Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
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. Be aware, however, that your income and expenses have a lot to do with which chapter you will be able to file because the courts…
IF you lose an audit to the IRS, you have two choices: pay or appeal. If you are happy with the results (or don’t want to extend the agony of dealing with the IRS) – pay. If you are not happy or feel that you have not been treated fairly – appeal. Let’s explore the…
A RECENT study conducted in Berlin and referenced by the American Academy of Cosmetic Dentistry highlights an interesting observation: People tend to underestimate someone’s age when he or she is smiling. While we tend to find smiling faces more attractive, youthful and upbeat, a smile that contains damaged or yellowed teeth can reverse some of…
Client seeks Chapter 7 discharge of $250K credit card debts after waiting six years Client No. 1 THIS is my single mom’s week. Client is 48. She is a registered nurse and has annual gross income of $70K. She has two teenagers. One has started college in a community college. The other is about to…
Q: I AM a registered nurse in the Philippines but I have not yet obtained a license in California. However, I am working as a ‘private nurse’ to a bed-ridden patient in Los Angeles. My duties are mainly nursing duties – tube feedings, inserting catheter, tracheal suctioning, observing and recording vital signs, administering therapies prescribed…
1. DO not estimate income from interest, dividend, independent contractor or LLC. Banks, stock brokerage companies and LLCs send exact amounts to IRS via form 1099s and K-1s. Estimates generate mismatch – the main source of correspondence audits. 2. Do not estimate mortgage interest because lenders send exact amounts per form 1098 to IRS. TIP:…
AS a Bankruptcy Attorney, I have counseled thousands of individuals with all types of debt problems. I often encourage people by telling them that it is not too late to get a fresh financial start and that the law is on their side. Bankruptcy is not the end of everything you’ve worked hard for. It…
OUR bodies are ecosystems where a change in one area affects other areas. This connection is becoming clearer as scientists continue examining the links between oral health and cardiovascular health. Recent studies suggest that taking care of your gums through great oral hygiene could cut your risk of a heart attack or stroke! Important links between gum health and…
Senior with reverse mortgage seeks Chapter 7 discharge of $37k credit cards; client reopens Chapter 7 to cover unlisted debt “ Client says he likes his life now as simple as it is with no mortgage to pay, and living by himself. He’s not sick and in good health, so he takes each day one…
SURELY as April 15 comes along, some of you will procrastinate in filing tax returns. It can be habit forming as I see the same taxpayers come after April 15 year after year. After four decades of counseling taxpayers, I look back at so many reasons why taxpayers don’t file on time – not having…
OUR client, Teresa,* has always lived with a serious lung condition since childhood. Although Teresa knew that her condition limited her activities, she did her best to live a productive work life. She finished her schooling in the Philippines and worked in several skilled jobs there before she came to the U.S. with her two…
WHEN debts spiral out of control, bankruptcy can become an invaluable financial recovery tool in stemming the tide and getting you back on the right track. Without the “fresh start” that bankruptcy provides, it would be impossible for a lot of people to ever pay back what they owe and they will simply remain stuck…
Senior revisits Chapter 7 after 20 years; disabled client seeks to discharge federal student loans of $70K without BK Client No. 1 YOUNG mother of two teenagers, both daughters, presents her problem as follows. She is a registered nurse with gross income of $70K. She doesn’t own a house but pays rent of $2K for…
1. THE failure-to-file penalty is generally more than the failure-to-pay penalty. If you cannot pay all the taxes you owe, file to prevent that more costly failure-to-file penalty. 2. The failure-to-file penalty is 5 percent per month of the unpaid taxes. This penalty will not exceed 25 percent of the taxpayer’s unpaid taxes. 3. The…
S.W. was 15 years old when Luis Morales offered her a job at US Metro Group, Inc., where Morales worked. S.W., who was best friends with Morales’ daughter, accepted Morales’ offer. She started working with Morales cleaning buildings at night. Morales then began sexually molesting S.W. He was later caught and criminally prosecuted. S.W. sued…
IF you are in debt and are seriously considering bankruptcy as an option, I am sure a lot of thoughts are going through your mind. I just want to get out of debt and start over but how quickly can I recover from bankruptcy? What are the different types of bankruptcy available? How do I…
SOMETIMES you just can’t resist – it’s so cheesy and saucy— right out of the oven! You dive in and take your first bite…uh oh! Too soon! You’ve got “pizza burn!” Pizza isn’t the only culprit You’ve probably burned your mouth before with coffee, soup, and other scorching hot foods. Soon afterward, you may have noticed that the roof of your mouth, and…
Young client files chapter 7 to discharge $30k credit cards Client no. 1 CLIENT was disabled when he was 55, which was 7 years ago. He receives $1,600 of disability pay monthly. Since he is single, he doesn’t really have too many expenses. In fact, he almost has no expenses because he lives in the…
• FILE your tax records neatly and orderly during the year. If you are not an organized person by nature as some of us are, just throw tax documents in a shoe box or stuff them into a folder labeled with “20__ tax records.” It beats turning over your whole home and garage at tax…
PEGGY Young worked as a part-time driver for United Parcel Service (UPS). Her responsibilities included pickup and delivery of packages that had arrived by air carrier the previous night. In 2006, after suffering several miscarriages, she became pregnant. Her doctor told her that she should not lift more than 20 pounds during the first 20…
ARE debt problems making your life a living hell? Doing your best to pay but creditors just won’t leave you alone? Maybe you get nervous every time the phone rings or get scared to death just opening your mailbox, fearful of what you may find. Deep inside, you know that you can’t continue to live…
How much would you pay Manny Pacquiao to endorse your business? Envision this. Manny would be in all your advertisements: TV, Radio, Billboard, and Internet. He would be available for publicity events endorsing your company and products. These can be tradeshows, charitable functions, or conferences. How much attention and excitement would he draw to your…
Client No. 1 LOOKS like I signed up two clients in opposite ends of debt last week. Client no. 1 is 55 years old and divorced for 10 years. She lives by herself in a house that she owns. The house has no equity because she has 2 mortgages on the residence. The second trust…
LAST year, we discussed the lawsuit filed by the Raiderettes, the cheer squad for the Oakland Raiders, who sued their employer for back wages and reimbursements. The lawsuit claimed that the employer withheld pay from the employees until after the football season ended and did not pay for hours worked outside the games. The cheerleaders…
MAYBE you’ve experienced this before: You’re driving down the road one cold, chilly day and before you know it, you find yourself surrounded by a thick white wall of dense fog. How did you react? If you’re like most people, perhaps you felt momentarily lost and confused or perhaps even panicked, not knowing what was…
1. QUALIFIED Residence Interest includes your principal and second homes. The homes could be a house, condo, mobile home, motor home, time share, or even a houseboat, as long as it has sleeping quarters, toilet and cooking facilities. You don’t have to occupy your second house (vacant house is OK). 2. Acquisition Debt is incurred…
• YOU may deduct donations to qualified organizations. Qualified organizations have tax-exempt status from the IRS. These include corporations or foundations organized in the U.S. for religious, charitable, educational, scientific, literary, or prevention of cruelty to children and animals. • You cannot deduct contributions made to specific individuals – priests, nuns, victims, and political organizations…
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 day. For example, last week, due to a personal emergency, I was able to work for 6 hours only. When I work less than 8…
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…
Abandoned wife files Chapter 7 to discharge collection lawsuits for $20K Client no. 1 IS it even legally possible that your social security benefits can be garnished? If creditors can get your social security income when you retire, how can you have peace of mind when you retire? To be sure, not every kind of…
