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...
Month: November 2012
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...
New York courts scramble to help debtors in wake of Sandy
It seems that people seeking debt relief and trying to stop wage garnishment, protections afforded by the U.S. Bankruptcy Court system, may have to be a little patient while the New York region recovers from Superstorm Sandy. With the side effects of the natural...
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...
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...
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...