ALMOST all economists and think tanks fear the same worst scenario for the US economy. I know we probably might think that the economy seems to be picking up steam. But based on factual data that shows otherwise, we have something to fear that is very real. I hate to be the bearer of bad…
The IRS has different ways of collecting unpaid taxes. After collection notices prove ineffective, more drastic collection enforcement – ranging from imposition of federal tax lien on personal and real properties, levying of bank accounts to garnishing of wages, social security benefits and pensions – is undertaken. A bank levy is sent to a bank…
DEBT is a common problem that a lot of people struggle with and many people want to know how thy can become debt-free. Of course, in today’s society, you can’t afford to spend cash on everything and sometimes you have to use a credit card or get a loan. The problem is that when those…
Some encouraging news for financially stressed homeowners across the country: The Senate Finance Committee approved a bipartisan bill before heading home for summer recess that would extend the Mortgage Forgiveness Debt Relief Act through 2013. Don’t jump yet, given the majority of Republicans in the House that might have serious objections, we will know in…
If you are searching for debt reduction solutions, no doubt you’ve been inundated with advertisements for various debt management programs, companies and solutions. The choices seem confusing to the average consumer. The truth is that every situation is different and what may work perfectly for others is not necessarily going to work the same way…
LIFE just happens. Sometimes even the best laid plans can go wrong. How do you respond when this happens to you? Do you easily give up when you’re overwhelmed? Remaining calm can be difficult when things are chaotic so the usual reaction is panic. As a bankruptcy attorney, I often see this when people are…
THE future is not somewhere we are going. It is something we are creating. Every day we do things that make some futures more probable and others less likely. Reducing carbon and greenhouse gas emissions will not only make one’s lifestyle more sustainable, but also save money. Even if one remains a cynic and disagrees…
(Part 2) THE composition of the board should complement the knowledge and skill set of the owners. Good advisory boards will have at least one member with strong financial skills, one with good content or industry knowledge, and others with strong business backgrounds. However, board composition can change over time depending on a number of…
CALLER: My neighbor has a loan modification package that reduced their loan balance by about $200,000; this reduced their payments about $600-700 per month. I have a very similar situation and we have the same lender, what do you think my chances are to get the loan modification like my neighbors. They seemed to be…
Another weapon in the taxpayer’s arsenal that stops the IRS in its tracks is bankruptcy. The filing of a bankruptcy petition will generally stop the IRS from collecting your tax debts. This article will discuss what taxes are covered and how a bankruptcy petition can freeze IRS collection activities and even eliminate your tax debts….
IN MY work as a Bankruptcy Attorney, I usually have the privilege of meeting all kinds of people from all walks of life. Some are poor, some are rich. Some are humble, some are arrogant. There are those who are in a state of denial, never acknowledging responsibility for anything they have ever done or…
DUAL Tracking is the practice of negotiating with clients to modify a mortgage so that payments become more affordable while simultaneously pursuing foreclosure. What most of the calls I am getting is that the Governor signed a bill to “Stop the Foreclosure” process — which is totally incorrect. The banking and real estate industries opposed…
YOU’VE probably heard the saying, “The failure to plan is a plan to fail”. And yet so many of us don’t realize how we so easily neglect to plan for our financial future. Ask as many people as you can what kind of financial planning they have done for the next 5-10 years and see…
IF YOU are buried in debt, you may be feeling trapped at the moment with no way out. You realize you need help but don’t know where to go for help. You may even be embarrassed about your situation that you find it uncomfortable to turn to family and friends for help. So you try…
CALIFORNIA would prohibit the charging of advance fees to homeowners in connection with a loan modification, and require anyone who wishes to charge a fee for loan modification services (after performing them) to provide a state mandated notice beforehand regarding the availability of non-fee options for the borrower. Tens of thousands of Californians face default…
Every bride dreams of walking down the aisle, stunning white dress cascading behind her, beaming groom waiting to take her hand. But wait – are the smiles photographer-ready, all set to feature in photos that will be viewed for generations to come? Whether you’re the bride, groom, member of the wedding party or honored family…
IF you are struggling with serious debt problems and the idea of filing for bankruptcy has crossed your mind, like most people, you may have some “fears” about bankruptcy that you have not been able to discuss with anyone. Usually, these “fears” stem from what we have heard about bankruptcy from co-workers, family or friends. …
NOW when lenders pursue foreclosures and simultaneously negotiate with clients to modify their mortgages so that payments become more affordable. Homeowners will not wind up being evicted even though they had been working with the bank to modify their loans in order to avoid foreclosure. This Bill will favor banks because no lawsuit can go…
“IF there were only one “success strategy” I could recommend to a family business, creating an Advisory Board would be that strategy. In times of crisis, the Advisory Board can act as a safety net for both the family and the family business,” says top family business expert Don Schwerzler., founder of the Family Business…
PREVIOUSLY, I discussed ways on how to request the IRS to reduce your tax liabilities, which is accomplished by means of an Offer in Compromise (OIC). In this article, I will discuss how you can pay your tax liabilities by installment if an OIC does not work for you. As discussed before, an OIC allows…
NO ONE ever likes to talk about bankruptcy. However, it’s simply a fact of life. Things happen. Whether it’s losing your job, going through a divorce, having huge medical bills that you can’t pay – or sometimes simply making poor financial decisions- any of these can lead to bankruptcy. It’s a scary thing to a…
WHEN your financial circumstances are forcing you to declare bankruptcy, it is one way of dealing with debts that you can no longer manage on your own. Of course, the decision should not be taken lightly and it is best to consult with an experienced bankruptcy attorney to see if it is best for your…
SINCE I started informing my readers about the Harp Refinancing program, I have been getting a high volume of calls inquiring about this. Thanks so much for your support and I would like to further more explain the process and hopefully shed more light to your concerns. We started our recession in 2008 and the…
IF YOU owe a huge amount of taxes and are experiencing financial difficulties, don’t despair as there are remedies under the law which will help you avoid paying the whole amount. There are two ways to do it: either you propose a reduced amount to pay off the entire debt at a discount (what we…
IF YOU are like a lot of people who have old, unpaid debts, collection accounts and judgments from their past that they don’t even remember, you may feel that it is too late to get a fresh start and rebuild your credit. Over the years, I have met a lot of people in this situation. …
For qualified borrowers who might not have any equity to Refinance ASK about the the NEW FHA Streamline started June 11, 2012 with much lower PMI and almost 0 MIP. Finally The government’s new HARP 2.0 Refinance Program is available to US homeowners as of March 17, 2012. If you’re property has negative equity or …
THE tenth and most important rule is that “there can only be one boss.” Lance explained that this rule is related to succession. The role of the family and owners is to prepare a board to appoint a successor. “You must establish a process to appoint the leaders. My dad and his brothers established a…
THE key and only answer is because they are keeping lending rates at all time lows. I suggest you better stop, listen and act on this. Why? Because if you can reduce your mortgage interest rate on your home, you will be saving money. There is a famous saying: “Money saved is Money earned.” Hard…
By this time most of you must have filed your 2011 tax returns already, as the filing deadline on April 17 had long passed. But if you are among those who failed to file their tax returns, including those with unfiled tax returns on previous years, the IRS may go after you and impose penalties….
IN MY opinion there is a big bad wolf that is always winning over any market we are in. It’s not the rich guy you here about buying up rental properties, it’s not the Real Agent with their investor clients buying up distress homes, it’s not the banks that are foreclosing on you and its…
