Your Questions About Eliminate Your Debts

Susan asks…

How can I get the IRS out of my life after an LLc bankruptcy?

We went under. There are no offshore accounts or hidden assets. Everything was confiscated including personal property, even though we were an LLC business.
I can accept my mistakes and feel I’ve paid my debt to the bankruptcy courts. What I can’t fathom is this relentless pursuit by the IRS. How can any entity that isn’t even a part of our federal government wield so much power over the fate of the average American citizen. These people are even above our bankruptcy laws.
Am I unofficially indentured? Is it possible to end this harrassment?

John answers:

If you owed taxes, bankruptcy does not eliminate the taxes. What you could do is try 2 options, offer in compromise (which is where you settle your debt for less than 100%), or installment agreement (where you pay off the debt over time). I’ve attached a link to bankruptcy and tax effect, offer in compromise, and installment agreement.

I’ve attached an irs publication to bankruptcy and tax effect.

Mandy asks…

What are some good tips for me to rebuild my credit?

i have been having some financial difficulties that’s been making it hard to make my bills on time, one of my bills is 30 days past due and it’s blemishing my credit. I want some good tips on how to rebuild or eliminate it. Are there any credit building or repairing programs that anyone knows of that are good.

John answers:

You need to get caught up on the bills that you’re behind on before you can think about rebuilding your credit. I would suggest that you contact the National Foundation for Credit Counseling here They can often get late fees removed and interest rates lowered.

Don’t ever go with a credit counseling or debt relief company unless you’ve found them through the NFCC. Otherwise, your chances of being scammed are high. Go through the NFCC, and you’ll be safe.

Helen asks…

How is the economy in your state right now ?

Are you experiencing an economic boom like we are here in South Carolina. In spite of what you may have heard, we now have Boeing, Michelin, Amazon and more are on the way. Our unemployment rate has dropped about 2 points down the ladder under Nikki Haleys leadership.
She has done well. And we are one of the fastestt growing states in the country.
Our population has increased 27% over the past decade alone and we are cutting our debt.
What about your neck of the woods.

John answers:

Nikki Haley and some other governors(Scott Walker, Chris Christie, Jan Brewer) are doing exactly what libs and big union bosses fear most. Rewarding businesses for creating jobs in SC. SC and NJ are great blueprints for states to eliminate debt without crippling its citizens and overcome this terrible recession. SC saw immediate success and growth because only a small percent of their work force was union controlled but states like NJ and WI are fighting millions of dollars of union artillery and are still seeing rapid improvements. If Scott Walker survives the union onslaught you will definitely see many other states such as OH, IA, PA follow the blueprint designed by these brave politicians who roll up their sleeves and fulfill their campaign promises.

Betty asks…

Whats the difference between an REO and a foreclosure property. Which is generally cheaper easier etc?

What are liens? Are they outstanding debts?

John answers:

REO are properties not sold to a third party at the Foreclosure Auction and owned by the bank. Both REO and Foreclosure properties are ‘Foreclosures’ so there isn’t much difference in how they should be viewed.

I believe that the REO property could potentially be cheaper to buy since the banks need to get rid of them. Short Sales happen frequently with REO properties, however the process can be long – taking between 2 to 3 months. The reason for this is because the bank/servicer has to present the offer to the investor for approval and if the offer is rediculous (ex: $200K sales listing, but $90K purchase offer) it will be declined or if the offer is ‘almost’ reasonable they may counter you.

FYI: You can also attempt a Short Sale on non-foreclosure listings as well, but the process is still long because the investor has to approve it.

Another note – Short Sales should usually be about or more than 80% of the sales price. It can be lower than that but underbidding could extend the whole process by a month or two because now you’re having to negotiate with the bank/investor.

Liens – If the borrower could have used the home as collateral to take a Home Equity Loan – the lender would place a lien against the collateral. Also, if the borrower had outstanding debt to the IRS, county or HOA a lien can be placed on the title as well so that the borrower cannot sell the property and make a profit without their debt being paid to the lien-holder first or the 2nd lien hold can foreclose on the 1st lien/property so that their outstanding debt can be eliminated. It happens all the time.

Example: Borrower is paying their mortgage on time, but do not pay their HOA fees for 1 year – the HOA places a lien on the property. Outcome: A year passes and the borrower is now 2 years delinquent on their HOA Fees – the HOA hires a foreclosure attorney, goes to court and the courts agree to foreclose. Now the borrower no longer owns the note, the HOA does, the borrower gets evicted, the HOA sells the property – pays off the 1st lien holder and recovers the debt owed to them. Alternate Outome: HOA is 1 year delinquent, starts Foreclosure proceedings, the borrower/debtor pays the delinquent amount and the lien is released.

Make Sense?

Lizzie asks…

Can Most Liberals and Conservatives Agree that our Politicians from Both Party’s Spend to Much? & Agree there?

is too Much Debt?……..How would you balance the budget and eliminate the massive debt that both party’s are responsible for?…..And are you more Liberal or Conservative?

John answers:

I’m libertarian.
Hell yes they BOTH spend far too much.
And why not? It isn’t THEIR own money they waste, so they don’t care. I hate pretty much all of them honestly.
There is so much waste and fraud by gov. Agencies and programs because unlike a REAL business, they never have to worry about spending too much and going out of business.
There MUST be huge cuts in entitlements. They are bankrupting the country.
And for those complaining about the evil rich not paying enough, even if you taxed them at a higher rate, it wouldn’t make a dent in the deficit.

Edit: i see cantankerous gets his cues from obumbas notes. Blame bush for everything. Guess what dude- your messiah has spent more in 3 years than bush ever did in 8 years. Well over half a billion down the drain on solyndra alone. About the same amount for fisker automotive (a foreign car company that makes electric cars for rich liberals) and that company too is in trouble. And yet he thinks spending even more is the way to go.
Just like a good liberal- never spending enough- thanks for the laugh.
I also see he has over 1800 points this week alone. How many other accounts does he have to boost his score?
Cheat much?

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