tag:blogger.com,1999:blog-75879909632206962152024-02-08T10:43:42.655-08:00My Financial FitnessAnonymoushttp://www.blogger.com/profile/02392711601822310485noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-7587990963220696215.post-55894111641541457652012-08-17T16:01:00.004-07:002012-08-17T16:01:48.584-07:00<div class="separator" style="clear: both; text-align: center;">
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<br />
Is Bankruptcy right for you?<br />
by Jennifer A. Blanc<br />
Attorney & Counselor at LawAnonymoushttp://www.blogger.com/profile/02392711601822310485noreply@blogger.com0tag:blogger.com,1999:blog-7587990963220696215.post-10970396835663783482012-08-08T12:10:00.002-07:002012-08-08T12:10:45.230-07:00<br />
<div align="center" style="line-height: normal; margin-bottom: .0001pt; margin: 0in; text-align: center; text-indent: .25in;">
<b style="mso-bidi-font-weight: normal;">MORTGAGE
DEFAULT RESCUE OR PERSECUTION</b></div>
<div align="center" style="line-height: normal; margin-bottom: .0001pt; margin: 0in; text-align: center; text-indent: .25in;">
<b style="mso-bidi-font-weight: normal;">LEARN
ABOUT THE MORTGAGE FORGIVENESS DEBT RELIEF ACT</b></div>
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<br /></div>
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If you are
in foreclosure or have a mounting mortgage default you need to be aware of a
law that can save you or penalize you. Normally, debt forgiveness results in
taxable income. However, under the Mortgage Forgiveness Debt Relief Act of
2007, you may be able to exclude up to $2 million of debt forgiven on your
principal residence.</div>
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<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">The limit is $1 million for a married person filing a separate
return.</span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">You may exclude debt reduced through mortgage restructuring, as
well as mortgage debt forgiven in a foreclosure.</span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">To qualify, the debt must have been used to buy, build or
substantially improve your principal residence and be secured by that
residence.</span></div>
<div class="MsoNormal" style="line-height: 11.7pt; margin-bottom: 12.0pt; margin-left: .75in; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .75in; text-indent: -.25in;">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">4.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">Refinanced debt proceeds used for the purpose of substantially
improving your principal residence also qualify for the exclusion.</span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">5.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">Proceeds of refinanced debt used for other purposes – for example,
to pay off credit card debt – do <b><span style="font-family: "Arial","sans-serif";">not</span></b>
qualify for the exclusion.</span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">6.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">If you qualify, claim the special exclusion by filling out Form
982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attach
it to your federal income tax return for the tax year in which the qualified
debt was forgiven.</span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">7.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">Debt forgiven on second homes, rental property, business property,
credit cards or car loans does <b><span style="font-family: "Arial","sans-serif";">not</span></b>
qualify for the tax relief provision. In some cases, however, other tax relief
provisions – such as insolvency – may be applicable. IRS Form 982 provides more
details about these provisions.</span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">8.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">If your debt is reduced or eliminated you normally will receive a
year-end statement, Form 1099-C, Cancellation of Debt, from your lender. By
law, this form must show the amount of debt forgiven and the fair market value
of any property foreclosed.</span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">9.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">Examine the Form 1099-C carefully. Notify the lender immediately
if any of the information shown is incorrect. You should pay particular
attention to the amount of debt forgiven in Box 2 as well as the value listed
for your home in Box 7.</span></div>
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<br /></div>
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<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">10.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt;">A
certified public accountant is qualified to help you interpret the form, assess
the implications of it on your overall tax liability, and prepare your tax return.
