THE client is 65. She still works middle management and earns $37,000 yearly. Although she is married, I would say that she has some kind of money agreement with her beloved husband that arrangement works well for one side only, and that’s not her side. She herself owes $24,000 of credit cards. She needs to…
WITH credit card debt approaching $1 trillion according to the Federal Reserve, there is no doubt that thousands and thousands of families who can’t pay their credit card debts are struggling financially. The average family now carries a balance of a little more than $16,000. I see people all the time who owe 2-5 times…
1. TAX identity theft is a significant threat. Fraudsters are more sophisticated and large breaches happening so frequently like the 2017 Equifax incident which affected many Americans, so beware if you: 1) Receive a notice or letter from the IRS regarding a tax return, tax bill or income that you are unaware or not familiar….
LET’S learn some tips from the greatest investor of all time – Warren Buffet, the Oracle of Omaha. 1. Be greedy when others are fearful and fearful when others are greedy. • Buffett offered this advice during the recession in 2008. • At that time, stocks were plummeting which he said was the best time…
HOW can you answer a question like this? Let’s comment about debt. The Bible says that one should neither be a lender or a borrower. It does not seem to recommend the assumption of debt. Otherwise, it should say that there’s nothing wrong to be a borrower, but not a lender, or vice-versa. But the…
A GROUP of Assistant Branch Managers, who worked for JPMorgan Chase in California, sued the bank in a class action claiming they were misclassified as exempt employees. Because of the misclassification, the employees claimed they were denied overtime payment, and they were not provided meal and rest breaks. In order to obtain more facts about…
ARE you sick and tired of being in debt and having bad credit? Do you want to start over but simply don’t know where to begin? Is filing bankruptcy an option for you or are other options available? These days, you are constantly bombarded with advertising from companies and other professionals offering you their “solution”….
“While bankruptcy is not for everyone, millions upon millions of people who have no way of getting out of debt have found it to be the BEST thing that they ever did in their lives!” ONE of the common questions that I’m asked by people consulting with me about their debt problems is: “How will filing…
“A severance pay is usually calculated according to a specific formula, often based on the employee’s length of service. An employee may try to negotiate for more severance pay than what is being offered, especially if the employee has been with the company for many years, has an excellent service record, or has provided increased…
“ Look at the picture of the Indonesian guy who is the oldest man alive at 145. I mean what can you do at 145? You’re practically a cadaver and blind. Can’t hear anything. The quality of life is just zilch.” THE client is 64, a young senior. I say young because I consider seniors…
(THIS is a continuation of Part 1 from last week’s weekend edition of Asian Journal) Multi-billionaire Warren Buffett lives simply and adheres to basic but savvy investment principles. 6. Buy companies cheap • Warren Buffett is value investor. • He calculates an intrinsic value by examining what similar companies sell for. • He calculates the…
YOU have not filed your income tax returns for the current year and previous years because: 1) you decided you are not required to file? 2) You are a victim of identity theft and therefore excused? 3) You know you will owe taxes and you will have to pay when you file, decided not to…
I’VE seen a rise in the number of cases with payday loans and they are becoming a common issue in bankruptcy filings. What happens to payday loans in bankruptcy? Payday loans are unsecured loans with outrageous interest rates (sometimes more than 1000% APR!!!). If you can’t pay them off quickly, they can be a huge…
WARREN Buffett became one of the world’s richest people by adhering to simple doctrines. Let’s learn from his simple living and savvy investing. 1. Be frugal • Multi-billionaire Warren Buffet lives in a modest house. • He has lived in the same humble house for the last 50 years. • He does not have a…
LATE last year, bipartisan senators proposed a new law called Ending Forced Arbitration of Sexual Harassment Act of 2017 for Congress’ approval. This bill would ensure that every person facing sexual harassment in the workplace can make their case in a public court, rather than only behind closed doors in private arbitration. Microsoft immediately threw…
“It looks to me that there’s more stuff going on here, although it’s my policy not to get involved in matters that are between husband and wife. I think wife doesn’t want to be harassed by her creditors anymore. She can’t take the everyday stress and creditor collection calls every hour.” LET me…
HOW you will benefit from standard deduction versus itemized deduction. To maximize your deduction, you take the larger of standard deduction or total amount of itemized deductions by bunching itemized deductions in 2018 and taking standard deduction in 2019, and so on. • Standard deduction: $12,000 for single or married filing separate; $24,000 for married…
“Once the trustee and his lawyers start to administer the bankruptcy estate assets, they will make a lot of money.” THE clients are married to each other and they are both seniors. He is 68 and she is 66. He is a member of the professions and still works in that professional capacity. She is retired. Their…
IT’S the day before Thanksgiving and I’m here in my office still working on cases. The freeways are crazy today and everyone’s trying to get somewhere to be home with loved ones. Most days, I feel like there is not enough time to do everything I want to do. At the end of a busy…
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…
“California law generally requires employers to provide suitable seats to employees when the nature of the work reasonably permits the use of seats. Calfornia courts have clarified that the phrase ‘nature of the work’ refers to the employee’s actual or expected tasks at a given location, and not to the entire range of an employee’s…
“Once the trustee and his lawyers start to administer the bankruptcy estate assets, they will make a lot of money. I understand that the moneymaking bankruptcies are offset by the money-losing bankruptcies; so in the end, of course, the trustee has to stay ahead of his expenses.” THE clients are married to each other and they are…
IN February 2018, the IRS started certification of individuals with delinquent tax debt to the State Department. How will the IRS certification impact you? • Upon receipt of certification. The State Department will either deny application or revoke current passport or both. • You are overseas. Limited validity passport for direct return to the US…
1. IS there a constitutional right to file for bankruptcy? Yes, there is. The United States Constitution adopted 250 years ago provides for the creation of bankruptcy courts and the power to administer them. Our founding fathers believed that people should be given a chance to have a fresh start in life to become productive…
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. Let me give you a list of our favorites at the tech show earlier this year. 1. Robots of all Kinds:…
“To prevail on a harassment claim, the employee must show that the conduct created a hostile work environment. A hostile work environment is one in which harassment occurs that is severe, frequent, or both.” AUGUSTINE Caldera worked as a correctional officer at the California Department of Corrections and Rehabilitation (CDCR) for 20 years. Caldera, who stutters when…
1. IS there a constitutional right to file for bankruptcy? Yes, there is. The United States Constitution adopted 250 years ago provides for the creation of bankruptcy courts and the power to administer them. Our founding fathers believed that people should be given a chance to have a fresh start in life to become productive…
IF you are one of the millions of homeowners who survived the mortgage crisis in 2008, you have something to be grateful for. In 2008 alone, close to 900,000 homeowners were in foreclosure. This went on for several years until about 2011 and 2012. Hundreds of thousands lost their homes. Dreams were shattered. Banks were…
IN part 1: we defined 1) who are resident aliens, nonresident aliens or both, 2) who are exempt individuals, and 3) closer connection exception. In part 2: we defined 1) how resident aliens and nonresident aliens are taxed, 2) when is income considered U.S. sourced, 3) withholding requirement and employee issues. In part 3: we…
MOST people who are struggling with debt problems for the first time are often confused and don’t know what to do. They’ve never been in this situation before. They have always paid their bills on time. For the first time in their life, they are finding it difficult to fulfill their debt obligations. Bill collectors…
