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Considering bankruptcy? Think it might be something that could happen in the future? Check out these Dos and Don'ts to ensure you are protecting yourself.
Having financial problems? Think bankruptcy may be an option for you? Make sure to read these dos and don'ts for bankruptcy. There are even some actions that could completely jeopardize your ability to get a bankruptcy discharge.
Now that unemployment benefits have dropped dramatically, finances may be even tighter. Here are some local resources that may help you during these difficult times.
A list of Virginia resources for those who need some help with their financial struggles during COVID-19. There are numerous active programs targeting those who need help.
Have any questions about debt or bankruptcy? Ask away! We will answer any questions we can!
*Note this is not legal advice. It is for informational purposes only. Please consult and retain an attorney if you need help addressing your situation!
Unemployment compensation is taxable. If you are receiving unemployment, please make sure you are withholding taxes or sending in estimated tax payments. If not, you may be stuck with a surprise tax bill next year!
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If you are furloughed from a business that is still not open, there is a strong chance that business may not reopen. It may be necessary to start looking for a new job.
If a business is still closed now, months into the coronavirus crisis, it's likely to be permanent, according to the online review site Yelp, which carefully monitors business closures.
Debt issues? We can help. We help individuals with tax debt, credit card debt, mortgage arrerages, card loan deficiencies and much more!
She put my mind at ease with filing. I was so scared to file but she put my mind at ease. I would recommend her to anyone. There is nothing negative to say about her. Loved working with her.
Thinking about using a debt consolidation company? Make sure you know about the entire process before agreeing to their plan. Debt consolidation may help your situation, but only when you understand everything you are agreeing to.
Debt settlements do not always work. Debt consolidation companies claim to be able to settle debts for less than the full value, but they often fail to manage all the outstanding debt.
Have you been financially impacted by COVID-19? Virginia has numerous programs available to help its citizens through these hard times.
A list of Virginia resources for those who need some help with their financial struggles during COVID-19. There are numerous active programs targeting those who need help.
Many people avoid bankruptcy because they think they will not qualify for a mortgage in the future. This is far from the truth; attorney Ashley Morgan and other professionals discuss what options you have for buying a house only one or two years after bankruptcy. You may have more options than you think!
Bankruptcy should not prevent you from a mortgage, but ensure your timing is right.
Many people avoid bankruptcy because they think they will not qualify for a mortgage in the future. This is far from the truth; attorney Ashley Morgan and other professionals discuss what options you have for buying a house only one or two years after bankruptcy. You may have more options than you think!
Bankruptcy should not prevent you from a mortgage, but ensure your timing is right.
Businesses continue to struggle during the pandemic.
The 202-year-old men's clothier, slow to attract younger customers, finally pushed into bankruptcy court by pandemic.
Virginia has launched a program to help with rent and mortgage payments, if your income has been impacted by COVID-19. Make sure to take a look, if you think you may qualify!
$50 million will provide rent and mortgage relief for households experiencing financial instability due to COVID-19.
Pandemic Unemployment Assistance (PUA) ends At the end of the month. This will reduce the unemployment benefits being received by many by $600.00 per week. Please start preparing for that change now.
The $600 weekly supplement to unemployment benefits, created by the CARES Act coronavirus relief law, will end after July 31, absent an extension. The average American would go from fully replacing lost wages to replacing about a third.
Unemployment numbers are higher than most realize.
Nearly half of the adult population is still out of a job, showing just how far the U.S. labor market has to heal in the wake of the coronavirus.
Struggling with debt? Before you make any decisions, make sure you get correct information. You need to make the right decision for your situation, and the only way to do that is to understand all the options you have available.
Every day we help educate people on bankruptcy and debt issues. Hardest part about talking with individuals about debt relief options is combating the significant misconceptions about debt issues and bankruptcy. If we are able to explain the correct information, we can help individuals truly underst...
Look out! We just got new magnets and Attorney Arthur Rosatti is sticking everywhere! #magnets #advertising #officedecoration #virginialawyer #debthelp
Prince William County ended their agreement with the Federal Government under 287(g) of the INA. The agreement previously deputize selected state and local law enforcement officers to perform the functions of federal immigration agents, including issuing immigration detention order or holds.
