ACCORDING to a new report, the number of seniors filing bankruptcy is increasing rapidly. The average senior who files bankruptcy these days owes approximately $17,390 according to the report (Although I have to say that most seniors who come to me for debt help actually owe a lot more!). Some of the reasons mentioned are…
THE YOUNG: The first set of clients are in their late twenties, the epitome of youth. They have their whole life ahead of time. They married three years ago. Right after they got married, they spent all of their money to buy a retail business thinking that the business would flourish and provide their new…
YOUR chances of being chosen for audit has been miniscule for more than 10 years. IRS was underfunded and understaffed. They didn’t have financial resources to hire and train auditors. That’s about to change. Recent budget has allowed them to hire and train auditors for the coming years. Bad news. For now, let’s talk about…
THERE’S been a buzzword in cell phone speeds: 5G. Just what is meant by 5G? Our Asian Journal crew of Roger Oriel, Victor Sy, and Byron Sy found out some valuable data at the latest Consumer Electronics Show in Las Vegas early this month. There are Three Different Versions of 5G with Varying Degrees of…
VIRGINIA Hoover worked as a radiology technologist for a Dignity Health hospital for 24 years. In December 2012, her arm was injured while she was preparing for a CT scan. The injury resulted in medical restrictions, including the prohibition of lifting more than 15 pounds. She also had to go on a lengthy leave of…
THE first senior is 73. He has been separated from his wife for 30 years but not divorced. So, for all intents and purposes, he is single because even if his wife makes a ton of money, her income is irrelevant under the means test since the client does not benefit from that income. Even…
SURE there are alternatives to bankruptcy. But bankruptcy is the only solution that provides viable debt relief for those who are unable to repay their debts. Some people sign up for debt settlement and find out after having paid into the pot that they have been sued by several creditors despite attempts by the debt…
“How can I pay my creditors when my income is not even enough to cover my basic living expenses?” This is a question that I hear everyday from people in my bankruptcy practice. In spite of what the “experts” say about the current economy, I still see a lot of families who don’t even make…
SOME of us feel anxiety over robots taking over our jobs. Yes, they can take over repetitive chores, but let’s view them as helpers to release us from boring repetitive tasks so we can devote more time to creative, administrative, and managerial tasks. Robots don’t do well in an unruly environment (like yours, so you…
Q: I was diagnosed with a spine compression fracture and severe depression. I want to request leave but want to keep my privacy at work. Do I need to tell my employer about my medical or psychological condition? A: No. The employee is not required to disclose the nature of the employee’s medical condition or…
SLEEPLESS nights… Stressed out… Worried about the future… Always broke no matter how hard they work…Feeling hopeless about their situation. This is what most people are going through when they are considering bankruptcy in order to get out of debt. The word “bankruptcy” often produces negative feelings because some people equate it with failure. They…
WHAT is the new minimum wage? Effective January 1, 2020, the minimum wage in California will be $12.00 per hour for employers with 25 employees or less. For employers with 26 employees or more, the minimum wage is now $13.00 per hour. Most employees in California are entitled to be paid at least the minimum…
• YES, taxpayers whose Individual Tax Identification Numbers (ITIN) expired and who expect to file a tax return in 2020 must submit a renewal application. • ITINs with the middle digits 83, 84, 85 or 86, 87 (For example: 9XX-83-XXXX) must be renewed even if the taxpayer used it in the last three years. •…
THE client is 38 years old and single. He is a professional with a license and makes about $100,000 gross a year. He rents a room near his workplace, where he stays on weekdays; on the weekends, he stays at the family residence, which he pays $1,800 a month for, with his parents and a…
INDIVIDUAL Taxpayer Identification Numbers (ITIN) are used by people who should file income tax returns but are not eligible for Social Security numbers. A vast number of ITINs expired at the end of 2019. IRS Commissioner Chuck Rettig distributed information materials in multiple languages including English, Spanish, Traditional Chinese, Russian, Vietnamese, Korean and Haitian on…
THE California Family Rights Act (CFRA) entitles employees who work in businesses of 50 or more employees, 12 weeks of leave from work. This benefit is provided when they have to care for their seriously ill child, parent or spouse, for birth of and bonding with a newborn, or for the adoption or foster care…
SENIORS are husband and wife aged 70 and 65 – wife is a young and healthy 65; husband is a healthy 70 and still looks strong. Both are still working with good income. The husband grosses about $100K a year. The wife grosses about $70K a year. With $170K gross for the household, there should…
ACCORDING to a recent study, a majority of people in this country are living way beyond their means. In keeping up with the Jones’s, these people have resorted to using credit cards to buy things that they normally can’t afford with their income. They buy everything with the plastic cards they keep in their wallets. …
ACCUMULATING debt is the easiest thing you can do in America. Even your dog can get credit cards with a fake social security number. If you are an immigrant and have just arrived, you will have no history of credit here. Chances are that in your country of origin, you probably had no credit card…
CES (Consumer Electronics Show) is the largest trade fair for consumer electronics. It’s presented by Consumer Technology Association (CTA) annually in Las Vegas. It has been our tech bell weather for more than 50 years. CES features the latest products from 4,500 exhibiting companies from around the world. CES gives us a glimpse of the…
ACCORDING to a recent study, a majority of people in this country are living way beyond their means. In keeping up with the Jones’s, these people have resorted to using credit cards to buy things that they normally can’t afford with their income. They buy everything with the plastic cards they keep in their wallets. …
ACCUMULATING debt is the easiest thing you can do in America. Even your dog can get credit cards with a fake social security number. If you are an immigrant and have just arrived, you will have no history of credit here. Chances are that in your country of origin, you probably had no credit card…
Q: I was diagnosed with early stage cancer a few weeks ago. I can still do my job but I will need about 5 hours off from work every week for 3 months for medical treatments. I asked my manager for intermittent leave. When he refused, I emailed him information from the Labor Commissioner’s office…
Both qualify for different chapters of bankruptcy code for different chaptersof bankruptcy code Most debtors prefer to have a Chapter 7 wipe out of debt. This is called a fresh start without debt. Most debtors who qualify for Chapter 7 debt relief get to keep everything they own but are able to get rid of…
CES (Consumer Electronics Show) gives us a glimpse of the next mega trend in consumer technology. Each January, tech giants from around the world gather to show off their latest inventions in Las Vegas. Here’s a list of our favorites at the tech show earlier this year. 1. AFLAC Therapy Duck For Kids With Cancer:…
Q: I AM a part-time hourly employee working in retail. I work between 20 to 30 hours a week. I recently got sick and had to be out for three days. I was told that I was not entitled to paid sick leave because I was a part-time employee. Is this right? A: No, you…
THE first client is 75. Her husband passed four years ago and left her with $30,000 of credit card debt. She has been making minimum payments on their credit cards for the last 15 years as far as she can recall at the rate of $800 a month. So in one year, she pays about…
IF you care about how you are going to live your life 10, 20 or more years from now, this article is for you. The future is something we don’t want to think about at times. To some, it’s pretty scary. But one thing is for certain. Time flies. Weeks easily turn into months and…
NEW technology gadgets were on display at the latest CES (Consumer Electronics Show) in Las Vegas – wall TVs, Virtual Reality and smart phones, but the most fun to watch were robots – robots that walk, talk, pour coffee, play Ping-Pong, and even follow you as a suitcase. Our personal favorite robot was a therapy…
THE client is 42 and is going through a divorce after a short two-year marriage. He has moved out of the marital home and now lives by himself. He has a toddler who is with his wife, so he expects to pay child support. There is not alimony because the marriage has not lasted 10…