A local tax return preparer is not qualified to deal with this issue. Visit the
experts.</span></div>
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<br /></div>
<div style="font-family: Times,"Times New Roman",serif; text-align: justify;">
<span style="font-size: small;">It
is important to note that The<i><span style="font-style: normal;"> Mortgage Forgiveness Debt Relief Act of 2007 generally allows
taxpayers to exclude income from the discharge of debt on their principal
residence. Debt reduced through mortgage restructuring, as well as mortgage debts
forgiven in connection with a foreclosure qualify for this relief.</span></i> </span></div>
<div style="font-family: Times,"Times New Roman",serif; text-align: justify;">
<br /></div>
<div style="font-family: Times,"Times New Roman",serif; text-align: justify;">
<span style="font-size: small;">While
these ten points may bring about a sigh of alleluia for many taxpayers in
mortgage default, it’s important to note that the <i><span style="font-style: normal;">exclusion of cancelled debt from income does
not apply if the discharge is due to services performed for the lender or any
other reason not directly related to a decline in the home’s value or the
taxpayer’s financial condition and it doesn’t cover investment properties. </span></i></span></div>
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<br /></div>
<div style="font-family: Times,"Times New Roman",serif;">
<span style="font-size: small;"><i><span style="font-style: normal;">If a
mortgagor doesn’t expect to get a 1099 C from its lender for default on the
primary residence for mortgage debt forgiven in 2012, in 2013 this mortgage
debt forgiveness relief will not be available.</span></i></span></div>
<div style="font-family: Times,"Times New Roman",serif;">
<span style="font-size: small;"><i><span style="font-style: normal;">Individuals in this situation may want to consider filing for Bankruptcy
in order to escape taxation. </span></i></span></div>
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<i><span style="font-style: normal; mso-bidi-font-style: italic;"><span style="mso-tab-count: 1;"> </span></span></i></div>
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<i><span style="font-style: normal; mso-bidi-font-style: italic;">By:</span></i></div>
<div style="line-height: normal; margin-bottom: .0001pt; margin: 0in; tab-stops: right 6.0in;">
<i><span style="font-style: normal; mso-bidi-font-style: italic;">Jennifer A. Blanc</span></i></div>
<div style="line-height: normal; margin-bottom: .0001pt; margin: 0in; tab-stops: right 6.0in;">
<i><span style="font-style: normal; mso-bidi-font-style: italic;">Attorney at Law</span></i></div>
<div style="tab-stops: right 6.0in;">
<br /></div>
<div style="tab-stops: right 6.0in;">
<i><span style="font-style: normal; mso-bidi-font-style: italic;">Jennifer A. Blanc is a qualified Chicago Bankruptcy Attorney, located
in Westchester, IL and helps consumers file bankruptcy to avoid tax
liabilities.<span style="mso-spacerun: yes;"> </span>She is a go to professional
for helping people solve their financial problems.<span style="mso-spacerun: yes;"> </span>Visit Jennifer A. Blanc at <a href="http://www.jenniferlawone.com/"><span style="mso-bidi-font-style: normal;">www.jenniferlawone.com</span></a>
or call 708-848-LAW1.</span></i></div>Anonymoushttp://www.blogger.com/profile/02392711601822310485noreply@blogger.com1tag:blogger.com,1999:blog-7587990963220696215.post-62468896840438666542012-08-08T11:46:00.001-07:002012-08-08T11:47:55.378-07:00<br />
<div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "AR BLANCA";">Is a Chapter 7 Bankruptcy the
Answer </span></u></b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "AR BLANCA";">to Your Prayers?</span></u></b></div>
<div class="MsoNormal">
<span style="font-family: "AR BLANCA";">It most definitely is
if you pray to…... </span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">Eliminate
all Credit Card Debts</span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">Eliminate
all Medical Bills</span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">Recover
from failed businesses</span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">Get
rid of d/b/a debts</span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">Get
the IRS off your back</span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">Get
out of bankruptcy in as little as 5 months</span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">Get
rid of Mortgage obligations</span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">Surrender
Assets, including vehicle</span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">Get
Rid of Repo Collections</span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">Redeem
Assets </span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">Get
rid of negative credit history </span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">Retain
all of your future earnings </span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">End
creditor harassment</span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">Restore
Your Credit, Fast</span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">Deal
with all my creditors all at once</span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">Get
Rid of Payday Loans</span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">Get
Rid of Most Divorce Expenses</span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">Restore
Driving Privileges due to car accidents</span></div>
<div class="MsoNormal">
<span style="font-family: "AR BLANCA";">So say Alleluia!!!….</span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">Free
me from the shame of needing to borrow from my relatives</span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">No
more borrowing from Peter to Pay Paul</span></div>
