If you have IRS income tax debts, you should consider working out a repayment plans for your Federal student loan debts first. Fresh Start Initiative In 2012, the IRS issued another phase of its well-known “Fresh Start Initiative” which, among other things, subordinates the IRS debts to Federal student loan repayments. In other words, let’s say that a taxpayer has … Read More
Can You Get a Student Loan After Bankruptcy?
Need to get a student loan after a bankruptcy filing? For those considering a bankruptcy case filing, this is a big question. Will they be eligible to get a student loan after filing for bankruptcy? The answer is: it all depends on what you’re looking for. Here’s what you should consider. Federal Student Loans For students applying for college, … Read More
IRS Offer in Compromise–10 Questions about Settling Your IRS Tax Debt
1) Are IRS Tax Settlements legitimate? Why would the IRS ever agree to a reduced payment on IRS debts? ANSWER: Because the IRS makes money on the program! For example, in 2012, it received over $175 million in payments from taxpayers in the Offer in Compromise Program. Moreover, the Program encourages taxpayers to again become compliant with filing … Read More
Bank of America is Hated–It’s Official!
I just finished reading this article from Mother Jones which outlines the 10 most hated banks in America, according to complaints received by the Consumer Finance Protection Bureau from 2011 to 2014. Ah ha, the winner is Bank of America. And Bank of America is hated by a good distance, by the way, with Wells Fargo, Chase and Citibank … Read More
What is IRS Tax Relief?
If you owe IRS tax debts, you probably see and hear a ton of advertisements concerning IRS tax relief. What exactly does this mean, and what are the specific types of IRS tax relief? Offer in Compromise The first type that people think of is settling IRS tax debts. This is known as the Offer in Compromise program that … Read More
3 Questions to Ask if You’re Filing a Bankruptcy Case
There are 3 questions to ask if you’re thinking about filing a bankruptcy case. Preferential Payments and Transfers First, is your case going to be approved by the Court? As an attorney, I want to know if clients have engaged in any questionable practices in the recent past. Specifically, have they sold or transferred any assets to “insiders” (definition: family … Read More
Getting a Mortgage After Bankruptcy Discharge–One Person’s Story
A recent client just called me today about her efforts to get a new mortgage after her bankruptcy discharge was granted. She and her husband had about $35,000 in credit card debt that they wiped out with a Chapter 7 bankruptcy filing. They filed their case in April 2011 and their case was approved, and they received their discharge … Read More
Mortgage Loan Modification–5 Questions and Answers
I get a lot of questions from folks concerning mortgage loan modifications. Note that a loan modification is not a refinancing, and homeowners do not have the legal right to a modification. In other words, your mortgage company isn’t required to offer you a loan modification. And if you’re lucky enough to get a modification. you still have … Read More
Substitute for Return from the IRS–What is it?
An average of 900,000 Americans each year fail to file their federal tax returns. So, what exactly does the IRS do in response? Basically, the IRS has established the Substitute for Return Program to establish (“assess”) tax amounts owed by the non-filer, and to also calculate non-filing penalties and interest. A Substitute for Return (SFR) is a tax return … Read More
Student Loan Default–3 Reasons to Get Out Of It
How do you know you’re in federal student loan default? It’s been 270 days since you last made a payment. You can determine your status and see if you’re in default by going to the National Student Loan Database. So what’s the big deal about being in default? Automatic Wage Garnishment (AWG) First, federal student loan lenders can always … Read More
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