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Tips On Recovering From Bankruptcy
As the economy declines, more and more Americans are falling into debt, and more of us are filing for bankruptcy every day. Bankruptcy can be viewed as a fresh start, removing much of your debt and payments, but it will also destroy your credit report, remaining there for ten years, and diminishing it by several hundred points. In most cases, bankruptcy should be seen as a last resort because of how important it is to maintain a healthy credit score. If you are forced to file for bankruptcy, there are certain measures you should take to ensure that you can get on the road to financial recovery as quickly as possible.
IRS Vows To Make The Richest Americans Pay Their Dues
If you’re insanely wealthy, hold on to your seat: the Internal Revenue Service is out to get you. That is, if you have been scamming Uncle Sam. Last tax season it was made apparent that the IRS was leaner, meaner, and that it was on the lookout for tax evaders. This past fall, the IRS Commissioner Doug Shulman announced something called a “Global High Wealth Exam Group.” The main task of this group is to make sure that the richest people in America are paying what they owe in taxes.
Identity Theft Laws That Retailers Must Respect
On November First of 2009, financial institutions and other creditors were ordered to comply with the Red Flag provisions of the Fair and Accurate Credit Transactions Act of 2003. The purpose of the Red Flag rules is to mitigate and prevent identity theft. Identity theft could be defined as any fraud involving people getting particular benefits by pretending to be someone else.
Rate Of Bankruptcy Filings Is Increasing Sharply
Pay cuts and layoffs pushed more Americans into bankruptcy the past year, and experts say that the situation won’t be likely to get better until the unemployment problem improves. In Wisconsin, bankruptcy filings raised to 30 percent in 2009. This came on top of a 35 percent increase in the preceding year.
Scam Artists Shift Gears As Economy Takes A Turn For The Worst
Back in the good old days, when the economy was flourishing, borrowers trying to game the system fibbed about their debts, saying they owed less debt than they had, and pumped up their incomes on paper in hopes of qualifying for loans that they ordinarily wouldn’t get their hands on. Now, in the middle of an economic recession, these same fibbers are at it again- but in reverse! This time, they have discovered a new way to get lower payments from lenders on loan modifications by fibbing about their income, and pumping up their debt.
Debt Collection Agencies Get Schooled In Sensitivity
Brace yourself: you might get a call from the debt collector, and it might make you feel all warm and fuzzy inside! Bearing the massive amount of recent lawsuits that have been filed against abusive and dishonest debt collection agencies recently, ACA International, the largest American trade group of professional creditor and collectors, tells us that more and more collection agencies are working towards increasing empathetic feelings in their employees.
Thinking About Bankruptcy? Consider These Pros And Cons
So you have the collection agent on the telephone, you owe more money than you can count and you think you have nowhere to turn. You may be considering bankruptcy as a quick fix solution to all of your financial woes. But keep in mind that while bankruptcy may cure some immediate problems, the effects of bankruptcy are long term. Having bankruptcy on your credit report can hinder your ability to get a job, a living environment, and any type of credit. So before you jump in to bankruptcy, it is crucial to weigh its pros and cons.
How To Avoid An Audit By The Internal Revenue Service- Part One
The IRS, armed with smarter computers and more funding, is planning to boost up its audits of individual taxpayers this tax season. Although if you have high income you are less likely to simply fall below the radar, having a lot of money alone is definitely not the only factor that can trigger an audit. Actually, last year only about 6.4 percent of the country’s 440,000 highest-income tax payers were audited.