Q: I JUST bought a new house and wanted to make sure that it is completely insured. I was told to get an insurance agent who can inform me about the correct coverage to get. I don’t know any insurance agent. When I got my car, I myself bought the insurance online. But insuring a house might be more complicated and I don’t want to make a mistake. However, I also heard that there are agents who might be only after commissions and not take care of my interests. What do I do?
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The NACA experience : Save the Dream Tour in LA
THE Huffington Post 2011 commented this about Neighborhood Assistance Corporation of America (NACA) : “The Save-The-Dream Tour has already helped thousands in need with reductions in interest rates to 3% or 2%”. So, I called around and looked online for more info, surprisingly I did not see too much updated info. I would imagine if this was really successful it would be all over the net. Would you not want to help others get the help that you have been going after? I have always recommended this non-profit organization and still believe that they are a legitimate organization, but sometimes it takes more than two to tango in this case. Borrowers have to qualify, lenders or investors have to be willing and you have to be very persistent and have the luxury of time and patience to do this.
IRS to expand audits to prior year & subsequent years
THE Treasury Inspector General for Tax Administration (TIGTA, an agency that oversees the IRS) instructed the IRS to expand audits to prior and subsequent years. This means that if IRS audits your income tax return for 2010, they must expand the audit to your 2009 and 2011as well. Ouch!
The Treasury Department conducted its own audit of the IRS to determine whether tax compliance officers conducted required filing checks in accordance with IRS policies and procedures.
Are life insurance proceeds exempt in bankruptcy
LET’S say that husband and wife filed for Chapter 7 bankruptcy relief to discharge $80,000 of credit card debt. A week after they filed for bankruptcy husband dies. In schedule B of their bankruptcy petition, they list a $100,000 term life insurance insuring the life of husband with wife as beneficiary. The question is who has the right to get the $100,000 life insurance proceeds, the wife or the Chapter 7 trustee? This is an interesting question, isn’t it? You have the wife who is mourning the death of her beloved husband who obviously got the insurance so his wife could have $100,000 when he died. And then there is the trustee who wants to get the $100,000 so he can use that to pay their creditors. Is there any justice in this world? I mean, does a debtor literally owe creditors his life insurance proceeds when he dies?
Is abandoned homestead exempt in bankruptcy?
THE situation we are going to discuss involves a Chapter 7 bankruptcy debtor who has abandoned her residence which has substantial equity but subsequently claims her abandoned residence as exempt homestead in her bankruptcy. Can she have her cake and eat it too? To illustrate, debtor left the marital residence, the homestead in 2005. Even though debtor left her husband and marital residence in 2005, she is still married to husband because she has not divorced him. The equity in the residence is now $100,000. She owes $80,000 of credit card debt. She files for Chapter 7 relief today. Will the Chapter 7 trustee attempt to sell her abandoned residence even though she claims it as exempt homestead? Of course the trustee will try to get the house, but will his attempt to get the house be successful?
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