Living the Dream -Live E-Seminar / Conference Call

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Living the Dream -Live E-Seminar / Conference Call"

Transcription

1 September 15, 2010 Living the Dream -Live E-Seminar / Conference Call Fighting Battles: Partners, Potential Foreclosure and The IRS Host: Mat Sorensen, Attorney at Law Special Guests: Mark Kohler, CPA, Attorney At Law Kenny Childs, Attorney at Law Lee Chen, Attorney At Law Telephone Facsimile KKO Lawyers, LLP Telephone Facsimile Kohler & Eyre CPAs, LLC Telephone Facsimile NumberWon Accountants, LLC 2010

2 What we will cover Today I. How to prevent and avoid a law suit II. What to do in a business deal gone bad III. What to do if I have a property going into Foreclosure IV. Debt Forgiveness and Deficiency Judgments V. Dealing with the IRS and trying to settle for pennies on the dollar

3 How to prevent and avoid a Lawsuit - Documenting everything from the beginning of the relationship - Setting proper expectations - Planning for worst case scenario - Proper business structure - Communication when problems occur

4 What to do when a deal goes bad - Build your case file - Get a legal consultation immediately - Demand letters - The differences between Mediation, Arbitration and Court

5 The Initial Decision Do you want to keep the property? Do you want to get rid of the property?

6 Keeping the Property The realities of qualifying for a Loan Modification Your credit score Hardship realities Decreasing the negative cash flow: Lease Option Subject to sale

7 Getting Rid of the Property Short Sale: You sell the property, with approval of the lender, for less than the loan balance owed to the lender. The lender generally promises to forgive or discount the remaining loan balance. Deed in Lieu of Foreclosure: You transfer the property deed over to the lender, in return for a promise to forgive or discount the remaining loan balance. Foreclosure: If the Loan Mod or Short-Sale is not approved Foreclosure is inevitable- Be prepared.

8 Cancellation of Debt Income May Arise in connection with Loan Modifications, Short-Sales, Deeds In Lieu of Foreclosure, & Foreclosures. Lender has a duty to issue 1099-C. Mortgage Debt Relief Act of 2007 excludes income from discharge of debt on principle residences (not HELOCs) Bankruptcy or Insolvency Form 982 Publication 4681

9 Deficiency Judgments What is a Deficiency? Anti-Deficiency Statutes Calculating the Deficiency Asset Protection Beware of Fraudulent Transfers

10 What are my options when dealing with the IRS? 1. Abatement of tax penalties. 2. Installment Agreements. 3. Currently not collectible. 4. Offer In Compromise. 5. Innocent Spouse Relief 6. Bankruptcy 7. Wait out the Statute of Limitations

11 Options available to me when I have little or no money Dealing with the IRS when you have no money can be fearful but may work to your advantage. Specifically, you have the option to: (1) request that you be put in a non-collectible status, (2) request an Offer in Compromise, (3) file bankruptcy, (4) Let the IRS hash at your credit until the statute of limitations expires on the tax owed.

12 Are you in a position to settle with the IRS? - Filed all tax returns for the last 6 years including 941 s. - Exercised all appeals to get a final determination of the tax. - Determined how much of the tax bill you can afford to pay. - Calculated beforehand how much income you are receiving a month and subtract that amount from all necessary expenses.

13 The Truth about an Offer in Compromise - You must also submit with the offer a $150 payment and your first offered installment payment. Both of these are non-refundable. - Your offer may be one of two options: (1) a lump sum payment of 5 or less payments or (2) a periodic payment of 6 or more payments not to extend beyond the statute of limitations. - The Offer to get approved typically takes anywhere between 6 months and a year. - The typical amount that the IRS will accept is your monthly disposable income multiplied by 48 for a lump some payment or 60 for periodic payments.

14 What does non-collectible Status mean? - Allows you to stop the IRS from collecting the tax from you and stops those frustrating levy s and garnishments. - You qualify for non collectible status if: - You have a hardship - Corporation is remaining in business and has the ability to pay but will put it out of business if it pays - Death of taxpayer with no significant estate - Filing of Bankruptcy

15 Bankruptcy Bankruptcy will also put a stay on the collection process preventing the IRS from placing further liens, levy s, or garnishments on your property If the tax has been in collection status for more then 10 years the IRS must cease collection of that tax. While Bankruptcy will not get rid of all types of taxes it can get rid of Personal taxes owed as long as certain conditions exist such as the tax has been owed for a period of 3 years or more.

16 Statute of Limitations Believe it or not but the IRS has rules that somewhat protects the taxpayer. If the tax has been in collection status for more then 10 years the IRS must cease collection of that tax. TIP: file your tax return. If you never file your tax return then this 10 year rule doesn t begin until the IRS begins collecting. BE AWARE: filing for an Offer In Compromise or tolling it by appealing the tax will stop the 10 year Statute of Limitations during the period that the offer in compromise is under review.

