Congress was getting bombarded with people saying that the IRS was treating them terribly, so they did something about it. Even though the IRS still has a bad reputation with a lot of people, it is still considerably much easier to deal with than it was just a few years ago. The IRS was actually [...]
The goal of bankruptcy proceedings is to obtain a discharge of debts, which means the debtor is no longer personally liable for that debt. Q: What does a "discharge of debt" mean, exactly? A: The goal of bankruptcy proceedings is to obtain a discharge of debts, which means the debtor is no longer personally liable [...]
Let's roll back the clock a bit. Assume it is 2003, and you are in the middle of filing your taxes. You realize that, for one reason or another, you did not pay enough in taxes for that year. Instead of getting a nice refund, you now owe Uncle Sam a sum of money that [...]
Most people have at least passing knowledge of wage garnishment --the process of deducting money from an employee's monetary compensation (including salary) as a result of a court order. Fortunately for those who find themselves in the unfortunate position of having their wages garnished, these payments are limited by federal law to 25 percent of [...]
This economy is tough and many seniors are facing financial issues they certainly never expected to face in the golden years. Foreclosures are rising for many seniors who refinanced or upgraded their homes during the boom and many are finding it difficult to keep their heads above water financially. But should seniors sell their life [...]
As the school year begins, credit card companies are in a mad dash to rack up as many new and young customers as possible before the Credit Card Accountability Responsibility and Disclosure Act of 2009 becomes effective February 22, 2010, restricting access to youth under 21 years old. According to an article in DetNews, credit [...]
A study by AOL Health and the Associated Press shows that as debt related stress raises, your health decreases. Debt is a useful tool that nearly everyone uses. Debts can range from credit cards, student loans, mortgages, 401K loans, home equity lines of credit, car payments, etc. Some types of debt have actually proven to [...]
In the Chapter 7 bankruptcy case of Rudler, Glen H.; In re (Morse, U.S. Trustee, v. Rudler) the bankruptcy court allowed the debtor to take a Means Test expense deduction for debt payments on a property he intended to surrender during bankruptcy. The details of the bankruptcy case: "The above-median income debtor filed for Chapter [...]
In the bankruptcy case of Miller v. Sallie Mae Inc. (In re Miller) a disabled debtor who owed $20,624 on Parent Plus loans for her children's education was denied a bankruptcy discharge of her student loans because she could not prove that continuing to pay the student loan payment would cause her to fall below [...]
In the bankruptcy case of (Wahl, David W. Jr. and Marlaina A.; In re (Rieser, Trustee, v. Fifth Third Mortgage Corp.)) the bankruptcy court ruled that a mortgage is not effective if the borrower's signature is not acknowledged by the notary. The details of the bankruptcy case: In 2007, the debtors acquired title to land [...]