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A key question is whether the agency will restrict the ability of firms to track down delinquent borrowers with emails and text messages, which weren't in use when current regulations were adopted.

Read More from: BankThink

4 days 10 hours ago

Social Security And Taxes

Tax Day
Many senior citizens preparing for retirement may not realize that their Social Security income could be taxable under certain conditions. When determining whether Social Security income is taxable the government uses a formula that calculates the taxable amount. Basically when a senior citizen’s income from other sources, such as a 401K or investment property plus half of their Social Security income exceeds $32,000 as a couple or $25,000 as a single person some of the Social Security income will become taxable.

That’s not a lot of money, so seniors need to be prepared for the tax bill which can really affect their bottom-like. Unlike earlier generations, many senior citizens are retiring with large amounts of debt including a mortgage. These debts are an added burden to the medical expenses that are more likely to increase with age and the tax burden that seems to never go away. But if a senior citizen is facing a heavy tax burden and/or debt burden that is making it difficult for them to survive during retirement, the bankruptcy laws do offer some tax relief help.

Read More from: AllmandLaw

6 days 14 hours ago

Tax Deductions You Don’t Want To Forget

Mortgage interest tax deduction

Read More from: AllmandLaw

6 days 15 hours ago

The New Jersey company agreed to buy BoeFly, which connects franchisors, small businesses, lenders and loan brokers.

Read More from: BankThink

6 days 15 hours ago

The San Francisco bank is under pressure from investors to get out from under a Fed-imposed asset cap and to hire a new permanent CEO. But executives said Friday that thoroughness is more important than speed.

Read More from: BankThink

6 days 15 hours ago

Getting Rid of Back Taxes in Bankruptcy and What You Should Know

Back Taxes in Bankruptcy
Bankruptcy can help you eliminate back income taxes depending on your situation and qualifications. You can file Chapter 7 bankruptcy to discharge tax debt that qualifies under the bankruptcy code. If your debt does not meet these qualifications, you may consider Chapter 13 bankruptcy to help you repay what you owe based on your income ability.

While it is important to review your situation with a qualified tax professional or bankruptcy attorney to learn how you may qualify, the following points are few things you should know about eliminating back taxes in bankruptcy:

Read More from: AllmandLaw

6 days 15 hours ago

Wells Fargo and the denial stage of recovery; community bankers alarmed after big banks backtrack on faster-payments pricing; credit card, auto loan delinquencies hit seven-year high; and more from this week's most-read stories.

Read More from: BankThink

6 days 16 hours ago

JPMorgan Chase's banner quarter didn't stop executives from warning that the pause in rate hikes could crimp profits, or from hinting that the bank might downsize its mammoth mortgage operation.

Read More from: BankThink

6 days 17 hours ago

A bipartisan proposal would allow for the removal of the FHFA director if the agency approves CEO salary increases at Fannie and Freddie beyond $600,000.

Read More from: BankThink

6 days 17 hours ago

The company could use its share of proceeds from the IPO to repay debt and pursue bank acquisitions.

Read More from: BankThink

6 days 17 hours ago

Lenders in South Florida are making tech upgrades and building scale to contend with bigger banks squeezing the market.

Read More from: BankThink

6 days 18 hours ago

Urfer co-founded a business with the banking automation pioneer John Diebold, worked for Chase Manhattan and other major banks, and played an important role in the Nixon administration, phasing out exchange controls.

Read More from: BankThink

6 days 18 hours ago

Asked during Friday's earnings call if he'd be interested in running the embattled bank, William Demchak said he will end his career at PNC. He also ruled out M&A.

Read More from: BankThink

6 days 19 hours ago

Business Finance & Restructuring partners David Nigel Griffiths and Jessica Liou have been named “Outstanding Young Restructuring Lawyers” by Turnarounds & Workouts for 2019. The select list, which features 12 lawyers throughout the United States, recognizes the attorneys younger than 40 who have worked on the industry’s prominent bankruptcies and restructurings. Weil is the only firm with multiple honorees.


6 days 20 hours ago

The San Francisco bank has roughly doubled its assets in the last five years without the benefit of an acquisition.

Read More from: BankThink

6 days 20 hours ago

The phrase ipso facto is Latin for “by the fact itself.”  Ipso facto clauses are sometimes included in lease and purchase contracts, and they assert that if the lessee or purchaser becomes insolvent, or files for bankruptcy protection, then the contract has been breached.  In other words, under such a clause the very act of filing for bankruptcy protection constitutes a breach of contract that absolves the other party of any further contract obligations.

Such clauses are not valid in bankruptcy; lessors and sellers that may become creditors in a bankruptcy down the line should proceed with caution.

I. Federal Preemption

The Bankruptcy Code was made pursuant to Congress’ Constitutional power under Article I, § 8, which provides, in pertinent part:

The Congress shall have power to establish uniform laws on the subject of bankruptcies throughout the United States.

In this regard, Article VI of the Constitution provides:

This Constitution, and the laws of the United States which shall be made in pursuance thereof shall be the supreme law of the land; and the judges in every state shall be bound thereby, anything in the Constitution or laws of any state to the contrary notwithstanding.

Read More from: Insolvency Insights

6 days 21 hours ago

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