Ransom v. FIA Card Services, N.A.
Back in January the Supreme Court decided a case entitled Ransom v. FIA Card Services. This case impacts all bankruptcy cases pending and those to be filed in the future. To summarize its impact – most bankruptcy filers are not allowed to deduct the IRS allowance for housing or automobile when they are not making the payment. This means if you are staying in a house and you are not making the payment you may not be allowed to deduct the IRS housing allowance in your budget. This also means that if you drive a car that is paid in full you may not be allowed to deduct the IRS Automobile allowance in your budget.
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