17 September 15, 2010 Living the Dream -Live E-Seminar / Conference Call THANK YOU!! Telephone Facsimile KKO Lawyers, LLP Telephone Facsimile Kohler & Eyre CPAs, LLC Telephone Facsimile NumberWon Accountants, LLC 2010

Special Report: IRS Tax Lien

Special Report: IRS Tax Lien Special Report: IRS Tax Lien TAX PLANNING AND IRS DEFENSE C a l l T o d a y! 540-438- 5344 What an IRS Tax Lien is and How it Works What is Inside? Why the IRS Files a Notice of Federal Tax Lien IRS Tax

More information

FORECLOSURE. I don t think I can make my mortgage payments but I don t want to go through a foreclosure. What are some of my options?

FORECLOSURE. I don t think I can make my mortgage payments but I don t want to go through a foreclosure. What are some of my options? FORECLOSURE When you borrow money to buy a house or land, the creditor usually takes a security interest in the property you buy. This means that if you don t pay, the creditor can foreclose upon (or take

More information

Matthew Von Schuch. Tax Attorney and CPA

Matthew Von Schuch. Tax Attorney and CPA Matthew Von Schuch Tax Attorney and CPA 7 METHODS TO RESOLVE IRS TAX DEBT Offer in Compromise Settling tax debt for less than owed Installment Agreement A payment plan for tax debts Non- Collectable Status

More information

Legal Aid Society of Orange County Low Income Taxpayer Clinic

Legal Aid Society of Orange County Low Income Taxpayer Clinic Legal Aid Society of Orange County Low Income Taxpayer Clinic Presented by: Renato L. Izquieta, Esq. Legal Aid Society of Orange County Presented by: Richard Silva, Paralegal Legal Aid Society of Orange

More information

Information on Avoiding Foreclosure

Information on Avoiding Foreclosure Whitney Bank offers and provides financial products and services through its locations in Louisiana and Texas as "Whitney Bank" and as "Hancock Bank" in Mississippi, Alabama and Florida. Information on

More information

Mortgage Forgiveness Debt Relief Act. Cancellation of Debt (COD) Income. Recourse Loan 10/6/2014. Consequences of the expiration of the act

Mortgage Forgiveness Debt Relief Act. Cancellation of Debt (COD) Income. Recourse Loan 10/6/2014. Consequences of the expiration of the act Mortgage Forgiveness Debt Relief Act Consequences of the expiration of the act Cancellation of Debt (COD) Income When a loan is forgiven without being paid back, COD Income is created. That amount is included

More information

Florida Foreclosure/Real Estate Law. E-Book. A Simple Guide to Florida Foreclosure/Real Estate Law. by: Florida Law Advisers, P.A.

Florida Foreclosure/Real Estate Law. E-Book. A Simple Guide to Florida Foreclosure/Real Estate Law. by: Florida Law Advisers, P.A. Florida Foreclosure/Real Estate Law E-Book A Simple Guide to Florida Foreclosure/Real Estate Law by: Florida Law Advisers, P.A. 1 Call: 800-990-7763 Web: www.floridalegaladvice.com TABLE OF CONTENTS INTRODUCTION...

More information

DEALING WITH THE BANKRUPT PROPERTY OWNER BY HARRY CHARLES AUGUST 22, 2008 & AUGUST 28, 2008

DEALING WITH THE BANKRUPT PROPERTY OWNER BY HARRY CHARLES AUGUST 22, 2008 & AUGUST 28, 2008 DEALING WITH THE BANKRUPT PROPERTY OWNER BY HARRY CHARLES AUGUST 22, 2008 & AUGUST 28, 2008 FORECLOSURE: ISSUES, TRENDS AND PERSPECTIVES IN COMMERCIAL LAW MOBAR CLE 1. What is foreclosure for tax purposes?

More information

Short Sale Seller Advisory

Short Sale Seller Advisory Short Sale Seller Advisory Short Sale Seller Advisory Recent economic challenges have resulted in many homeowners needing to sell their home but owing more on their home than the home is worth. This advisory

More information

14 Options Every Home Owner Must Know When Faced With Foreclosure. By: Scott MacDonald

14 Options Every Home Owner Must Know When Faced With Foreclosure. By: Scott MacDonald 14 Options Every Home Owner Must Know When Faced With Foreclosure By: Scott MacDonald Foreclosure is affecting millions of Americans today. It can be a very frightening time for many families who do not

More information

Homeowner Request for Assistance

Homeowner Request for Assistance Homeowner Request for Assistance In this packet. Thank you in advance for allowing your Credit Union to review your account for mortgage assistance. Homeowner Checklist Details the documents and forms

More information

Personal Credit Recovery Program

Personal Credit Recovery Program Personal Credit Recovery Program Program Benefits Get 24/7 online access to your personal credit report and score Learn at your own pace by working through our self-study credit rebuilding guide Access

More information

An Overview of Foreclosure

An Overview of Foreclosure An Overview of Foreclosure While the rising number of foreclosures is an alarming national trend, the real hardship is for any individual or family who knows the threat of foreclosure firsthand. Unfortunately,

More information

BANKRUPTCY. What is the difference between a Chapter 7 and a Chapter 13 bankruptcy?

