http://www.lvbusinesspress.com/articles/2010/03/08/opinion/columnists/edwards/iq_34586230.txt
If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about mortgage debt forgiveness.
1. Normally, debt forgiveness results in taxable income. However, under [...]
Reading: “Agency seeks damages from failed bank’s officials”( http://twitthis.com/w4d6j3 )
James E. Herbe, Esq. mentioned in In Business “Banks limited in recovering losses” http://bit.ly/94sz6e Banks limited in recovering losses
As we enter the second year of widespread foreclosures and short sales in Clark County, we are just starting to figure out how the banks will behave. Many are unaware that they can take proactive steps to minimize both the possibility and effects of when lenders pursue a deficiency action.
As always, the best defense is [...]
1. What is a Chapter 7 bankruptcy and/or a Chapter 13 bankruptcy?
Chapter 7 bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all dischargeable debts usually within four months. In the [...]
Now, more than ever, business owners should ensure that the documentation and other legal mandates of corporations and limited liability companies are met. The failure to do so could jeopardize the business ability to stay personally clear of the debt obligation. Nevada state law requires each corporation and limited liability company to keep [...]
The pundits are suggesting that the economic recovery will be far slower than they had originally anticipated. Despite the slug of government money and programs, the consumer is the chief factor in determining how deep and how long this recession will be. Despite moderately good news on the stock market and employment sector, consumers remain [...]
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