provide recommendations for debt relief. In the meantime, here are three common questions about chapter 13 bankruptcy:

Will I Lose My Property?

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