… credit markets recover.  One program that the Fed used to get credit flowing again is the Term Asset-Backed Securities Loan Facility, or TALF.  Now, many people are concerned as to whether or not the credit markets will be able to stand on their own at the end of December, because that is when the program is set to expire.

The current program is allowing the Fed to make loans available to investors for the purchase of asset backed securities, otherwise known as ABS.  Asset backed …

Tags: Asset-backed security Federal Reserve System Financial services TALF Term Asset-Backed Securities Loan Facility

According to an article in the Dallas Morning News, over 50 million Social Security recipients, many facing foreclosure and bankruptcy, will not receive a cost of living increase for the first time since cost of living increases were adopted in 1975. Why?  Supposedly the prices of critical consumer goods are falling. But I guess they haven’t noticed that many are still struggling with non-consumer goods such as housing during this foreclosure crisis. But I …

Tags: Cost of living Health care Medicare Social Security

Permalink: /economy/no-cost-of-living-increase-for-50-million-social-security-recipients/

… of the plaintiff’s investment to Barbara Johnson. This transfer was done to deceive the Social Security Administration on the plaintiff’s ap­plication for Social Security disability. In June 2005, Johnson withdrew $3,500 from the plaintiff’s annuity without her knowledge. The plaintiff subsequently had Johnson liquidate the funds, which she did. The plaintiff turned the money over to her son because she believed she would be ineligible for Social Security benefits if she had liquid …

Tags: Bankruptcy Deception Social Security Administration

Some debtors considering bankruptcy are under the unsubstantiated fear that bankruptcy doesn’t protect enough of their assets, so what do they do? They engage in secret asset transfers to hide assets before filing bankruptcy–a huge mistake. If a debtor transfers an asset to someone and then retains secret control or a beneficial interest in the asset once he/she files for bankruptcy their …

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 …

Permalink: /tax_debt_garnishments/social-security-and-taxes/

Although a debtor filing for bankruptcy will not have his/her social security income included in the means test calculation the bankruptcy court can examine social security income when evaluating the total financial circumstances of the debtor.

When examining the case of a bankruptcy filer receiving social security income, bankruptcy Judge Duncan said “while the totality of all of the debtor’s financial circumstances must be examined, the ability to pay a …

Permalink: /filing_bankruptcy/social-security-income-can-be-used-to-evaluate-debtors-financial-circumstances/

According to The Dallas Morning News social security benefits will increase by 5.8% for 50 million Americans in 2009, the largest increase since 1982. What that means is that the average American retiree will receive an additional $63 in their monthly social security check.

But many retirees won’t feel the benefits of the social security increase because of the high inflation rates of energy and food and not to mention the falling …

Permalink: /breaking-news/social-security-benefits-increase-in-2009/

… and mortgage fraud. The bureau had reassigned agents handling white-collar crimes to national security after the Sept. 11 attacks.

Many advocates for the criminal prosecution of debtors accused of bankruptcy fraud have decried the change saying that if FBI agents refocus their energy on bigger fish it will create an open season environment for “debtors out to scam the system.”  That’s just simply ridiculous.  While there are real cases of bankruptcy fraud, usually committed by …

The bankruptcy law says that if a debtor inherits money from someone who dies within 180 days of the date the debtor filed bankruptcy, that money becomes part of the bankruptcy estate even if you received a Chapter 7 bankruptcy discharge. What that means is that if you filed bankruptcy September 30, 2009 and a relative/friend died December 30, 2009, and you inherited money from them, you …

… and TransRisk Bankruptcy score are the three names.  The bureaus offer the creditors the social security numbers of all the people who filed for bankruptcy that month.  The creditors then compare the people with their debtors and cancel the cards of all of the people that filed bankruptcy.

A similarly related issue is that some people find that their credit cards are listed as “discharged under bankruptcy” on their credit reports even though they worked hard to pay them off.  They …

Tags: Chapter 13 Title 11 United States Code Credit card Equifax Social Security number United States

… The debtor claimed in his bankruptcy filing that his only income was $812 a month in Social Security payments.  However, it was later revealed that the debtor had received a total of $2,200 in October 2008 from a company owned by the debtor’s brother in which the debtor has a 10 percent interest. Unfortunately for this debtor he failed to include this source of income on his bankruptcy paperwork, giving the impression that he was attempting to conceal income/assets and deceive the …

… this is ever paid off.”

Mr. Button: “That’s what I can afford, ma’am. I live on social security disability. I’ve got to pay my rent and my lights and my gas.”

The Court: “I’m going to order you pay twenty-five dollars ($25.00) a month until this is paid off. I’m going to show that we are to come back March 12, at 1 o’clock, at which time Miss James is going to tell me that she has already received fifty dollars ($50.00) towards this. Okay.”

Fortunately, this …