BANKRUPTCY. What is the difference between a Chapter 7 and a Chapter 13 bankruptcy? BANKRUPTCY Bankruptcy means you ask the court to excuse you from your duty to repay your creditors. A person or business you owe money to is called a creditor. Bankruptcy allows you to discharge (get rid

More information

TAX DEBT. Slaying Monster THE. A step-by-step practical guide to resolving tax debt. An Essential Business Services publication

TAX DEBT. Slaying Monster THE. A step-by-step practical guide to resolving tax debt. An Essential Business Services publication TAX DEBT Slaying Monster THE A step-by-step practical guide to resolving tax debt. ABOUT THE AUTHOR - MEET DENISE Denise Robinett As the owner of Essential Business Services, Denise Robinett brings over

More information

The 8 Fastest Ways to STOP FORECLOSURE in 48 Hours or Less

The 8 Fastest Ways to STOP FORECLOSURE in 48 Hours or Less The 8 Fastest Ways to STOP FORECLOSURE in 48 Hours or Less Copyright Notice All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means electronic or mechanical.

More information

Countrywide Settlement FAQs

Countrywide Settlement FAQs The Tennessee Attorney General s settlement with Countrywide offers several options for borrowers. If you do not see the answer to your question here, please contact Countrywide toll free at (800) 669

More information

WHY THE EXPIRATION OF THE MORTGAGE DEBT FORGIVENESS ACT RARELY APPLIES TO ARIZONA SHORT SALES 1

WHY THE EXPIRATION OF THE MORTGAGE DEBT FORGIVENESS ACT RARELY APPLIES TO ARIZONA SHORT SALES 1 WHY THE EXPIRATION OF THE MORTGAGE DEBT FORGIVENESS ACT RARELY APPLIES TO ARIZONA SHORT SALES 1 After years of extensions to the Mortgage Debt Forgiveness Relief Act, this act will expire at the end of

More information

Williams Bankruptcy A Debt Relief Agency helping people eliminate debt and obtain relief under Chapter 7 of the Bankruptcy Code

Williams Bankruptcy A Debt Relief Agency helping people eliminate debt and obtain relief under Chapter 7 of the Bankruptcy Code A Publication of the Law Office of Richard L. Williams Williams Bankruptcy A Debt Relief Agency helping people eliminate debt and obtain relief under Chapter 7 of the Bankruptcy Code Tips for Questionnaire

More information

TEN LOOPHOLES THAT CAN STOP FORCLOSURE FAST

TEN LOOPHOLES THAT CAN STOP FORCLOSURE FAST TEN LOOPHOLES THAT CAN STOP FORCLOSURE FAST Copyright Notice All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means electronic or mechanical. Any

More information

8 Ways to Avoid or Stop Foreclosure...

8 Ways to Avoid or Stop Foreclosure... Free Special Report 8 Ways to Avoid or Stop Foreclosure... Dear Homeowner, If you are headed toward foreclosure, or are already in foreclosure, you need to know the rights and options available to you

More information

Foreclosure Prevention Counseling Workshop

Foreclosure Prevention Counseling Workshop Foreclosure Prevention Counseling Workshop Counselor role and process The counselor will look at all of your documents to assess your situation The counselor will lay out all of your options The counselor

More information

AGOSTINO & ASSOCIATES, P.C. IRS Collections. Presented by : Frank Agostino

AGOSTINO & ASSOCIATES, P.C. IRS Collections. Presented by : Frank Agostino AGOSTINO & ASSOCIATES, P.C. IRS Collections Presented by : Frank Agostino DISCLAIMER: The following materials and accompanying Access MCLE, LLC audio program are for instructional purposes only. Nothing

More information

According to the United States Bankruptcy Code there are 6 types of bankruptcies, called chapters :

According to the United States Bankruptcy Code there are 6 types of bankruptcies, called chapters : FAQ Bankruptcy What does bankruptcy mean? Bankruptcy is a legal procedure that allows people to legally avoid their debts or reorganize their financial obligations through a payment plan. How many bankruptcy

More information

Presented by: Randy Roach of North American Realty of Nevada. A Guide To Understanding The Process

Presented by: Randy Roach of North American Realty of Nevada. A Guide To Understanding The Process Presented by: Randy Roach of North American Realty of Nevada A Guide To Understanding The Process What Is A Short Sale? It s a Real Estate transaction where two unique events must occur together. (1) Net

More information

Tax Relief for Businesses in Distress American Bar Association Section of Taxation

Tax Relief for Businesses in Distress American Bar Association Section of Taxation Tax Relief for Businesses in Distress American Bar Association Section of Taxation 5-Year Carryback of 2008 and 2009 Net Operating Losses (NOLs) for Eligible Small Businesses (ESBs) For 2008 and 2009,

More information

OPTIONS IN FORECLOSURE

OPTIONS IN FORECLOSURE Section II: KEEPING YOUR HOME OPTIONS IN FORECLOSURE Deciding whether or not to keep your home is something that only you, the homeowner, can determine. The best housing counselors will ask what you d

More information

Foreclosure Rescue. You Have Options! Inside: Powerful Strategies to Avoid Foreclosure. Are You at Risk of Losing Your Home in Foreclosure?

