Gregory Wallace of CNN Money reports that administrative snafus at Flagstar Bank lead to more than 2,000 house foreclosures in the last three years. A review by the Consumer Financial Protection Bureau led to the discovery that there were many issues that caused hardships for homeowners. Among them: loan modification applications took up to nine months to review, loan adjustment applications took so long to review that documentation expired and applications were closed out, routine … [Read more...]
After Bankruptcy: How to Rebuild Your Credit and Your Life
October 15, 2014 by
Filing for bankruptcy isn’t easy on anyone, but sometimes it is the only viable solution. After all is said and done, how do you pick up the pieces and move on? This article, Life after bankruptcy, which was published at Bankrate™, gives some good advice to those in this position. This article includes information about finding a way to live a slimmed-down lifestyle and how to establish new credit. It also recommends adopting a positive attitude and planning for your financial future while … [Read more...]
Apple Supplier GT Advanced Technologies in Bankruptcy
October 13, 2014 by
GT Advanced Technologies supplies Apple with the scratch-resistant sapphire glass used in many of its products. While they seemed to be in a great position to many investors, the company surprised the world by applying for bankruptcy this week. GT Advanced Technologies had borrowed $350 million from Apple to build up its sapphire manufacturing facility, however, their production only resulted in $31 million in revenue in the first half of 2014--far less than the company had expected to earn. As … [Read more...]
Trump Casinos Cannot Stop Contributing to Employee Pension Plan
October 8, 2014 by
U.S. Bankruptcy Judge Kevin Gross ruled that the bankrupt Atlantic City casino owner, Trump Entertainment Resorts, Inc., did not meet the necessary requirements to be permitted to stop contributing to the employee pension fund. Trump Entertainment’s lawyer, Kristopher Hansen, argued that exiting the fund was “absolutely critical.” However, permitting this action, according to Judge Gross, would violate the bankruptcy code. As reported by Bloomberg, this was a tough blow to the company, which is … [Read more...]
Recent College Graduates Can Benefit from Tax Breaks
October 8, 2014 by
If you recently graduated from college, you may want to take advantage of some of the many tax breaks that are currently available for your demographic. Daniel Huang of the Dow Jones Newswires lists several of them in this informative article. Included in his list are: student-loan interest deductions, the Lifetime Learning tax credit, the American Opportunity tax credit, moving expenses tax credits, and tax-smart savings deductions for putting money away into a 401(k) or other retirement … [Read more...]
Why Hiring a Real Estate Attorney Is So Important
October 7, 2014 by
Purchasing a home or piece of property is a huge investment. If you are making this purchase on contract or in a for-sale-by-owner arrangement, you may be tempted to save money by avoiding the fees charged by a real estate attorney. This plan can easily backfire, however, if you get caught up in one of the many potential pitfalls that a purchase like this can have. Real estate attorneys can review your contract, work with mortgage lenders, review important documents and ensure that the property … [Read more...]
The IRS Has Failed to Effectively Collect Back Taxes from Expats
October 7, 2014 by
Laura Saunders of the Wall Street Journal reports that the IRS has done little to collect back taxes from Americans living abroad. This is according to a recent audit of IRS practices conducted by the Treasury Inspector General for Tax Administration (TIGTA), a governmental bureau tasked with overseeing the practices of the IRS. This is not to say that these individuals are off the hook. More than 1,700 expats with delinquently owed taxes are currently named on a Customs Hold list, meaning that … [Read more...]
Chicagoland Foreclosures Are Decreasing, but Many Still Struggle to Stay in their Homes
October 1, 2014 by
A recent article that appeared in Progress Illinois revealed that although house foreclosures in the Chicago area have returned to pre-recession numbers, the housing crisis is still affecting area homeowners. Author Ellyn Fortino reports that Chicago activist who are working to help struggling homeowners say that “many communities, particularly low-wealth and majority minority neighborhoods, continue to grapple with the effects of the housing crisis.” If your home is taking you underwater … [Read more...]
The IRS Tax Payment Extension Expires on October 15
October 1, 2014 by
If you have filed for an extension on your 2013 federal tax payments, time is running out. The deadline on these extensions is October 15. The IRS urges that those who have received an extension check their returns for any overlooked tax benefits for which they may be entitled. According to the IRS, approximately 3 million tax payers who filed for a six month extension have not yet filed their returns. If you are one of them, and need assistance or legal advice about relief programs offered by … [Read more...]
Forbes Reports that the IRS Flubs 57% of Back Tax Collections
October 1, 2014 by
Forbes contributor Robert W. Wood states that a recent IRS audit by the Treasury Inspector General for Tax Administration found that the IRS frequently writes off tax debts too soon. Apparently, 57% of the time, the IRS does not take all the required steps necessary before listing back taxes as uncollectible. The report asserted that approximately $1.9 billion could be collected if IRS managers ensured that all proper steps had been taken prior to listing the debts as uncollectible. If this … [Read more...]
