In difficult economic times, a business may seek to settle its debts through a Chapter 11 bankruptcy. Chapter 11 bankruptcy affords a business the opportunity to reorganize and restructure its debts as opposed to selling off all of its assets like in…
The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2013. The rates will be: three (3) percent for overpayments [two (2) percent in the case of a corporation]; three…
Mounting debt affects millions of Americans. It can be hard to get out of debt, and the problems don’t just face everyday civilians. Insurmountable debt is also a reality for celebrities, and when taxes aren’t paid on time, it can…
Foreclosures, which are often followed by evictions, have been one of the most devastating consequences of the housing market crash. Natural disasters can make the foreclosure process even more trying for affected families. Fortunately, lenders sometimes halt foreclosures after natural disasters. In…
It seems that people seeking debt relief and trying to stop wage garnishment, protections afforded by the U.S. Bankruptcy Court system, may have to be a little patient while the New York region recovers from Superstorm Sandy. With the side…
A business bankruptcy may be a Chapter 7 bankruptcy or a Chapter 11 bankruptcy. A Ch.11 bankruptcy involves reorganizing the business and restructuring its current debts, rather than completely liquidating the business, as is the case with a Chapter 7 bankruptcy. As…
The Internal Revenue Service today alerted employers and other taxpayers that because Hurricane Sandy is designated as a qualified disaster for federal tax purposes, qualified disaster relief payments made to individuals by their employer or any person can be excluded…
To help distressed homeowners lower their monthly mortgage payments, the U.S. Departments of the Treasury and Housing and Urban Development established the Home Affordable Modification Program SM (HAMPSM) for mortgage loans that are not owned or guaranteed by Fannie Mae…
Despite their differences, both President Barack Obama and his opponent, Mitt Romney, enjoy wearing Hart Shaffner Marx suits, a brand owned by suit company HMX Group. Unfortunately, HMX Group has found itself in financial trouble, having to file for Chapter 11 bankruptcy…
Some lenders today will require that you at least try for a short sale before they will consider a Deed In Lieu Of Foreclosure. Some people are in favor of doing a short sale because – It’s not a foreclosure.…
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