Board Certified Specialist in Bankruptcy
I’m writing this after an unusually busy day, which finds me still in the office at the late hour of 10:45 PM.I spent some of my day assisting yet another elderly client with financial problems. Surprised? Don’t be. Rick and I and our paralegals discussed at lunch today the fact that we seem to be seeing more and more elderly people with debts that they cannot pay.The causes vary … [Read more...]
People who can least afford to lose money are too frequently targeted by con artists. This video interview (below) with a Better Business Bureau executive highlights some of the prevalent scams that prey on people who are in financial difficulty.Our advice is if you are looking for employment and a company asks you to pay up front for ANYTHING, be wary. Call the Better Business Bureau in … [Read more...]
I recently saw an article quoting an American Express Open poll that only half of small business owners reported paying themselves a salary.That's bad, but gets worse when you learn how little they pay themselves; 44 percent earn less than $50,000.If the business owner can’t pay him or herself for any extended period of time, then something’s wrong. You can't hide problems with … [Read more...]
In 2005 the so-called "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005" was enacted. Since then the number of bankruptcy filings has increased steadily. … [Read more...]
Beware the "business consultants" and "business advisers" who promise small business owners and sole proprietors that they can take care of debt problems. Over the past few years, we've seen small business owners who fall victim to such scams. Anatomy of a scam Sometimes, small business owners come to us with tremendous business debts and and tell us that they hired an "advisor" or … [Read more...]
We counsel small business owners and the self-employed daily in our offices. Many operate on credit and debit cards because bank financing is so hard to obtain. Small Business Issues with Credit Card Accountability and Responsibility Act For reasons outlined below (excerpted from this MSNBC article), our credit card debt counseling load is likely to increase in the wake of the new Credit Card … [Read more...]
With so many people un- or under-employed it's no wonder people who have always wanted to work for themselves are considering doing so now. As bankruptcy lawyers, my partner and I perhaps have a skewed view of the landscape so here's a good list of questions to ask yourself before venturing out, courtesy of Inc. magazine. Dipping into the 401-k? With bank financing so difficult to obtain, … [Read more...]
The term "strategic default" has been in the news. With 25% of American homes valued at less than the balance of the mortgage, and some of those "underwater" mortgage holders out of work it's no wonder.For those who can't stay up late enough to watch Stephen Colbert, here's a video clip on this subject. After he talks about the bankers testifying on Capitol Hill, he gets to The Word: "Honor … [Read more...]
My law partner, Rick Mitchell, and I are disgusted by the false promises and abysmal performance of the nation's mortgage lenders who claim to be participating in the "Making Homes Affordable" program. Homeowners were lured into this program with the expectation that they would get an answer within the "modification period" (usually 3-6 months) and that their credit would not be impacted by … [Read more...]
After ten years the Internal Revenue Service issued 475% more liens last year than it did in 1999.A recent CNNMoney story quoted national taxpayer advocate Nina Olson saying, "Taxpayers are being greatly harmed for very little benefit to the government." In her annual report to Congress, Ms Olson says the IRS must do more to assess whether the benefits of a tax lien outweigh its harm to the … [Read more...]