As you work to sweep out the dust that Old Man Winter has left behind, do not forget to perform a little “legal” spring cleaning to make sure that you have all of your ducks in a row just in case spring and summer brings more than just showers, flowers and sunshine. Updating your estate plans, reviewing credit reports and preparing for next year’s tax return (especially if you are having trouble with this year’s taxes) can keep you on track to reach your financial goals. For tips and more … [Read more...]
Taxpayers have new worry in addition to tax deadline – – new tax scam
March 21, 2014 by
The Internal Revenue Service is warning taxpayers of a new tax scam that they are dubbing the biggest tax scam they have ever seen. Thousands of Americans have already been taken for more than a million dollars. It begins with a telephone call from someone claiming to be from the IRS who is threatening arrest or other severe penalties unless you pay the amount you owe immediately. In some cases, follow-up calls and emails will be used as well. For the full story and tips on how to protect … [Read more...]
Double-checking your tax returns can speed your tax refunds
March 20, 2014 by
If you are preparing your own tax returns this year, take note. Failing to sign in the correct places, misspelling a dependant’s name or a calculation error may lead to delayed refunds or worse, penalties and interested. Do not rely on a software program to do all of the work for you when you are preparing your tax returns this year. You must review each page to ensure that the information printed on those pages is accurate and correct. Failing to double-check your tax return can cost you … [Read more...]
Do you know how bankruptcy affects your taxes?
March 19, 2014 by
If you are filing bankruptcy, there are several important things you should know about how your bankruptcy case will affect your taxes. First, if you are in the middle of an IRS audit, filing a bankruptcy will not stop the audit but it will stop collection actions. The other important element of bankruptcy and taxes is that not all tax debt can be discharged in bankruptcy. For more information about bankruptcy and taxes read, “How Bankruptcy Impacts Your Taxes.” Image Credit: Dave … [Read more...]
Learn how to use credit cards wisely to stay out of bankruptcy
March 18, 2014 by
Not everyone that files bankruptcy is there because he or abused credit. Most debtors file bankruptcy due to circumstances beyond their control such as medical bills or the loss of a job. However, a fair number of debtors file because they have gotten themselves in trouble with credit cards. Credit card debt ranks high among the types of debt we see in bankruptcies. Learning how to handle debt is the best way to stay out of trouble. This does not mean that you will not have or use credit … [Read more...]
Another fast food chain files for bankruptcy relief
March 17, 2014 by
Quiznos Corp. follows Sbarro LLC as another fast food chain looks to the bankruptcy court for help as revenues decrease and unpaid bills rise higher. Because competition in the fast food market has increased dramatically in recent years, businesses are forced to find ways to cut costs and increase revenue as consumers abandon their favorite chains in search of new flavors to try. Quiznos will ask the bankruptcy court to approve at $15 million loan from its senior lenders in hopes of continue … [Read more...]
Repaying debts – a necessary evil
March 14, 2014 by
No one likes to think about paying bills but it is a necessary evil for those of us who want a good credit score and want to avoid bill collectors. However, there are smart ways to repay debts that can actually save you money and help you strengthen your finances. For example, if you are trying to pay off multiple debts, knowing which debts to pay first will save you hundreds of dollars in interest verses paying the minimum payments on all debts. For more on repaying debts read Find Law’s … [Read more...]
GM could claim bankruptcy immunity for recent personal injury claims
March 13, 2014 by
As auto-safety advocates urge GM to waive its bankruptcy immunity as to legal claims that may arise from the recall of an ignition switch defect, GM remains silent on its plans regarding those claims. In a polite statement, GM said it has the “safety and peace of mind” of its customers at heart but did not respond to demands that it waive immunity for incidents that occurred prior to the taxpayer-funded, government supervised bankruptcy in 2009. For the full story see, “GM urged to waive … [Read more...]
Ashley Stewart files bankruptcy as it closes 27 stores
March 12, 2014 by
Ashley Stewart, a plus-sized women’s retail store, filed for bankruptcy protection under Chapter 11. The retailer announced it would immediately close 27 stores that it says are underperforming. A statement released by the company reported that the company experienced a decrease in profitability in 2012 but the factors causing the problem have been corrected. Bankruptcy filings show that the company has between $10 million and $50 million in both assets and liabilities. For the full story … [Read more...]
Fans of ABC soaps may have to say goodbye forever to their afternoon shows
March 11, 2014 by
Prospect Park Networks, the company that briefly brought back the popular ABC daytime soaps, “All My Children” and “One Life to Live,” filed bankruptcy this week. The company spent millions of dollars trying to revive the daytime dramas and it alleges that ABC tried to block Prospect from bringing back the long-running shows. Prospect filed suit against ABC in 2013. Viewers will have to wait at this cliffhanger plays itself out in the court system. For the full story read, “Soap opera … [Read more...]