Foreclosure Rescue. You Have Options! Inside: Powerful Strategies to Avoid Foreclosure. Are You at Risk of Losing Your Home in Foreclosure? inside >>> The Foreclosure Process Your Options: - Negotiate a Loan Modification - Work out a Forbearance Plan - Obtain A Deed in Lieu of Foreclosure - Refinance Your House - File for Bankruptcy - Sell

More information

Planning. Taxation of loan forgiveness. Today s Plan 8/19/2014

Planning. Taxation of loan forgiveness. Today s Plan 8/19/2014 Planning Comprehensive Student Loan Training Series Session Three of Four August 2014 Above the line adjustments to income Take the student loan deduction Use health savings account from employer Use section

More information

Why File Bankruptcy?

Why File Bankruptcy? Why File Bankruptcy? You are trying to keep debts current, but are borrowing from one card to pay the other. You are trying to keep debts current by using your savings. You are trying to keep debts current

More information

DET710. A Guide to Tax Resolution: Solving IRS Problems - 12 Hours

DET710. A Guide to Tax Resolution: Solving IRS Problems - 12 Hours DET710 A Guide to Tax Resolution: Solving IRS Problems - 12 Hours Course Objectives and Outline Chapter 1 - IRS Overview and Taxpayer Rights 1. List the mission of the IRS. 2. State the role of Taxpayer

More information

SOME INFORMATION ABOUT BANKRUPTCIES FOR INDIVIDUALS

SOME INFORMATION ABOUT BANKRUPTCIES FOR INDIVIDUALS SOME INFORMATION ABOUT BANKRUPTCIES FOR INDIVIDUALS BY JAMES H. MONROE, ESQ. JAMES H. MONROE, P.A. 2507 EDGEWATER DRIVE ORLANDO, FLORIDA TELEPHONE NO: (407) 872-7447 EMAIL: jamesmonroe@jamesmonroepa.com

More information

LAUREN ROSS Attorney at Law 2550 N. Hollywood Way Suite 404 Burbank, CA 91505-5046 Tel.(818) 847-0211 Facsimile (818) 847-0214

LAUREN ROSS Attorney at Law 2550 N. Hollywood Way Suite 404 Burbank, CA 91505-5046 Tel.(818) 847-0211 Facsimile (818) 847-0214 LAUREN ROSS Attorney at Law 2550 N. Hollywood Way Suite 404 Burbank, CA 91505-5046 Tel.(818) 847-0211 Facsimile (818) 847-0214 INITIAL CONSULTATION AGREEMENT AND REQUIRED NOTICES Please Note: These documents

More information

Central Mortgage Company

Central Mortgage Company Central Mortgage Company Dear Borrower Are you struggling with your mortgage payment? We are concerned about your missed or potentially missed mortgage payment and want you to be aware of assistance available

More information

How to Reduce Your Tax Debt

How to Reduce Your Tax Debt How to Reduce Your Tax Debt Owing back taxes that you cannot afford is a frightening proposition. However, many people are living with just such a situation, and they are continuously trying to figure

More information

Sure and Secure IRS Resolution Services

Sure and Secure IRS Resolution Services Sure and Secure IRS Resolution Services Enrolled Agent - Representation What is an Enrolled Agent? An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field

More information

Will Lenders or Banks do short sales if the mortgage is current?

Will Lenders or Banks do short sales if the mortgage is current? Frequently Asked Questions FAQ What is a short sale? A short sale is when your Lien Holder(s) agree to accept less than you owe in order for you to sell your home. They agree to a discount of the mortgage

More information

Q: Will I have to pay federal taxes on the money my lender loses in the short sale?

Q: Will I have to pay federal taxes on the money my lender loses in the short sale? Q: What is a Short Sale? Answer: In a short sale, the lender agrees to settle the debt owed on the property for less than the full amount. Settled means that the lender is writing off the debt (which is

More information

Bankruptcy/Debt Collection

Bankruptcy/Debt Collection Bankruptcy/Debt Collection [ADVOCATE: Give caller advice per script. Check case acceptance list and refer to appropriate offfice for more services.] I. Explain Judgment Proof Judgment proof means you have

More information

Bankruptcy Q&A. When filing a bankruptcy there are several different chapters under which you can file:

Bankruptcy Q&A. When filing a bankruptcy there are several different chapters under which you can file: Bankruptcy Q&A Chapter 7: What types of bankruptcy are available? When filing a bankruptcy there are several different chapters under which you can file: This is the most basic bankruptcy and is available

More information

How to Avoid Public Foreclosure

How to Avoid Public Foreclosure P R O G R A M H R 3 6 4 8 PROGRAM HR3648 America s Free, Non-Governmental Foreclosure Option How to Avoid Public Foreclosure A Homeowner Guide to Eliminate Mortgage Debt and Rescue Your Credit Rating Through

More information

I m behind in my mortgage payments, what should I do?

I m behind in my mortgage payments, what should I do? FORECLOSURES This handout was prepared by Legal Services of Greater Miami, Inc.(LSGMI) with support from the Institute for Foreclosure Legal Assistance. LSGMI represents homeowners in foreclosure and homeowners

More information

Tax Issues for Bankruptcy & Insolvency

Tax Issues for Bankruptcy & Insolvency Tax Issues for Bankruptcy & Insolvency By David S. De Jong, Esquire, CPA Stein, Sperling, Bennett, De Jong, Driscoll & Greenfeig, PC 25 West Middle Lane Rockville, Maryland 20850 301-838-3204 ddejong@steinsperling.com

More information

I Want To Sell My Home! What Are My Options?

