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Written by: leonora | Published on: June 29th, 2009
Sometimes my clients are forced to file for bankruptcy because their credit was ruined through fraudulent transactions by people they knew or they were victims of stolen identity. Unfortunately, these days most of us can find our selves victims of stolen identity. Here is what you can do to prevent further damage. Placing a Fraud Alert By placing a fraud alert on your consumer credit file, you let creditors know to watch for unusual or suspicious activity in any of your accounts, such as someone trying to open a credit card account in your name. To place a fraud alert, call [...]
Written by: leonora | Published on: May 14th, 2009
I have a lot of people calling me asking me if I do loan modifications. My answer is always, “No.” Why don’t I do them? It seems like it would be a lucrative business to get into? There are several reasons: 1. Lenders are not quick to perform the modifications – this puts the homeowner at risk. The filing of Notice of Default and subsequent Foreclosure will proceed as planned and scheduled. Negotiations for home modifications do nothing to stop or slow things down. I see it as a distraction. I will get frantic calls from people all the time [...]
Written by: leonora | Published on: April 13th, 2009
This is a great video explaining the “basics of bankruptcy.” http://www.uscourts.gov/video/bankruptcybasics/bankruptcyBasics.cfm The video is limited in that it really only goes through the basics and cannot replace valuable guidance by an experienced attorney. Hope you find this informative.
Written by: leonora | Published on: February 10th, 2009
Recently a few of my bankruptcy clients received their 1099-C forms from creditors whose debt was discharged in bankruptcy. While outside of bankruptcy cancellation of debt could lead to tax implications, debts discharged in bankruptcy should not. However, the fastest way to deal with the problem is to file Form 982 along with your tax return and mark box 1a. http://www.irs.gov/pub/irs-pdf/f982.pdf This same form can help people who are facing cancellation of debt “income” if they can show that they were insolvent at the time this income was incurred. Note, I am not a tax professional and this is not [...]
Written by: leonora | Published on: February 2nd, 2009
Rahm Emanuel, Obama’s chief of staff said, ” You never want a serious crisis to go to waste.” He explained that “it’s an opportunity to do things you would never do before.” While he was talking about our country’s current financial crisis, it could very similarly be applied to financial crisis on a personal level. When your financial troubles make you think about bankruptcy, don’t let your crisis go to waste. Bankruptcy can allow you to modify your second mortgage. It may allow you to modify your car loan or get into a more favorable loan prior to filing or it may give [...]
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