Jeffrey M. Rosenblum, P.C.
A Fresh Start

November 2012 Archives

Famous rapper Nas facing wage garnishment due to taxes

Mounting debt affects millions of Americans. It can be hard to get out of debt, and the problems don't just face every day civilians. Insurmountable debt is also a reality for celebrities, and when taxes aren't paid on time, it can lead to wage garnishment. But if you know the law and your rights, it's possible to stop wage garnishment.

Foreclosure moratorium declared in the wake of Sandy

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.

NY Hickey Freeman workers rally after Ch.11 filing

A business bankruptcy may be a Chapter 7 bankruptcy or a Chapter 11 bankruptcy. A Chapter 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.

IRS Announces Qualified Disaster Treatment of Payments to Victims of Hurricane Sandy

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 from those individuals' taxable income.Qualified disaster relief payments include amounts to cover necessary personal, family, living or funeral expenses that were not covered by insurance. They also include expenses to repair or rehabilitate personal residences or repair or replace the contents to the extent that they were not covered by insurance. Again, these payments would not be included in the individual recipient's gross income.

IRS Provides Tax Relief to Victims of Hurricane Sandy; Return Filing and Tax Payment Deadline Extended to Feb. 1, 2013

In the aftermath of Hurricane Sandy, the Internal Revenue Service announced additional tax relief to affected individuals and businesses. Following recent disaster declarations for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in Connecticut, New Jersey and New York will receive tax relief. Other locations may be added in coming days based on additional damage assessments by FEMA.

Principal Reduction Alternative Under the Home Affordable Modification Program

To help distressed homeowners lower their monthly mortgage payments, the U.S. Departments of the Treasury and of Housing and Urban Development established the Home Affordable Modification ProgramSM (HAMPSM) for mortgage loans that are not owned or guaranteed by Fannie Mae or Freddie Mac.