Look, I know why people have joined or are considering joining so-called "debt resolution" programs; we humans have an innate desire to “do the right thing” and honor our debts. But with so many people turning to me to pick up the pieces of a debt resolution program gone bad, it's time to take a stand against them. The ugly downside of debt arbitration programs As I work with new clients in … [Read more...]
2012 Sunset for the Mortgage Forgiveness Laws?
November 27, 2012 By
An important IRS provision for homeowners who need to restructure their mortgages or who are facing foreclosure might expire at the end of this month. If you are considering restructuring your mortgage or are facing foreclosure In the words of the IRS, “The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal … [Read more...]
Don’t Try to Hide Your Assets in Bankruptcy
February 28, 2011 By
I recently ran across an article in the St. Petersburg Times involving a person in a Florida bankruptcy case who scheduled very few assets in his bankruptcy filing but conveniently forgot to tell his attorney about $35,850 in an account that he owned. A sharp-eyed Chapter 7 bankruptcy trustee discovered the account. This resulted in the guy losing his account and being convicted of a federal … [Read more...]