There were cheers, hugs, tears and celebratory chanting outside the Prince William courthouse Wednesday night when immigrants-rights activists gathered there heard the result of a nearly two-hour jail board debate
Thinking about bankruptcy? Have old tax debt? We may be able to help! #bankruptcy #lawyer #debt #debtfreejourney #taxdebt #irshelp
The biggest fear many people have post-bankruptcy is that they will never have credit again. This is not actually the case; rebuilding post-bankruptcy may be easier than you think. Attorney Ashley Morgan spoke with creditcards.com about building your credit after filing.
Your credit score probably took a hit after filing for bankruptcy – and now it's time to rebuild. Here are nine ways to build your credit back up after filing for bankruptcy.
Tax day is July 15, 2020 this year. 34 days till you must file and pay your taxes! Remember, any extension is only an extension to file not pay! All balances are due July 15; pay what you can to avoid/limit penalties.
Worried about your business and need to review your business finances? You may have more options than you think.
Understand your options, both in and out of court.
We are offering phone and video consultations for debt issues! Worried about your bills and finances? Our office may be able to help!
Rents and food prices are soaring, but other things like gas and car prices are dropping...
Prices are tumbling in America as the coronavirus lockdown drags on and people spend less.
Stay safe and healthy! Do what you can to slow the spread of Covid-19.
Posted at 11:45 a.m. It’s been 60 days since we reported our first case of COVID-19 in the Fairfax Health District. While no one can say for certain what will happen in the future, knowledge of past pandemics does give us a broad direction as to where we are going – and, broadly speaking, we [.....
Struggling financially? Make sure you understand your options now before you start making decisions.
If you’ve lost your job or struggle to pay your debt, you may need to file for bankruptcy. If that’s the case, you should ignore some common financial advice and start thinking defensively. The cor
Missed out on money from PPP or EIDL? Looks like you may have another chance at getting some money.
Congressional negotiations have reached a deal on a bill that includes hundreds of billions of dollars in new funding for small businesses hurt by the coronavirus outbreak, three sources familiar tell CNN.
Can't make your mortgage payments? A forbearance is better than nothing ... but make sure to understand what you are acutely agreeing to. Many forbearance programs allow for 90 to 180 days of missing payments, but all those payments are due as a lump sum at the end of the payment supension.
Mortgage forbearance is offering struggling homeowners temporary relief. But it could lead to another foreclosure crisis if more assistance isn't provided.
“The flower that blooms in adversity is the rarest and the most beautiful of all.” — Mulan by Disney. #inspirationalquotes #disney #flowers
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Your stimulus checks may be here before you know it!
The IRS tweeted Saturday that payments to qualifying Americans with direct deposit accounts set up had begun to receive their coronavirus relief payment.
Qualify for a stimulus check but didn’t file 2018 or 2019 taxes? Here is where you sign up and provide your information, if you were not required to file.
Please share.
This is the information about the official IRS tool to use for signing up for checks if you do not have direct deposit info on file. You start through IRS.gov, *not* through another private vendor site.
https://www.forbes.com/sites/kellyphillipserb/2020/04/10/irs-finally-launches-registration-tool-for-stimulus-checks/#5b616e904a7a
#IRS #tax #stimulus #directdeposit #economicimpactpayment
Considering taking money out of your 401(k)? It can be a good solution, but it is important to understand all the potential risks.
With millions of people experiencing job loss because of the outbreak, people are looking for ways to cover expenses in the short term.
Please be careful! Before you ask your mortgage company if you can skip any mortgage payments, please make sure you know what is happening to your payments. Some mortgage companies are moving the payments to the end of the loans, but most are requiring that the mortgage payments be paid as a lump sum payment at the end of the forbearance period.
Millions of homeowners who've lost their incomes qualify to defer payments. But many say lenders are demanding unfair terms such as massive subsequent lump sum payments that they can't afford.
