Monthly Archives: November, 2009
IRS Fines California Governor
The IRS has filed a $79,064 federal tax lien against California governor Arnold Schwarzenegger. The lien was filed in May 11, 2009. The lien was filed in the Los Angeles County recorder’s office so it basically places a lien on all his property within the Los Angeles County, including his Brentwood home. The lien was [...]
Judge Wipes Out Home Debt
A Judge wiped out a $525,000 mortgage that a Long Island couple owed to a California bank. The Bank had received $814.2 million in federal bailout but had a record of being coldblooded in foreclosing in people who owed it money. The Judge called the banks actions “harsh, repugnant, shocking and repulsive. So the Judge [...]
Big Step
Filing for bankruptcy is a big step. One that will follow up around for seven to ten years, depending on the route that you take. If you file for Chapter 7 , most of your unsecured debts are written off within 90 days of filing. The bankruptcy will stay on your credit report for 10 [...]
Congressional Action
The Senate Judiciary Committee has announced a November 19th markup of S.1624; the bill: · Amends federal bankruptcy law to cite circumstances under which a medically distressed debtor may elect to exempt from the property of the estate in bankruptcy up to $250,000 of the debtor’s aggregate interest in specified real or personal property that [...]
Individual Bankurptcy Filing Surge
The state of Massachusett has seen a spike of 35% in Chapter 7 filings in the last nine months. There were 11,872 Chapter 7 filings from January through September compared to 8,777 filing during the same period a year earlier. This year’s bankruptcy-filing totals are the state’s highest since 2005, when federally mandated changed to [...]
Foreclosure Buying Tips
Foreclosures have dominated the market. More will hit the market in the months to come. Everyone is going after foreclosure properties because the prices are low. Here are some tips: 1. Carefully calculate your price and don’t get caught up in a bidding war. 2. Contact the Lenders Directly. The asset manager at the banks [...]
Foreclosure Avoid Fixes Fail to Work
“Foreclosure prevention programs” that rely on voluntary loan modifications are failing to reach most Americans and are often backfiring when they do, according to the NACBA. The failure of these prevention program is putting great pressure on Congress and President Obama to allow court-supervised loan modifications. Credit Suisse is projecting that over 8 million foreclosures [...]
Filing For Bankruptcy
BANKRUPTCY Due to today’s economic climate, the threat of having to file for bankruptcy has become an unkind reality for many people who never thought that they would find themselves in that unenviable position. In 2005 laws were passed in order to dissuade bankruptcy filings, however, after a brief decline those same filings are now [...]