How to make bankruptcy work to your advantage

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…

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New Harp 2 Program: Still not your magic bullet

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…

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Asking IRS to reduce your tax debts

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…

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The new HARP 2 program

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 …

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What happens if you did not file a Tax Return?

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….

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Taxpayer rights

WITH the immense powers that the government wields over individuals, the founding fathers included in the United States Constitution the Bill of Rights to limit the exercise of governmental powers. These rights, which have been enshrined as the first ten amendments to the Constitution, protect individual rights to life, liberty and property. Similarly, in the…

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4th commandment: ‘No work, no pay’

DOING business with family and friends can be very rewarding. It can also be very complicated and difficult.  Anyway, doing business with loved ones has never been a neutral topic.   It always involves an even more stringent standard of etiquette than usual, but if appropriate measures and safeguards are taken, it can make life, work…

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Loan modification: Still showing signs of failure

THE worsening housing sector due to homes being underwater still has a great effect of our economies recovery, why are you not hearing this topic more often being resolve than being brushed under the rug by the administration. Based on my own survey, I believe that it is because the two governments we have are…

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Dental home care

YOUR personal home care plays an important role in maintaining healthy smile. Your personal home care starts by eating balanced meals, reducing the number of snacks you eat, and correctly using the various dental aids that help control the plaque and bacteria that cause dental disease. Tooth brushing. Brush your teeth at least twice a day (especially…

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Pay must be commensurate to productivity

THE Sixth Commandment is “pay must be based on contribution to the business”. Lance Gokongwei said that in order for the family member to live and think independently, the family business must pay the right salary for the right job, but the pay must be adequate enough so that the family member will not be…

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Tooth enamel damage control

If you think that by brushing and flossing your teeth every day, you’re fulfilling your daily dental obligations, you’re halfway right. The other half involves using the correct techniques, and protecting your teeth and gums from external factors. Many of us grew up thinking that if brushing is a good way to clean our teeth,…

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Is your short sale agent doing a good job for you?

SHORT selling your home is such an important and stressful step in your life and it’s the springboard into your future so you wont have anymore sleepless nights.  It is critical you interview and choose the right agent working for you not themselves. Never choose agent out of obligation just because you might be related…

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Strategic defaulting: A moral issue ?

Dear Ken, WE ARE thinking about walking away from our home. We purchased our home in 2005 for $457,000. In December of 2006 we got a 2nd mortgage HELOC of $85,000. Maxed that on credit card debt and medical bills. In January of 2010 I lost 10% of my pay because of the recession and…

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Gokongweis’ commandment no. 3: No conflict of interest

“TO set aside one’s prejudices, one’s present needs, and one’s own self interest in making a decision as a director for a company is an intellectual exercise that takes constant practice. In short, intellectual honesty is a journey and not a destination.” – Mervyn King At the heart of a family business is family relationships….

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The hip bone’s connected to the…jaw bone?

The lyrics to the old song, Dem Bones don’t connect the hipbone directly to your mouth, but a surgeon might, by canceling hip surgery if the patient is suffering from acute gum disease. The reason for the cancellation would be for what is commonly referred to as the “mouth-body connection,” where infections in the mouth…

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10 commandments of the Gokongweis in family business

No in-laws! THIS is the first of 10 unwritten commandments which John Gokongwei, founder of the Gokongwei group of companies, followed in running the family business “the Gokongwei way.” (I will discuss the remaining 9 commandments in succeeding issues.) In the article written by Mary Ann Ll. Reyes for The Philippine Star, Lance Gokongwei, president…

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Independent contractor on 1099-MISC?

TAXPAYERS who have filed income tax returns using Schedule C, Profit or Loss from Business, usually get surprised when they receive a notice from the Los Angeles City requiring them to apply for Business Tax Registration Certificate (BTRC). It is a common perception that only businesses should get a tax registration. So why would then…

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Obama’s help for ‘responsible homeowners’

WE HAVE been getting a lot of calls in regards to the new Obama Refinancing Programs and the supposedly more aggressive “Loan Modification Programs” that is geared more towards “Responsible Homeowners.” I went thru websites after websites and seems to find lesser issues about loan modification specially involving Loan Balance Reductions. I noticed a huge…

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The new competitive edge:  Spirituality in business

Society is becoming more individually oriented.  More and more single occupancy homes are being sold.  People are marrying less and later in life.  They are also divorcing more.  Single parent families are on the rise while birth rates are on the decline.  Some couples opt not to have children.  There is less social interaction between…

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