I Want To Sell My Home! What Are My Options? I Want To Sell My Home! What Are My Options? Today over 25% of the homes in America have loan balances that exceed the home value. If you re one of them it s not your fault and you do have choices which

More information

FACTS YOU SHOULD KNOW ABOUT NEGOTIATED DEBT SETTLEMENTS

FACTS YOU SHOULD KNOW ABOUT NEGOTIATED DEBT SETTLEMENTS FACTS YOU SHOULD KNOW ABOUT NEGOTIATED DEBT SETTLEMENTS Cornerstone Financial Counselors Copyright July 2003 FACTS YOU SHOULD KNOW ABOUT NEGOTIATED DEBT SETTLEMENTS Introduction Negotiating debt settlements

More information

Offer in Compromise: Settling your Client s Tax Bill with the IRS

Offer in Compromise: Settling your Client s Tax Bill with the IRS Moving Your Practice in the Right Direction TM Offer in Compromise: Settling your Client s Tax Bill with the IRS A Practice Essentials Presentation 2010 OnePath Practice Management Advisors, LLC. All Rights

More information

IRS Tax Resolution. Course #5730B/QAS5730B Exam Packet

IRS Tax Resolution. Course #5730B/QAS5730B Exam Packet IRS Tax Resolution Course #5730B/QAS5730B Exam Packet IRS TAX RESOLUTION (COURSE #5730B/QAS5730B) COURSE DESCRIPTION AND INTRODUCTION Tax resolution means providing solutions to businesses and individuals

More information

Bankruptcy. Individuals and businesses use bankruptcy as a way to obtain relief from debts owed to creditors.

Bankruptcy. Individuals and businesses use bankruptcy as a way to obtain relief from debts owed to creditors. Bankruptcy Document last updated 2/2/2012. Individuals and businesses use bankruptcy as a way to obtain relief from debts owed to creditors. The United States Constitution authorizes Congress to pass uniform

More information

FREQUENTLY ASKED QUESTIONS

FREQUENTLY ASKED QUESTIONS FREQUENTLY ASKED QUESTIONS Q: What is bankruptcy? A: Bankruptcy allows individuals or businesses (debtors) who owe others (creditors) more money than they're able to pay to either work out a plan to repay

More information

Small Business Seminar Offer in Compromise. Felicia Branch August 15, 2015

Small Business Seminar Offer in Compromise. Felicia Branch August 15, 2015 Small Business Seminar Offer in Compromise Felicia Branch August 15, 2015 Collection Power of the IRS What can they do? For how long? What alternatives does the taxpayer have? Can the taxpayer appeal a

More information

Automated Collection System (ACS)

Automated Collection System (ACS) Automated Collection System (ACS) 245 Designed by IRS to streamline it s unpaid account collection, however: Tax practitioners struggle with many of it s organization concepts Inability to contact previous

More information

Providing legal help for low-income and disadvantaged people in Missouri. How to Avoid Losing Your Home in a Mortgage Foreclosure - Revised 2006.

Providing legal help for low-income and disadvantaged people in Missouri. How to Avoid Losing Your Home in a Mortgage Foreclosure - Revised 2006. Missouri Legal Aid Programs Providing legal help for low-income and disadvantaged people in Missouri www.lsmo.org Home Foreclosures How to Avoid Losing Your Home in a Mortgage Foreclosure - Revised 2006.

More information

Is Cancellation of Debt Income Taxable? One question that I am asked often these days is whether cancellation of debt (COD) income is taxable or not?

Is Cancellation of Debt Income Taxable? One question that I am asked often these days is whether cancellation of debt (COD) income is taxable or not? Is Cancellation of Debt Income Taxable? One question that I am asked often these days is whether cancellation of debt (COD) income is taxable or not? For tax purposes, the general rule is that all debt

More information

Apple Federal Credit Union. Reporting Delinquent Matters and 1099-A and 1099-C Presentation 2014

Apple Federal Credit Union. Reporting Delinquent Matters and 1099-A and 1099-C Presentation 2014 Apple Federal Credit Union Reporting Delinquent Matters and 1099-A and 1099-C Presentation 2014 Discussion Topics Reporting Delinquent Matters 1099 Overview 1099-A 1009-C IRS Position on 1099-C Bankruptcy

More information

QUESTIONS CONCERNING BANKRUPTCY

QUESTIONS CONCERNING BANKRUPTCY QUESTIONS CONCERNING BANKRUPTCY The Law Office of Paul D. Post, P.A. is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The assistance provided to clients may

More information

Foreclosure Options. Know Your Rights! Your Trusted Real Estate Resource

Foreclosure Options. Know Your Rights! Your Trusted Real Estate Resource Foreclosure Options Know Your Rights! Kirk Russell Managing Broker John L. Scott Firm Kirkrussell@johnlscott.com 206.390.5640 Your Trusted Real Estate Resource If you re listed with a license Realtor,

More information

AVOIDING. Foreclosure. Learn What Steps You Can Take to Save Your Home

AVOIDING. Foreclosure. Learn What Steps You Can Take to Save Your Home AVOIDING Foreclosure Learn What Steps You Can Take to Save Your Home Don t Give Up Until You ve Explored Every Option Without a doubt, foreclosure is one of the scariest words in the financial dictionary.

