Monthly Archives: July 2015
2nd Edition. Revised and Updated.
If you had a short sale, foreclosure, loan modification or other type of debt reduction, you may owe income tax on the amount of debt that was forgiven. If you receive a 1099-C, you must report it correctly to avoid or reduce your tax liability.
When you owe back taxes, you need to take immediate action! Waiting will only make your tax problems worse. Find out how you can handle your tax problems yourself, without paying for the servic
Real Solutions for Getting Out of Debt
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Bill Would Allow Consumers To Sue When Bankrupt Debt Isn't Removed From Credit …
Under federal law, when someone erases a debt in bankruptcy, their bank is required to update their credit reports to indicate the debt is no longer owed. To ensure this happens, legislators have introduced a new bill that would give credit card …
Read more on The Consumerist
In da club of Chapter 11 bankruptcy: 50 Cent is not broke — he's insolvent
"What they are is insolvent, which means unable to pay all one's debts as they become due, and that is precisely what the bankruptcy laws are designed to address," he added. Details about Jackson's assets and debts are paltry, but in a statement …
Read more on Mashable
U.S. Supreme Court ruling preserving second mortgages in Chap. 7 bankruptcies …
The recent decision by the U.S. Supreme Court in the case of Bank of America v. Caulkett represents an important win for mortgage lenders as well as community associations. The court ruled that homeowners who are underwater on their first mortgage …
Read more on Miami Herald
Relativity's International Distributors: 'All We Wanted Was More Product …
It previously had a pact with Stephane Berrebi's Euro TV that ended badly, with the French company going bankrupt. Since then, Relativity has fruitlessly tried to tie the knot with another French distributor. “They haven't had a hit since 'Limitless …
Read more on Variety
A&P could soon be gone for good
What are people going to do when this closes? The places that are more affordable are getting pushed out.'' Asked about the looming bankruptcy Tuesday, an A&P spokesman repeated statements given to media in recent weeks about turmoil at the company.
Read more on New York Post
Report: Clinton mishandled classified data from 5 different agencies
In fact, the pair of watchdogs argued in a July 14 memo "that it is more likely than not that information classified higher than secret is present in this collection." Reince Priebus, chairman of the Republican National Committee, once again hammered …
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Why well-connected Syracuse man was forced to close M debt collection biz
It got so bad that a state judge this summer took the unusual step of shutting down the collection agency. The judge ordered St. Denis to pay back $ 400,000 to the people he'd tried to collect from. And the judge barred St. Denis from ever opening …
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BRIEF-Sefton says to file petition to dismiss former chairman's bankruptcy …
Has today filed to dismiss Ellerton's petition, and will seek all available remedies under code. * Maintains a firm position that Ellerton has filed petition in bad faith, and that petition is invalid under us bankruptcy code, a view supported by co's …
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Carl Marks Securities Advises American Bancorporation on Sale
NEW YORK, Jul 30, 2015 (BUSINESS WIRE) — Carl Marks Securities LLC acted as investment banker and exclusive financial advisor to American Bancorporation in the sale of substantially all of its assets pursuant to 363 of the U.S. Bankruptcy Code.
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Illinois court strikes down Chicago pension reforms, deepening city's …
Unlike the State of Illinois, however, which was left with few options after its own pension reform legislation was struck down in May, Chicago has the potential to access chapter 9 of the United States Bankruptcy Code as a means of achieving pension …
Read more on Lexology (registration)
Bank of America – Take Back the Economy 4-28-09 (23)
Image by seiuhealthcare775nw
Photo Credit: Neil Parekh / SEIU Healthcare 775NW
Seattle Taxpayers Demonstrate at Bank of America as Part of Continued Nationwide Actions to Take Back the Economy
“Taxpayer Proxy” Action Demands Bank Fire CEO Ken Lewis,
Commit to Strong Banking Reform, Voice for Workers
Seattle (April 28, 2009) – Taxpayers, working families and SEIU members joined together in Seattle today and more than 100 other cities across the nation today to take action outside Bank of America branches and collect and deliver “Taxpayer Proxies” demanding the bank fire CEO Ken Lewis and commit to financial reform that puts consumers and workers ahead of profits.
The taxpayer actions took place on the eve of Bank of America’s annual shareholder meeting in Charlotte, NC. After accepting billion in bailout funds, taxpayers and the government are the largest shareholders of Bank of America, and taxpayers in Seattle are demanding that their voices be heard.
On April 29th a delegation of community and national leaders will deliver the “Taxpayer Proxy” demands to the Bank of America shareholder meeting calling on it to: fire CEO Ken Lewis; support strong banking reform; eliminate predatory lending practices and unreasonable fees; support the Employee Free Choice Act to ensure workers have a voice to speak out for consumers and improve working conditions; and provide affordable healthcare to bank workers so they are not forced to rely on tax-payer funded public health programs.
“Taxpayers didn’t cause this economic crisis—but we sure are paying the price," said SanJerra Collins, a caregiver from Tacoma and member of SEIU Healthcare 775NW. “For years, banks have built a business model around pushing dangerous products and burying customers in more and more debt. It’s time for banks to stop these predatory practices and create a system that’s about helping people, not exploiting people.”