If you are worried about where your stimulus check is going to be sent, make sure your address is current with the IRS. If you have moved recently, please make sure your mail forwarding is on. For security reasons, the IRS plans to mail a letter about the payments to the taxpayer’s last known address within 15 days after the payment is made. The letter will explain how the individual's the payment was made and how to report any failure to receive the payment. If a taxpayer is unsure they’re receiving a legitimate letter, the IRS urges taxpayers to visit IRS.gov first to protect against scam artists. The IRS IS NOT MAKING CALLS TO CONFIRM BANK ACCOUNT INFORMATION.
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Top 4 Reasons Not To Ignore Tax Debt For more details, check out our blog: https://www.afmorganlaw.com/top-4-reasons-not-to-ignore-tax-debt/ Tax Debt: A Debt Not to Ignore Owing taxes may not seem like a big deal. Tax debt is not immediately reported on your credit and the IRS seems to only send collection letters. While it is true, the Internal Revenue Service (IRS) is not usually aggressive the first year you owe traditional income taxes, the IRS can ramp up collection efforts and be very aggressive if they are not satisfied you are trying to pay back the debt and/or get current going forward. 1. The Impact to your Credit Report While not a direct action against your wages or bank account, a tax lien can have a more lasting impact on your life. They are public record and can be reported to your credit report. You can see a credit hit of more than 50 points from a federal tax lien. They attach to all property whether real or personal. The IRS rarely goes after personal property, unless you are living a lavish lifestyle. They will go after real property, especially if it is not your primary place of residence. The lien is the way they have the right to take more aggressive action. 2. IRS Can Levy Wages up to 100% A wage levy is a headache that nobody wants to deal with. The IRS has a chart that they use to determine how much of your paycheck is exempt from levy. It is not a favorable chart for the taxpayer. If you are paid hourly or salary you could see as much as 85% of your pay seized every pay period. If you are an independent contractor who is paid via 1099 you could lose 100% of your income if a levy is issued to your source of income. This affects truck drivers more than most. Also, if you own your own business the IRS can go after accounts receivable with a levy. Wage levies stay in place for wage earners until the tax debt balance is paid or the taxpayer takes the necessary steps to get it removed, typically agreeing to an installment agreeme
Attorney Arthur Rosatti discusses Employer Identification Numbers (EINs) in our second video in our small business series.
In this video Attorney Ashley Morgan goes over the first steps to take when creating your new business. This is the first video in a series of videos the firm will be doing on the topic of starting your own business.
We want to help your company get on track and stay on track!
Having financial problems? Think bankruptcy may be an option for you? To help ensure you keep your options open and available, understand there are things you should or shouldn’t do. You can find our full blog post here: https://www.afmorganlaw.com/dos-and-donts-for-bankruptcy/ Here are the Top 17 Dos and Don’ts for bankruptcy: 1. Do talk to a bankruptcy attorney immediately. Most bankruptcy attorneys offer free consultations, so you should take advantage of that. Talking to an attorney doesn’t mean you will definitely be filing bankruptcy. It allows you to understand how bankruptcy would apply to your situation. There are many different types of bankruptcy and it is important to understand how each option could apply to your situation; individuals primarily file Chapter 7 or Chapter 13. Additionally, you want to find a bankruptcy attorney that makes you feel comfortable. You will only be completely honest with someone if you trust him or her. 2. Don’t transfer property or money. It is important for you to be aware that transferring title to property before declaring bankruptcy is not an option. Do not sell or transfer assets to your friends or relatives to hide them from creditors or the bankruptcy court. The trustee will ask you about such transfers at the first meeting of creditors, and has the power to recover those assets. The trustee can basically undo any transaction you have done within a certain time frame. In Virginia, it is two years. Also, don’t transfer money into your kids’ bank accounts. They have you as a co-signor or guardian and are subject to the same review as your accounts. Hiding assets can be a reason for the court to deny you a discharge, and you can be subject to criminal prosecution. 3. Do tell your lawyer everything. Even if it is embarrassing it is better if your attorney knows everything about your situation. If you have made major purchases recently, then it may be important to wait to file. Or if you have an existing medical condit
There is a lot of information out there about bankruptcy. But, a lot of it is not true. If you have more questions about these myths, feel free to check out our blog: https://www.afmorganlaw.com/top-6-bankruptcy-myths/.
Getting letters from the Internal Revenue Service? Not sure what your options are? we can help!
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