Category Archives: News
Tax Savings with real estate
Under our existing tax code, we are able to deduct the interest and property tax that we pay in any given year from our gross income. This is basically the federal government subsidizing the purchase of our homes, according to Jeff Lowe, Real Estate Professional. Mr. Jeff Lowe, explains it like this. If your initial [...]
Justice Kagan
Supreme Court Justice Kagan delivered her first opinion ruling for a credit card company in a bankruptcy dispute. The court ruled 8-1, against a debtor who wanted to shield some income from his creditor by claiming a $471 monthly allowance for a car payment. The only problem was that he own his car outright. So [...]
Wamu Bankruptcy Plan Rejected
A Delaware bankruptcy judge has rejected Washington Mutual’s reorganization plan because it gave too much protection to the former executive of the bank. The judge further stated that the way the reorganization plan calls for doling out up to $10 billion in WaMu assets is reasonable. It calls for dividing disputed assets, paying off WaMu’s [...]
Hidden tax breaks
Last December, as part of the deal broker between President Obama and the Republicans to extend the Bush tax cuts is a Social Security tax break. Employees will pay 4.2% of the first $106,800 of their wages into Social Security instead of 6.2%. What is means is that less money will be withheld from everyone’s [...]
Poorer Cities Pay Higher Property Taxes
The Los Angeles Times, reported that residents of poorer cities are paying higher property taxes than those in more affluent cities according to data provided by the Los Angeles County Auditor-Controller’s Office. Neighboring working-class cities, including Compton, San Fernando, El Monte, Huntington Park, Maywood, Montebello and Inglewood, also have high property tax rates. Indeed, of [...]
Foreclosure Increasing Again
The nation’s foreclosure crisis is worsening as homeowners battling high unemployment, slow job growth and an uneven rebound in home prices continue to fall behind on their mortgage payments. In all, 154 out of 206 metropolitan areas with at least 200,000 residents posted an annual increase in foreclosure activity between January and June. Notices for [...]
Foreclosure can impact your credit
While homeowners who default on a mortgage due to economic hardship, such as a job loss or divorce, normally must wait two to five years before buying a home again, walkaways may face double that time. Walkaway, meaning those who voluntarily walk away from their home loan. For example, say you owe $600,000 when you [...]
Rangers Seek Bankruptcy Help
The major league franchise Texas Rangers seek bankruptcy protection to shield itself from about 30 creditors. Among the group of investors coming to the rescue is a group lead by the great Nolan Ryan. His group is rumor to have offer $575 million to purchase the team. The sale would have to be approved by [...]
Ex NBA Player Files for Bankruptcy
Ex NBA star Derek Coleman filed for Chapter 7 bankruptcy protection last month. He owed his creditors more than $4.7 million dollars. Derek Coleman was the number one draft pick coming out of high school into the NBA. The ex-Syracuse University standout and 1991 NBA Rookie of the Year earned tens of millions during a [...]