Over the last two years, Bank of America CEO Ken Lewis has received .8 million in compensation, while the median wage for a teller at Bank of America hovers around the federal poverty line for a family of four.
Despite receiving billion in federal taxpayer bailout funds since last fall, Bank of America has announced plans to lay off 30,000 to 35,000 workers and handed out .2 million in corporate bonuses. Bank of America could have used the money they paid out in bonuses to give each of its bank tellers an estimated 1,000 raise—nearly seven times their median salary.
The bank also continues to make taxpayers pick up the tab for approximately million a year in employee health care costs because many Bank of America workers cannot afford the company’s health insurance and must rely on public healthcare programs. This costs Washington state taxpayers 9,000 every year.
Last year, Bank of America collected .3 billion in bank fees, almost 30 percent higher than either of its two largest competitors. And even after taking bailout money Bank of America continues running up credit card interest rates on customers even if they have made every payment on time. The bank arbitrarily hiked interest rates on one million play-by-the-rules, pay-on-time customers in 2007 alone.
In 2008, Bank of America spent over million on lobbying and opposed bills like the Employee Free Choice Act, the Credit Cardholders Bill of Rights and the Foreclosure Prevention Act which would directly benefit the economy and consumers.
For more information, please visit www.TakeBackTheEconomy.org.
SEIU Locals in Washington State
SEIU Local 6 – representing 3,500 janitors and security guards
SEIU Local 49 – representing 1,200 health care workers in SW Washington
SEIU Healthcare 775NW – representing 35,000 long-term care workers
SEIU 925 – representing 23,000 education and child care workers
SEIU Healthcare 1199NW – representing 22,000 nurses and healthcare workers
SEIU Local 1948 – representing 27,000 school employees
Interest rates on personal loans fall to lowest levels on record
The Bank of England said: “The quoted rate on credit cards was broadly similar in Q2 compared to that in the previous quarter. Respondents to the survey reported that although spreads on credit card lending were unchanged, the length of interest-free …
Read more on The Guardian
Credit card market 'no less competitive', Treasury finds
The Senate probe into credit cards may not deliver lower interest rates, as a Treasury analysis finds the credit card market is competitive and it is up to consumers to shop around. The ministerial briefing document, released under freedom of …
Read more on The Australian Financial Review
The Complete Bankruptcy Guide for Consumers and Small Businesses: Everything You Need to Know Explained So You Can Understand It
According to the US Courts Bankruptcy Statistics Web site, more than 801,000 bankruptcies were filed with U.S. courts in 2007, with almost 97 percent of those being personal, non-business filings. The volume of those who face the stress that coincides with bankruptcy filing continues to grow and it can be hard to discern between the six different forms of common bankruptcy and how each might affect you or your business. This book was written with the goal of providing a complete handbook to unde
Community Shores Bank seeks .4 million in stock offering
“If Community Shores Bank Corporation were to become insolvent, it could be subject to voluntary or involuntary bankruptcy or similar insolvency proceedings and its business, financial condition and results of operations would be materially and …
Read more on MiBiz
Suppliers begin involuntary bankruptcy petitions against Vista-Pro
Nashville-based auto parts maker Vista-Pro is facing a forced bankruptcy after three suppliers filed a petition for involuntary bankruptcy earlier this month. In October, two Chinese companies — Shanghai Shengming Automotive Parts and Hangzhou Funsota …
Read more on Nashville Post (subscription)
High Court Won't Hear FirstPay Trustee's M Tax Appeal
Creditors filed an involuntary Chapter 7 bankruptcy petition against the company in May 2003, and Wolff, as bankruptcy trustee, sought to turn over the IRS payments. A bankruptcy court refused Wolff's claims, but a district court partly reversed the …
Read more on Law360 (subscription)
GEO Lawsuit Alleging Forced Labor of Immigrant Detainees Moves Forward
But Kane found merit in the claim that GEO's approach to the pod-cleaning assignments — do it or get thrown in the hole — may be a violation of the federal Trafficking Victims Protection Act, which prohibits involuntary servitude and coercive methods …
Read more on Westword
Puerto Rico Can Manage Debt, Hedge-Fund Backed Study Finds – Bloomberg Business
The hedge funds are among the first bondholders to challenge Puerto Rico's claim last month that it needs to put off debt payments that have swelled from years of borrowing. Governor Alejandro Garcia Padilla's administration plans to draft a proposal …
Read more on Bloomberg
UPDATE 2-Ukraine puts new debt restructuring proposals to creditors – minister …
Restructuring negotiations have dragged on for over four months because of disagreement over the need for a writedown on the principal of the bonds as requested by Kiev. The government has threatened to invoke a moratorium on debt repayments if it does …
Read more on Reuters
Greece, Its Back to the Wall, Adopts Austerity Steps
The vote came a day after the International Monetary Fund signaled that it might not back the new bailout unless the pact substantially reduced the debt burden on Athens. That stance aligned it with Mr. Tsipras on the question of debt reduction and …
Read more on New York Times
Eurozone ministers set to weigh Greece's latest proposal after default
"International markets appear to have found a level where they are happy to sit and wait on the next developments in the Greek debt crisis. Greece's failure to meet the deadline on its IMF payment looks to have been fully anticipated by markets …
Read more on Chicago Tribune
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