What is a Statement of Financial Affairs? Sounds pretty simple and harmless, right? Actually, it can be very detailed and complicated. If you have filed a Chapter 13 or Chapter 7 Bankruptcy, you have had to complete a Statement of Financial Affairs for Individuals Filing for Bankruptcy and, most likely, your attorney has stressed the importance of accurately answering all of the questions asked on the Statement of financial affairs. What Does This Statement Consist Of? The statement consists of only twenty eight yes or no questions. A “yes” answer requires elaboration. Therefore, this can be one of the most…Read More
First of all I would advise that you should always keep a copy in a safe obvious location within your home or apartment of your filed tax return. Please review my previous blog “How Long Should I Keep My Income Tax Records?” which details how long it is advised to keep your returns. Misplaced Tax Returns But, what if you have misplaced your return? If you are unable to locate copies of previous year tax returns, I would check with your software provider or tax preparer first as they may have copies they will print off for you with no…Read More
For many people in America, buying their own home is one of the biggest purchases in their lifetime. Their home is also typically the most valuable asset they own. Cars and other items lose value as they get older, but land typically holds its value or actually increases in value. So naturally home mortgages are one of the most common sources of concern and worry when I talk with potential clients. What to Keep In Mind Your Mortgage Contract The first thing to keep in mind about mortgages and bankruptcy is that in many situations the Bankruptcy Court cannot change…Read More
Overview of Part 1 In Part 1 of “The Invisible Subprime Lenders”, we discussed sub-prime lending and its consequences on the overall economy. We also discussed how the exposure to the sub-prime lending market created major losses for the largest banks, helping to create “The Great Recession of 2008”. Ten years later, those same banks are again massively invested in sub-prime lending; they are just not doing it in a public manner the way they did 10 years ago. In fact, one of the only ways to uncover these banks’ exposure to the sub-prime market today is to dig through…Read More
Over the past 12 years, the amount of debt carried by the average undergrad has doubled. In 2005, the average median student debt upon graduation ranged from $11,750 to $27,757, depending on the school and state. A student graduating in 2018 is face with over $37,000 in loans, nearly twice the amount of a student in 2005. In addition, the average student loan payment has increased from $227 to $393. The following Acts have directly affected student loan lending rates and the amounts being borrowed: February 8, 2006 – HERA: The Higher Education Reconciliation Act of 2005 President George Bush…Read More
This episode of the Next Lawyer Up podcast features attorney Joel Robbins. I was in Phoenix, Arizona recently for a security clearance hearing. While there, I thought I would re-connect with an old fraternity brother, attorney Joel Robbins who practices throughout Arizona with the law firm of Robbins and Curtin. Joel was a year or two ahead of me at the University of Arizona. He was a member of Sigma Chi fraternity where I was fortunate enough to pledge. Sigma Chi at the University of Arizona had a lasting, life-long effect on me. The older guys that I met at Sigma Chi, of which Joel figured…Read More
According to new research published in a recent Politico article, Millennials are facing an uphill battle when it comes to retirement savings and building wealth. Alicia Munnell, Treasury Department veteran and member of the Council of Economic Advisers and the Federal Reserve Bank of Boston, suggested that as long as Millennials are willing to work longer than previous generations, retirement problems we may face aren’t “insurmountable”. How much longer? Try at least until age 70. After reviewing some of the research, the main takeaway is rather simple: Even though Millennials have college degrees at a higher level than Gen-Xers or…Read More
June is the month many celebrate their wedding day. I too was a June bride! As we race around preparing for the BIG day, many newlyweds don’t discuss the days, weeks and months after the wedding. Finances are one of the biggest reasons for divorce. It is important to discuss how you will handle your finances as a couple. Here are some tips: Discuss and Set up a Budget A wonderful way to start off your marriage is to live within your means by setting up a budget. Sit down together and make a list of your monthly expenses and…Read More
I have previously written about advising clients on bankruptcy relief because they have taken on the burden of not only their own debt but also debt incurred for their adult children. I know the client has found themselves in financial turmoil because of love for their child and it is hard, but necessary, to advise the parent to stop this behavior in order to find financial solutions. Parents of minor children may want to give consideration to having conversations early in childhood about money and finances in order to hopefully avoid the trap of taking on debt later to help…Read More
Yes! Sort of. How So? Just because you are drawing Social Security disability benefits doesn’t mean that you are completely unable to work. The devil is in the details though. The catch is that while you cannot work effectively full time, you can work part time as long as you do not make too much money. How much is too much you ask? Well, the Social Security Administration (SSA) has this concept called Substantial Gainful Activity it uses in Disability Insurance Benefits (DIB) cases to determine if a recipient is making too much money to still be considered disabled. If…Read More
