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What do you do (and not do) if you already owe 2018 or 2019 income taxes, or earlier, and haven’t yet sent in the latest tax returns?

Do you owe 2020 income taxes even though the IRS is now not taxing the first $10,200 of unemployment income? What to do and not to do.

If you’re one of the 1 in 4 Americans who received unemployment benefits during the pandemic, the IRS is not taxing the first $10,200 of it.

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

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

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

Beyond the pandemic’s foreclosure moratorium, Chapter 7 bankruptcy gives you serious advantages if you’re selling your home.

In the midst of the foreclosure moratorium, you may be dealing with or trying to avoid judgment or income tax liens. Bankruptcy hugely helps.

Use bankruptcy as tool to take the best advantage of the pandemic mortgage foreclosure moratorium. Get stability in an unstable environment.

The federal mortgage foreclosure moratorium now doesn’t expire until March 31. It may extend through September 2021 if Biden has his way.