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Experiencing financial trouble is stressful enough without creditors threatening wage garnishments.  In some states, creditors may be able to garnish your wages for certain types of debt.  Most people want to avoid wage garnishments at all costs.  Staying in touch with your creditors may help put wage garnishments off for a while but not forever.  If you cannot afford to pay off the debt in full, you may want to consider filing for bankruptcy relief to stop wage garnishments. For more about … [Read more...]

If you are working hard to rebuild your credit score after a bankruptcy, you already understand that having a good credit score can save you money.  You should review your credit report annually to check for mistakes that could lower your credit score.  Understanding what factors go into calculating your credit score can also help you maintain a good credit score.  For example, your payment history counts for 35% of your score so a few late payments can lower your credit score quickly. For … [Read more...]

Bank of America has been ordered to pay $10,000 per month for every month that it harassed a couple in an attempt to collect a debt that was discharged in their Chapter 7 bankruptcy case.  Bankruptcy Judge Robert Drain stated that this was not a mistake but a policy of sending letters and calling the debtors repeatedly in an attempt to collect a debt that was already discharged.  This is not Bank of America’s first problem in bankruptcy court.  There are several other instances of Bank of … [Read more...]

Even though some federal employees may be returning to work, many are still facing financial uncertainty as the government shutdown continues into a second week.  Some employees have openly stated they will face bankruptcy if the shutdown continues while others are simply trying to survive financially.  GreenPath Debt Solutions put together some tips to help those struggling with personal finances.  The steps are useful for anyone struggling financially as it reminds us that we need to set up … [Read more...]

Buying a home is a huge financial step.  It can also be a long, complicated process.  Because there are so many steps involved, there are many chances to make a mistake.  The first mistake a homebuyer can make is thinking they can always negotiate for a lower price.  While this works sometimes, it is less likely to work in the competitive market we have today.  It is better to make your best offer right from the start.  If the seller is truly motivated, he or she will accept the offer. For … [Read more...]

Probably the first thing to know about bankruptcy and foreclosure is that filing a bankruptcy will often delay or stop a foreclosure action.  This allows the homeowner time to vacate the home or propose a reorganization plan to catch up the payments. Something that you may not know is that there are a few exceptions to the automatic stay that stops the foreclosure.  Furthermore, the type of bankruptcy case you file will affect how the foreclosure is treated going forward. For more about … [Read more...]

For employees affected by the government shutdown, it is not business as usual.  They are not sitting at home by choice and are losing income each day the government is closed.  Federal furloughed employees should follow many of the same personal finance tips as anyone facing a loss of income.  First – do not panic.  Making hasty financial decisions could make matters worse.  Do not react with emotion but take time to think before making major financial decisions.  Postpone trips and major … [Read more...]

After seven decades of entertaining New Yorkers and thousands of visitors, the New York City Opera will shut its doors for good.  The city opera announced that it would be filing bankruptcy and closing down after it failed to raise the $7 million it needed to continue operating.  The final three productions that were planned for this season will be canceled due to the bankruptcy.  The opera has not done well since it was moved out of the Lincoln Center. For more read, “NYC Opera to file for … [Read more...]

Depending on how you look at it, the government shutdown is both good and bad for taxpayers.  Without federal funding, the Internal Revenue Service will not conduct audits.  However, if you filed an extension for last year’s tax return it is still due by October 15 and if you owe taxes, you must also pay them by October 15 even though refunds will probably be delayed due to the shutdown.  Need help with those last minute tax returns – you are out of luck.  The IRS has closed walk-in centers and … [Read more...]

The United States Supreme Court has agreed to hear a case involving FICA taxes on severance pay.  The case is between Quality Foods, who filed bankruptcy in 2001, and the Internal Revenue Service.  Quality Foods paid its workers a severance package and withheld FICA taxes.  Later, it filed for a tax refund claiming that severance pay was not subject to FICA taxes – the IRS disagreed.  Now the case will go before the US Supreme Court for a final determination.  The decision could ultimately … [Read more...]