More information

Homeowners are NOT eligible if: The loan is a land contract transaction or privately held mortgage A Foreclosure Sale has already been completed

Homeowners are NOT eligible if: The loan is a land contract transaction or privately held mortgage A Foreclosure Sale has already been completed Frequently Asked Questions 1. What is the Michigan s Hardest Hit Funds program? It is a federally funded loan program designed to help eligible homeowners who are struggling to make their mortgage payments.

More information

TAXPAYER RIGHTS ACT OF 2015: SECTION-BY-SECTION SUMMARY

TAXPAYER RIGHTS ACT OF 2015: SECTION-BY-SECTION SUMMARY TAXPAYER RIGHTS ACT OF 2015: SECTION-BY-SECTION SUMMARY TAXPAYER RIGHTS Section 101. Statement of Taxpayer Rights. Section 101 requires the Secretary of the Treasury to publish a Taxpayer Bill of Rights

More information

Everything You Need to Know About Bankruptcy

Everything You Need to Know About Bankruptcy Everything You Need to Know About Bankruptcy Raymond J. Sallum Bloomfield, Michigan http://bloomfieldlawgroup.com/chapter-7-bankruptcy B l o o m f i e l d L a w G r o u p R a y m o n d J. S a l l u m (

More information

Agent s Short Sale Pre-Screening Checklist

Agent s Short Sale Pre-Screening Checklist Agent s Short Sale Pre-Screening Checklist Sellers Property Address Date: Short sale transactions can take a lot of time and effort. Pre-screening a prospective short sale listing is one of the best ways

More information

Cancellation of Debt

Cancellation of Debt Cancellation of Debt ROBERT E. MCKENZIE Arnstein & Lehr LLP Arnstein & Lehr LLP 1 Debt Cancellation If a debt is canceled or forgiven, other than as a gift or bequest, the debtor generally must include

More information

SHORT SALES (BOON OR BUST?)

SHORT SALES (BOON OR BUST?) SHORT SALES (BOON OR BUST?) Stephen B. Shell Board Certified Real Estate Attorney Shell, Fleming, Davis & Menge sshell@shellfleming.com www.shellfleming.com I. Q: What is a short sale? A short sale is

More information

Do You HAFA? The HAFA Short Sale Program under Making Home Affordable 2

Do You HAFA? The HAFA Short Sale Program under Making Home Affordable 2 Table of Contents Do You HAFA? The HAFA Short Sale Program under Making Home Affordable 2 INTRODUCTION 2 Overview: Making Home Affordable ( MHA ) 2 HOME AFFORDABLE FORECLOSURE ALTERNATIVES PROGRAM ( HAFA

More information

Bankruptcy Questions. FAQ > Bankruptcy Questions WHAT IS CHAPTER 7 BANKRUPTCY?

Bankruptcy Questions. FAQ > Bankruptcy Questions WHAT IS CHAPTER 7 BANKRUPTCY? FAQ > Bankruptcy Questions Bankruptcy Questions WHAT IS CHAPTER 7 BANKRUPTCY? Chapter 7 bankruptcy is sometimes called a straight bankruptcy or a liquidation proceeding. The number one goal in an individual

More information

Bankruptcy: Is It the Right Choice for You?

Bankruptcy: Is It the Right Choice for You? Bankruptcy: Is It the Right Choice for You? Find more easy-to-read legal information at www.ptla.org Introduction This is to help you to understand some basics about the bankruptcy laws and rules. This

More information

My HoMe Is over-leveraged!

My HoMe Is over-leveraged! My HoMe Is over-leveraged! What Are My Options? Today over 25% of the homes in America have loan balances that exceed their home value. If you re one of them it s not your fault and you do have choices

More information

Frequently Asked Questions

Frequently Asked Questions Frequently Asked Questions 1. What is the Michigan Hardest Hit Fund program? Michigan s Hardest Hit Fund program, also known as, is a federally funded loan program designed to help eligible homeowners

More information

Tired of the Foreclosure Threat?

Tired of the Foreclosure Threat? Y o u r R e a l E s t a t e S t r e s s R e l i e f Tired of the Foreclosure Threat? Learn about the 6 options available to you when you are facing foreclosure Loan Modification Foreclosure Prevention

More information

Seller FAQs. If your question is not addressed in this document, please call us at 410-779-1000 and one of our Client Coordinators will assist you.

Seller FAQs. If your question is not addressed in this document, please call us at 410-779-1000 and one of our Client Coordinators will assist you. Seller FAQs You re thinking about a short sale, but want to know more about them. We ve compiled a list of commonly asked questions from sellers just like you. Please read through this document to answer

More information

WHY FILE FOR BANKRUPTCY IN NEW JERSEY?

