When bankruptcy becomes necessary
IF you’ve accumulated a lot of debt and something has happened in your life that’s made it difficult to pay your bills, you are not alone. After almost 18 years…
Category: Consumer Columnists
Read More
What is new for 2016 education tax credits
(Part 2) FORM 1098-T from an eligible educational institution is REQUIRED for 2016 TO CLAIM the American Opportunity Tax Credit AOTC (previously Hope Scholarship Credit), Lifetime Learning Credit LLC, and…
Accidental disinheritance
ASK any parent whom they would want to inherit their estate and the overwhelming majority would answer the same thing, “My kids.” Unfortunately, many Filipino parents are unintentionally disinheriting their…
Client files adversary against debtor for $370K
Senior files Chapter 7 to discharge $40K credit cards “ To live for eternity in paradise, we have to believe in Jesus Christ who said that “I am the way, the…
What are the rights of a true salaried employee?
Q: I AM a salaried employee exempt from overtime. I often work more than 40 hours per week. However, there are days when I work less than 8 hours per…
Should you run your business as a sole proprietorship?
SHOULD you operate as a sole proprietorship, partnership, corporation, LLC, or LLP? Which entity is most beneficial for you? Choosing the wrong form could cause unnecessary taxes, increased liability, and…
Have your credit card debts become a financial nightmare?
HAVE your credit card debts become larger than you have ever expected? Are you struggling to even keep up with the minimum payments required every month? If you are in…
What is new for 2016 education tax credits
(Part 2) FORM 1098-T from an eligible educational institution is REQUIRED for 2016 TO CLAIM the American Opportunity Tax Credit AOTC (previously Hope Scholarship Credit), Lifetime Learning Credit LLC, and…
Bank forecloses on client’s house despite Chapter 13 filing
Seniors choose Chapter 7 to discharge $30K and $10K credit cards CLIENT is 47, single and a registered nurse. Her income is good at $80K a year. She has no…
How to save on auto insurance
KNOWING how to save on auto insurance is important. Over time, the savings could be a lot of money. Here are some good tips on how to save on auto…
The rights of temporary workers
Q: I WORK for a temp agency with headquarters outside California. As a condition of work, I agree to report to a location anywhere in Southern California assigned by the…
Should you be organized or messy when you face an IRS auditor?
THERE are two different approaches to prepare for an audit: organized and shoebox. Organized means systematically arranging your records. Shoebox means simply being you—naturally disorganized. Let’s discuss each method so…
Face debt problems now to avoid pain later
WHEN people are going through financial difficulty and are unable to pay their bills, their first reaction is often to ignore their debts and avoid contact with creditors. They think…
Client seeks Chapter 13 relief for massive default on mortgage
Senior seeks Chapter 7 relief for $19K credit cards CLIENT is 55 and single. He appears to have no problems to worry about. He is self-employed and makes about $5K monthly…
Should employees who ‘volunteer’ to work off-the-clock be paid?
Q: I WORK as a nurse at a hospital that has a strict policy of no unapproved overtime, and no going on breaks unless we are relieved by another nurse….
Frequently asked questions (FAQ) #2: Financial accounts
THE IRS issued new guidance requiring individuals with an interest in a “specified foreign financial asset” to attach a disclosure statement to your income tax return for any year in…
Bankruptcy: Should you file Chapter 7 or Chapter 13?
IF you’ve made the decision to file bankruptcy in order to get a fresh financial start, here are some things to consider in choosing between Chapter 7 or Chapter 13….
Education tax credits
THE American Opportunity Tax Credit AOTC and Lifetime Learning Credit can reduce your tax liability if you pay for college in 2016 even if you are studying outside of the…
Senior seeks chapter 7 relief for $60K credit cards but what is the status of residence?
Another senior seeks chapter 13 relief for $50K credit cards CLIENT is 57 and recently divorced with two children, one in high school the other in college. She makes $40K yearly…
Are companies liable when their ‘independent contractors’ injure consumers?
(Why misclassification of workers is a social justice issue) ON September 10, 2013, 53-year-old Faustino Solorio was a pedestrian standing on the shoulder of the road behind the tailgate of a…
Frequently asked questions (FAQ) #1 – FBAR bank accounts
Q. AM I required to report bank accounts in a foreign country? A. Yes, if you have more than $10,000 at any time outside the U.S. Q. Am I exempted…
Warning: Think twice before co-signing for anyone
“ The cosigner is fully legally responsible for the entire debt, just as the main borrower is.” IT is not uncommon for banks and other financial institutions to require a…
Top reasons to have a life insurance
” Singles or married alike must know that certain life insurance policies have valuable cash value. There is no restriction as to where you can use the cash value for….
Foreign Bank and Financial Accounts (Fbar) reporting requirements
If you own a foreign bank account, brokerage account, mutual fund, or other financial account, you may be required to report the account annually to the government. Let’s get an…
Get the best care
“You as the family member have the right to give information, ask questions, participate in care plan meetings, offer suggestions, review care plan documents and accept or refuse offered care.”…
Fighting for pay equality at work
” California law prohibits an employer from paying any of its employees at wage rates less than the rates paid to employees of the opposite sex for substantially similar work,…
Senior loses job and converts chapter 13 to chapter 7
Fights to keep house “Nowadays, the correct value of the residence is critical to keeping the house safe from the clutches of the Chapter 7 trustee, because house values are…
Should you deplete all your savings to pay debts?
Like most people, you’ve worked hard and have done your best to pay all your bills on time. But in life, at one time or another, all of us get…
Do you owe taxes and cannot pay now?
The IRS announced a major expansion of its “Fresh Start” initiative to help struggling taxpayers by providing: • Payment plans – more taxpayers can apply without financial statements. • Offer…
The problem with family caregiving
” It is a wonderful thing that we and try to keep our parents, grandparents, and other family members at home as long as possible. When my grandfather had a…