Thursday, November 22, 2012

Debt Relief Services for the Tax Defaulters

There are many individuals who are facing a tough time paying their bills and are failing to pay their taxes on time. It may be because they have suffered loss in business or have been ignoring to pay the taxes due to any other reason. Failure in tax payment is considered to be a serious offence, which has serious consequences. The defaulters might have to face tax lien, wherein, the government seizes their real estate property, retirement accounts, brokerage, and savings account. If the tax lien is filed, the individual's credit rating would be affected and he/she will not be able to buy or rent a house, rent an apartment or sign a lease. For such individuals, debt relief services from the specialised firms, is the only ray of hope.

Many companies or individuals file for bankruptcy and it is the only option for them that seems feasible. Now-a-days due to the poor economic scenario bankruptcy has become a common phenomenon. As per the federal laws bankruptcy is designed to help the individuals who are deep stuck in debt. Liquidation and reorganisation are the two different types of bankruptcy. The chapter 7 denotes liquidation bankruptcy while chapter 9, 11, 12 and 13 are for reorganisation. The process in a bit complex and to understand it completely, individuals must seek professional help from the bankruptcy lawyers.

The tax collection process is triggered by the Internal Revenue Services or IRS, sending three consecutive letters, if the first and second letter is not responded to. Later, the IRS authorities contact the defaulter on phone or they send their representatives to have a one on one conversation with the defaulter. The officer who contacts the defaulter is basically the revenue officer; he contacts the relatives, friends, business associates, employers, colleagues and co-workers of the concerned person and find out the ways of tax collection.

There are many companies who help defaulters in finding out the better ways of tax payment. These companies have specialised professionals who already have the experience of working with the IRS. Before offering their suggestions, the debt relief officers understand the defaulter's actual financial condition. By using the guidance and knowledge of these professionals, the defaulters can save their properties. The bankruptcy lawyers negotiate with the IRS agents as a result of which the defaulters sometimes get more time for payment or they are able to save their properties. Sometimes, if the tax lien is already imposed, the professional representation might help the defaulters in releasing the same.

Sunday, November 11, 2012

In This Economy the Best Career Choice Is to Be a Bankruptcy Attorney

In today's economy, people are struggling to keep their jobs. It was recently reported that only 24.6% of all jobs in the United States today are actually good jobs. Working at Mickey D's or other fast food restaurants does not constitute a career choice by any means. The unemployment numbers were released in the beginning of August and with no surprise, are worse than the previous month at 8.3%. One thing the government is not telling us is the number of people that have fallen off the radar because their unemployment insurance has run out and they still are not working. Over 51% of Americans are now on government assistance. It seems that the number of Americans filing bankruptcy is soon going to take another rise. The number of Americans filing bankruptcy continued to rise to a high of close to 1.6 million back in 2010. Since then, the numbers have dropped a little or stayed flat. Many experts have been predicting that this might be the calm before the storm.

In this economy we should be instructing our children to go to law school to become a bankruptcy attorney. This is one of the only careers that thrives in a bad economy. Recently, many bankruptcy lawyers have diversified and started defending clients that were in foreclosure. When the foreclosure numbers started climbing back in 2010, attorneys noticed that the banks that were foreclosing warrant even doing diligence to prove to the court who actually was on title of the property. Because of the derivatives market, many loans that were taken out back in the boom time were sold and resold many times over. This happened due to the deregulation of the industry. Many banks could not even prove that they own the paper free and clear, angering the judges causing the bank to lose the property entirely. Now, a foreclosure takes approximately one year from beginning to end as banks are making sure that their I's are dotted in their T's are crossed. Real estate experts are predicting a continued decline in real estate prices nationwide and the economy continues to wallow.

With all this going on this makes it a prime time for young adults in law school to begin practicing as a bankruptcy attorney. This economy will not recover any time soon and over the next 10 years we will see many Americans filing bankruptcy. People having financial trouble should consider consulting a bankruptcy attorney to look at different options. For someone with a large amount of unsecured debt, filing Chapter 7 bankruptcy is King. If it's more about protecting one's property Chapter 13 bankruptcy is probably better. Americans that are buried under a mountain of debt shouldn't wait around until they hit rock bottom, but save any assets they have now by using a bankruptcy filing. Bankruptcy will break the bondage of debt and send the consumer on the road to becoming debt free.