WHY FILE FOR BANKRUPTCY IN NEW JERSEY? WHY FILE FOR BANKRUPTCY IN NEW JERSEY? TRAVIS J. RICHARDS SOUTH NEW JERSEY BANKRUPTCY ATTORNEY Deciding to file for bankruptcy is not an easy decision. Most people struggle with the decision to file for

More information

The Top Seven Financial Pitfalls Every Homeowner Facing Foreclosure Must Avoid

The Top Seven Financial Pitfalls Every Homeowner Facing Foreclosure Must Avoid The Top Seven Financial Pitfalls Every Homeowner Facing Foreclosure Must Avoid The foreclosure process is perplexing, even for those experienced in real estate. Real estate agents, attorneys, mortgage

More information

FAMILY LAW NEWS & REVIEW

FAMILY LAW NEWS & REVIEW FAMILY LAW NEWS & REVIEW LOS ANGELES COUNTY BAR ASSOCIATION FIRST QUARTER 2010 assist in the making of the child custody decision, and further delay in proceedings would have resulted if a new child custody

More information

Discharging Taxes in Bankruptcy

Discharging Taxes in Bankruptcy When clients need protection from creditors, tax debts can be resolved as well. by Donald L. Ariail, CPA/CFP Michael M. Smith, Esq., CPA Neil Deininger, Esq., CPA and Reba M. Wingfield, Esq. Discharging

More information

SHORT SALES Frequently Asked Questions

SHORT SALES Frequently Asked Questions SHORT SALES Frequently Asked Questions This factsheet is provided for information purposes only. It is not a substitute for advice from legal, accounting, housing, or real estate professionals. Please

More information

How to Bankrupt Income Taxes 507 & 523

How to Bankrupt Income Taxes 507 & 523 How to Bankrupt Income Taxes 507 & 523 Attorney Nick C Thompson Louisville KY 40223 800 Stone Creek Parkway Suite 6 Louisville KY 40223 502-429-0057 Bankruptcy@Bankruptcy-Divorce.com www.bankruptcy-divorce.com

More information

Offer in Compromise Application Guide

Offer in Compromise Application Guide Offer in Compromise Application Guide How To Avoid The Most Common Reasons For IRS Offer in Compromise Rejection Presented to you by: http://aaataxaccountants.com About Offers in Compromise The Offer in

More information

Bankruptcy Guide for Beginners

Bankruptcy Guide for Beginners Bankruptcy Guide for Beginners Answers to 20 common bankruptcy questions We hope you find this guide useful and informative. We look forward to helping you eliminate debt and get a fresh financial start.

More information

Glossary of Foreclosure Fairness Mediation Terminology

Glossary of Foreclosure Fairness Mediation Terminology Glossary of Foreclosure Fairness Mediation Terminology Adjustable-Rate Mortgage (ARM) Mortgage repaid at the rate of interest that increases or decreases over the life of the loan based on market conditions.

More information

IMPACT. Taxpayer implications of an Economic Downturn TAX IMPLICATIONS

IMPACT. Taxpayer implications of an Economic Downturn TAX IMPLICATIONS TAX IMPLICATIONS IMPACT Taxpayer implications of an Economic Downturn By Joseph LiPari, CPA, M.B.A. As the United States continues to be mired in its worst recession in 80 years, we are all well aware

More information

These sample documents are for your reference only and are not to be filled out or submitted as originals.

These sample documents are for your reference only and are not to be filled out or submitted as originals. 9000 Southside Blvd Jacksonville, FL 32256 FL9-400-01-21 Phone: 1 (866) 413-3757 Email: jaxhelocshortsales@bankofamerica.com The following is a sample of the Home Equity Line of Credit (HELOC) Welcome

More information

Common Foreclosure and Cancellation of Debt Issues for Real Property (edited transcript)

Common Foreclosure and Cancellation of Debt Issues for Real Property (edited transcript) Common Foreclosure and Cancellation of Debt Issues for Real Property (edited transcript) Yvonne McDuffie-Williams: Thank you. As he said, my name is Yvonne McDuffie-Williams. I am a senior program analyst

More information

STUDENT LOAN DISCHARGEABILITY

STUDENT LOAN DISCHARGEABILITY STUDENT LOAN DISCHARGEABILITY IN CHAPTER 7 BANKRUPTCY IN NEW JERSEY TRAVIS J. RICHARDS SOUTH NEW JERSEY BANKRUPTCY ATTORNEY Student loan debt is a major problem in the United States. At this time, college

More information

Understanding how chapter 13 bankruptcy works: Creating a plan for. dealing with unique financial challenges.

Understanding how chapter 13 bankruptcy works: Creating a plan for. dealing with unique financial challenges. 24725 W. 12 Mile Rd., Ste. 304 Southfield, MI 48034 T (248) 246-1166 E info@maxwelldunnlaw.com W maxwelldunnlaw.com Understanding how chapter 13 bankruptcy works: Creating a plan for dealing with unique

More information

Chapter 12 is a reorganization for family farmers and fishing families, which is similar to Chapter 13.

Chapter 12 is a reorganization for family farmers and fishing families, which is similar to Chapter 13. GENERAL INFORMATION ABOUT THE BANKRUPTCY SYSTEM INCLUDING THE RIGHTS AND DUTIES OF CHAPTER 13 DEBTORS (and other information necessary to assist a debtor in completion of the chapter 13 plan) WHAT IS BANKRUPTCY?