<div class="MsoNormal" style="margin-left: 22.5pt; tab-stops: 234.55pt;">
<span style="font-family: "AR BLANCA";">Get back my sanity, my dignity, and start fresh<span style="mso-tab-count: 1;"> </span></span></div>
<div class="MsoNormal" style="margin-left: 22.5pt;">
<span style="font-family: "AR BLANCA";">Re-Establish
my priorities: I want to give my attention to God, my kids, my spouse, not a
bunch of bills no way in hell I can afford.</span></div>
<div class="MsoNormal" style="text-indent: 22.5pt;">
<span style="font-family: "AR BLANCA";">Amen!<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal">
By</div>
<div class="MsoNormal">
<span style="font-family: "AR BLANCA";">Jennifer A. Blanc</span></div>
<div class="MsoNormal">
<span style="font-family: "Cambria","serif";">Learn about the
legalities of Bankruptcy from an accomplished Chapter 7 Bankruptcy Attorney <i style="mso-bidi-font-style: normal;">located in Westchester IL.<span style="mso-spacerun: yes;"> </span>The Law Offices of Jennifer A. Blanc has
filed consumer bankruptcies</i> successfully for more than a decade. She will
help protect you from your creditors too. Visit <a href="http://www.jenniferlawone.com/">www.jenniferlawone.com</a> or call
708-848-LAW1 </span><span style="font-family: "Cambria","serif"; mso-bidi-font-family: "Times New Roman";">(5291)</span><span style="font-family: "Cambria","serif";">.</span></div>Anonymoushttp://www.blogger.com/profile/02392711601822310485noreply@blogger.com0tag:blogger.com,1999:blog-7587990963220696215.post-58456491283334318132012-08-08T11:19:00.003-07:002012-08-08T11:22:55.880-07:00<div style="text-align: center;">
<b>JEN'S TOP 7 TIPS TO HELP YOU STOP </b></div>
<div style="text-align: center;">
<b>OVERSPENDING</b>!</div>
<div style="text-align: center;">
<br /></div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
1. Get a pre-paid debit card. These cards can be found at your local Currency Exchange. You simply present the Currency with cash and they load it on to a card. Its that simple. You will have to pay a small fee with every deposit transaction you make. You are not charged for your debits. You cannot spend more than what's on the card. This should curb frivolous spending and give you the advantage of seeing all your transaction charges on-line. Knowing what you spend your money on and how much you're spending will ultimately give you the advantage of creating a budget that you can live within. </div>
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<br /></div>
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2. Go on a diet. Cutting calories also cuts the fat out of your food budget. </div>
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<br /></div>
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3. Move-in with family. In a bad economy family members that live together and share expenses are more likely to be individually financially secure and independent. So swallow your pride and work out your differences.</div>
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4. Exercise. You can become more financially fit, if you exercise at least five times a week. How? When you work out your body releases a hormone called epinephrine. It produces a natural high. Exercise has also been linked with increased serotonin levels, which is a chemical released in your brain that prevents depression and helps you focus. With heightened levels of these stress fighting agents in your blood stream you are less likely to spend money on comfort foods and engage in self destructive, maladaptive behaviors as a form of dealing with your financial stress, such as resorting to drugs or binging on alcohol or worst yet- gambling. So go for a bike ride, walk, or jog while its still free to walk or down the street in America.</div>
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<br /></div>
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5. Hide your credit cards from yourself. Need I say more...</div>
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<br /></div>
<div style="text-align: left;">
6. Get Credit Counseling. There are many not-for-profit companies such as Money Management and the Debtorwise Foundation that help consumers learn to budget and re-prioritize their spending.</div>
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<br /></div>
<div style="text-align: left;">
7. Get Marriage Counseling. If you and your spouse have difficulty communicating about financial matters or have different financial priorities, you both need counseling. Understanding each other and learning how to do better can actually save your marriage in the long run. Financial stress ranks high on the list of reasons why couples divorce in America. Divorce is generally more expensive than a few counseling sessions.</div>
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<br /></div>
<div style="text-align: left;">
These seven tips do work. If you are doubtful, just think for a moment and do a self assessment. Next, implement these strategies over a month's period of time and I am sure you will see a positive difference in your spending habits.</div>
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<br /></div>
<div style="text-align: left;">
By:</div>
<div style="text-align: left;">
Jennifer A. Blanc</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
Jennifer A. Blanc is an attorney who has successfully resolve the financial stress of more than a thousand individuals in just the last decade and files Chapter 7 Bankruptcies and Chapter 13 Reorganizations for individuals in order to help them get a fresh financial start. Call Jennifer at 708-848-LAW-1 (5291) or visit www.jenniferlawone.com. </div>
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<br /></div>Anonymoushttp://www.blogger.com/profile/02392711601822310485noreply@blogger.com0