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Bankruptcy
Debtors Can No longer Retain Vehicle by Making Monthly Payments Without Reaffirming or Redeeming
Dumont v. Ford Motor Credit Company (In re Dumont) 9th Circuit Court of Appeals Case No. 08-60002, September 15, 2009 Ford Motor Credit Company repossessed a Chapter 7 debtor’s vehicle, without any warning, about three months after discharge, when she was current on her post-petition monthly payments. (The record is unclear whether she had ever defaulted... »
How To Deal With Bankrupt Business Buyers
Clipped from Forbes.com with edites: 06.23.09, 6:00 PM ET Getting paid is getting harder. Not because more customers are trying to conserve cash by extending payment terms, but because they are going out of business altogether. According to BankruptcyData.com, a research firm that tracks such filings, 114 publicly held U.S. companies filed for bankruptcy so far... »
On-line Conference
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UCLA Anderson: the California Forecast
Read the full story According to UCLA Anderson Forecast senior economist Jerry Nickelsburg, the current forecast for California ”reflects a deeper and longer recession than we previously thought.” The forecast for California is for a very weak first three quarters of 2009 and virtually no growth in the fourth quarter of this year. The economy will begin to pick... »
IRS to go after more banks harboring offshore tax cheats
Taken from Reuters USA on 4-28-09: “We are developing John Doe summonses on other banks,” Daniel Reeves, an agent with the IRS’ Offshore Compliance division, told Reuters on the sidelines of a conference in Miami on offshore finance. He was referring to the kind of subpoena filed by the IRS against UBS seeking to force the... »
Bankruptcy Loan Modification Legislation Update
A draft compromise proposal indicates that borrowers who have been offered modifications consistent with the president’s Homeowner Affordability and Stability Plan or with a congressional program on refinancings would not be able to turn to courts to modify their mortgage. Under the proposal, judges would be able to reduce mortgage principal to a “fair... »
Offshore Bank Account Report (FBAR)
Will I get caught? Yes– The IRS has served subpoenas on International Visa and Master Card to find users of offshore-credit-cards. click here offshore-credit-cards. The IRS commissioner has also made finding and auditing offshore account owners a priority. Treasury arrest a Swiss Banker and forced the disclosure of US taxpayers. The G20 have agreed to go after the “dirty... »
Until September 23, 2009, IRS Offers Break on Penalties for Undisclosed Offshore Bank Account Holders
The Internal Revenue Service has issued guidelines for resolving the civil tax penalties related to offshore bank accounts for individuals who make voluntary disclosures before September 23, 2009. Generally it will require: Payment of all taxes and interest for the previous six years. Assessment of an accuracy penalty under Internal Revenue Code Section 6662 or a delinquency penalty for all years An undisclosed Foreign... »
Fearing Arrest: Travel Ban on Top Executive from Swiss Banks
Exert from FT.com : The travel bans, which have not been brought in by all banks, have focused on those visiting the US, following the detention there last year of a senior private banker from UBS, Switzerland’s biggest bank, as part of a federal tax investigation. The head of the private bank, which itself has no... »
Senior Bankruptcy Judge Supports Bankruptcy Legislation Helping Homeowners
Judges make more sense than most bankers when it comes to social justice. »