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Today we heard that we were able to help a client to get rid of about $250,000.00 in student loans with a bankruptcy discharge. In Hunter v. NJHESSA, the debtor had borrowed a lot of NJCLASS loans, and after graduation, found she could not pay them and continue to pay her rent, eat, and all … Continued
While many of New Jersey’s drivers obey the rules of the road, some fail to do so and end up suffering the consequences. When a driver commits a traffic violation, they may be subject to serious fines and other penalties, such as points. When points are added to a driver’s record, the individual may face … Continued
One of the biggest concerns that many people have when they are thinking about bankruptcy is how they will rebuild their credit afterward. The truth of the matter is, your credit is going to take a hit but that doesn’t mean it is doomed forever. It will take some work to get your credit score to … Continued
The IRS has warned about a new tax scam involving fake CP2000 notices. If income from a W-2 or 1099 does not match the income reported on a tax return, the IRS sends a CP2000 notice. The notice is always sent by the IRS via mail. It is NEVER emailed. In the new scam, a … Continued
One of the biggest accomplishments for many people in New Jersey is to become a homeowner. It often takes years of saving and hard work to own a home. Of course, when a financial situation changes and an individual can no longer afford to make mortgage payments, foreclosure may be in one’s future. The concept of … Continued
An owner of an ice rink and sports facility was sentenced to 48 years in prison for not paying $790,000 of employment taxes to the IRS from 2012 to 2015. The position of the IRS is that business owners and operators who choose not to pay the United States tax money they withheld from their … Continued
The idea of filing for bankruptcy can be pretty daunting for many people but it can also be the first step towards a successful financial future. When an individual starts to think about bankruptcy, they may be unsure of which type of bankruptcy they should file for. However, there isn’t much of a decision because … Continued
A professor pleaded guilty to conspiracy and had to pay a $100 million penalty to the IRS for failing to file a Foreign Bank Account Report regarding offshore accounts with the government, as well as was sentenced to 7 months in prison. Failure to file an FBAR can result in a penalty of up to … Continued
Over the course of an individual’s working life, they contribute part of every paycheck towards the Social Security Administration. The purpose of this contribution is to make sure that they can receive government assistance through Social Security Disability Insurance in the event that they become disabled and can no longer continue working as they once … Continued
Even if you can’t pay your taxes, you should always file your tax returns. It will avoid penalties being tacked on for not filing a return (yes, the IRS has penalties just for that!). If you can send a partial payment you should do that as it will lower your interest. The IRS can even … Continued