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New IRS Collection Financial Standards
(Cases Filed On and After March 15, 2011)
1. General Information Regarding IRS Collection Financial Standards
Collection Financial Standards are used to help determine a taxpayer's ability to pay a delinquent tax liability. Allowable living expenses include those expenses that meet the necessary expense test. The necessary expense test is defined as expenses that are necessary to provide for a taxpayer's (and his or her family's) health and welfare and/or production of income.
Click here to download new IRS Collection Financial Standards. (PDF)

HAMP Modification
HAMP stands for "Home Affordable Modification Program," and is a part of the TARP program. It is a quasi-voluntary program with the goal of limiting monthly payments on 1st mortgages to 31% of a household's gross income.

Have you been Harassed or Mistreated by a Debt Collector in the Past One or Two Years?
If so, you may have an action under the Fair Debt Collection Practices Act or the Florida Consumer Collection Practices Act.

Discharging Non-Income Taxes for Individual Chapter 7 Debtors
For an easy-to-understand explanation of what the impact of filing chapter 7 is on unpaid property taxes, sales taxes and employment taxes, read Discharging Non-Income Taxes.

Short Sales, Foreclosures, & Walking Away (Avoiding 1099-C Problems)
Today, many people find themselves "upside down" in one or more homes they live in, rent out, or have under purchase contract. Perhaps the mortgage they qualified under is an ARM and is set to adjust to a rate that just does not make sense to them. As the real estate market continues to deteriorate, many people find they either cannot afford their new, higher rates, or it simply does not make sense to continue to own a home that has dropped tens or hundreds of thousands of dollars in value.
Avoiding 1099-C Problems

Bankruptcy Basics VideoBankruptcy Basics Video
Bankruptcy Court's official video explaining the bankruptcy process. This is a long, but valuable video published by the Bankruptcy Court.

New IRS Collection Financial Standards
Effective March 15, 2011
Click here to read about the new standards

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Disclaimer: The purpose of this site is to present options available for resolving outstanding debt issues, not to provide legal or professional advice. Each person's case is fact dependent. You should not assume that any particular option discussed herein would apply in your case or be beneficial to you. You should consult with an experienced and licensed attorney to review the options that may be applicable to your fact pattern. Sending us an email or requesting information does not create an attorney-client relationship.

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