More information

The CNMI Division of Revenue and Tax s Collection Process Keep this publication for future reference

The CNMI Division of Revenue and Tax s Collection Process Keep this publication for future reference DIVISION OF REVENUE AND TAXATION COMMONWEALTH OF THE NORTHERN MARIANA ISLANDS Post Office Box 5234 CHRB Saipan, MP 96950 Tel. (670) 664-1000 What You Should Know About The CNMI Division of Revenue and

More information

What is a Structured Settlement? Straight talk about structured settlements

What is a Structured Settlement? Straight talk about structured settlements Woodbridge Structured Funding LLC What is a Structured Settlement? Straight talk about structured settlements Learn more about structured settlements: Why settled personal injury cases are often paid out

More information

How a District should respond to Bank and Mechanics Lien Foreclosures and Bankruptcy Filings

How a District should respond to Bank and Mechanics Lien Foreclosures and Bankruptcy Filings DISCLAIMER This presentation is intended to provide information about the law and is designed to help Board members of Colorado Special Districts gain a general understanding of relevant legal issues.

More information

Foreclosures: Everything You Wanted to Know but Was Afraid to Ask. 1. Lawsuit with Judge or Jury 2. Remedy for Defaults on Mortgages

Foreclosures: Everything You Wanted to Know but Was Afraid to Ask. 1. Lawsuit with Judge or Jury 2. Remedy for Defaults on Mortgages Foreclosures: Everything You Wanted to Know but Was Afraid to Ask A. Types of Foreclosures a. Judicial Foreclosure 1. Lawsuit with Judge or Jury 2. Remedy for Defaults on Mortgages b. Power of Sale Foreclosure

More information

CHAPTER 7 BANKRUPTCY BOOKLET

CHAPTER 7 BANKRUPTCY BOOKLET CHAPTER 7 BANKRUPTCY BOOKLET By Gerardo M. DelGado, Esq. AMABLE LAW PLLC gdelgado@amablelaw.com INTRODUCTION This information is intended as general information ONLY. It is NOT legal advice. You should

More information

What is a Structured Settlement: WOODBRIDGE STRUCTURED FUNDING, LLC

What is a Structured Settlement: WOODBRIDGE STRUCTURED FUNDING, LLC 2014 What is a Structured Settlement: WOODBRIDGE STRUCTURED FUNDING, LLC STRAIGHT TALK ABOUT STRUCTURED SETTLEMENTS WOODBRIDGE STRUCTURED FUNDING, LLC Learn more about structured settlements: Why settled

More information

Bankruptcy Law Firm Ursula Jones, Attorney

Bankruptcy Law Firm Ursula Jones, Attorney ATTORNEY-CLIENT BANKRUPTCY RETAINER AGREEMENT The Client(s) hereby enter into this Attorney-Client Retainer Agreement with Ursula Jones ( Attorney ). 1. TOTAL FEES AND COSTS (a) Fixed Fee: A fixed fee

More information

Coping with debt. Self-help. Dealing with debt collectors. Managing your auto and home loans. Developing a budget. Contacting your creditors

Coping with debt. Self-help. Dealing with debt collectors. Managing your auto and home loans. Developing a budget. Contacting your creditors Coping with debt Having trouble paying your bills? Getting collection notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?

More information

LIENS. Lien: An encumbrance on property to secure a debt or to protect a claim for payment of a debt.

LIENS. Lien: An encumbrance on property to secure a debt or to protect a claim for payment of a debt. LIENS Lien: An encumbrance on property to secure a debt or to protect a claim for payment of a debt. Mechanic s Lien: A lien on real property to ensure payment for work performed and materials furnished

More information

TIPS TO REMEMBER. When a person decides to file for Chapter 13 bankruptcy, they are faced with a variety of questions as well as many challenges.

TIPS TO REMEMBER. When a person decides to file for Chapter 13 bankruptcy, they are faced with a variety of questions as well as many challenges. CHAPTER 13 BANKRUPTCY INPHILADELPHIA TIPS TO REMEMBER When a person decides to file for Chapter 13 bankruptcy, they are faced with a variety of questions as well as many challenges. DAVID M. OFFEN PHILADELPHIA

More information

CLIENT SERVICES: Tax Problem Resolution Services

CLIENT SERVICES: Tax Problem Resolution Services CLIENT SERVICES: Tax Problem Resolution Services Dear Client: Are you having problems with the IRS? We re here to help you resolve your tax problems and put an end to the misery that the IRS can put you

More information

The Homeowner s Guide to Bankruptcy and Short Sales

The Homeowner s Guide to Bankruptcy and Short Sales The Homeowner s Guide to Bankruptcy and Short Sales Seattle Short Sales, Inc. 1-800-603-3525 www.seattleshortsales.com Written by Jonathan Smith, Attorney at Law and Seattle Short Sales, Inc. Legal Disclosure

More information

DAVID M. OFFEN PHILADELPHIA BANKRUPTCY ATTORNEY

DAVID M. OFFEN PHILADELPHIA BANKRUPTCY ATTORNEY SHOULD YOU OPT FOR CHAPTER 13 OVER CHAPTER 7 BANKRUPTCY IN PHILADELPHIA? Not only do you have to decide if bankruptcy is the best financial decision, but you then need to know the answer to this question:

More information