Put aside what you think about this news, this is likely going to happen as the admin doesn’t care about legal challenges, they just implement policies.
I own my home, fixed rate mortgage, and I own both of our cars with no remaining payments. From my understanding, should I cease payments on the loan (they are privately owned debts) I can be sued for the debt and then wages garnished. My credit score will also suffer from a default, but again I own everything I have or it’s on a fixed rate.
What does this process look like, and what are the tangible consequences for me?
Not a lawyer or a financial advisor… but a wild tangent to think about… is it more affordable to be married or divorced.
It’s an administration of billionaires trying to get rid of “tax loopholes” for the common person so they can decrease their own tax liabilities. But they appear to be incapable of assessing cause and effect.
So yes you won’t get the benefit if you are married filing separate but if I am understanding correctly, it sounds like you can still get the benefit if filing single.
So if you were single and still getting the payment reduction would you still be in this situation?
If not maybe divorced and filing single and the other filing head of household while still living together could be an option.
Just another thing to consider.