We’ve recently heard sternvoiced threats from the federal government about collecting delinquent student loans and defaulted EIDL loans. One of their collection tools is the Treasury Offset Program. It allows the feds to take some or even all of money is owes you to pay money that you owe the government. So many people plan […]
Is It Too Late For Bankruptcy?
Worried that it’s too late to file bankruptcy? You’ve put off considering bankruptcy, hoping to tough it out, or hoping for a miracle. But at some point, time runs out: you’ve been served with a lawsuit; judgment has been entered against you; or even, a garnishment appears on your paycheck. Is it too late to […]
4 Compelling Reasons To File The Tax Return Even If You Can’t Pay
Should you file the tax return if you can’t pay the tax? You got to the bottom of your tax return and the amount you owe is bigger than your checkbook balance. Nope. It doesn’t work that way. The IRS does not start harassing nonpayers for money immediately after a return is filed. Or even […]
Avoid Paying Taxes On That 1099 Form, Legally
It’s tax time and the mails are full of IRS form 1099. If you managed a short sale of your property; suffered a foreclosure; filed bankruptcy; or settled your debt for less than you owed, you probably got a 1099. But that’s not the end of the tax story. Receipt of the form does not […]
California Exemptions Increase for 2025
New 2025 California exemption amounts becomes effective April 1, 2025. And it’s no joke. The new exemption numbers will protect more value in cash and assets necessary for everyday living. Exemptions define the assets that are safe from creditors in bankruptcy. The California exemptions found in CCP 704 exemptions are also available outside of bankruptcy […]
Who Needs This Kind Of Help With Debts
Eliminate your unsecured debt sooner than you ever thought possible. That’s the promise of one debt settlement company. It’s in their contract, not just their ads. It must be so. The pitch preys on people’s profound desire to do the right thing. Most people want desperately to pay their debts and avoid the “horror” that […]
5 Lies About Bankruptcy That Enrich Creditors
If the truth will make you (debt) free, your creditors are motivated to lie about bankruptcy. After all, if you think there is no palatable alternative to making payments to them forever, you’ll keep filling their pockets each month. So, there’s no upside for a creditor in feeding you good information about bankruptcy. After all, […]
Stop Making Quarterly Tax Payments & Stay Within The Law
Uncle Sam expects a quarterly tax payment from the self employed. Since you don’t get a paycheck with regular tax withholding, the burden’s on you. Lighten the burden. Make this the last quarterly tax payment you pay. Seriously. Don’t make any quarterly payments for this coming year. Think I’m advocating tax resistance? No way. The tax collectors […]
Is This Really The Season For Credit Card Debt Forgiveness?
CBS’s article “How to prepare for credit card debt forgiveness this April” constitutes a serious disservice to its readers. It touts those debt foregivess programs who prey on the desire of most people to pay their debts to the extent they can, offering a supposed path out of debt that’s largely illusory. At bottom, the […]
What Is Really Scary About Debt Collectors
When I tell a client to stop paying credit cards, they look at me as though I’d suggested they jump into shark-infested waters. “But they’ll start calling me”, they wail. “I’ll be sent to collection“. In their mind, “collection” is a real place, with manacles dangling, barred windows, and water dripping down moldy dungeon walls. Turns out […]
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