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/

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 …

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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 …

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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 …

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… Score, 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.  …

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

… 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 …

Tags: Bankruptcy Deception Social Security Administration

… before 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, …

… to access consumers’ personal and sensitive information such as credit card numbers or even social security numbers.

In one such scam, a company claims to represent the credit card company and requests the consumer’s credit card number.  In the foreclosure scams, the scammers attempt to give the consumer the impression that they can help them prevent or avoid foreclosure. Usually their foreclosure prevention “service” requires a large upfront payment.  Consumers who are facing …

… They phony debt collectors may have a lot of personal information about you.  They may have your social security number, old bank account number or other private information.  The Better Business Bureau fears that there may have been some type of data breach that allowed these scammers access to debtor’s private information.  So please do not assume that someone is legitimate because they have your personal information.  Confirm the legitimacy of this debt collector first before sending …

… for 10 years, he/she is ripe for the file segregation scam.  The scammer then offers a brand new social security number and convinces the victim to apply for loans and credit cards using the new social security number. Unfortunately, by following the scammers “advice” the victim is committing a crime.  It is illegal to create a new credit identity and doing so could land you in legal trouble.

… letter to the creditor:

(Date)

[Creditor’s Name]

[Address]

[City, State, Zip]

Re: [Your Social Security number and Account Number]

Dear Sir/Madam:

On [date], I received a [letter or phone call] from you attempting to collect on the above referenced debt.

On [date of discharge], this account was discharged under bankruptcy, [bankruptcy case number].  I trust that you will update your records to show that this debt has been discharged under bankruptcy and is no longer an …

… items from your credit report.  Worse still, some companies will suggest you fudge your social security number on credit applications.  Not only are they not doing you any favors, they may put you in a worse position if you follow their “advice” to secure credit fraudulently.

The best thing you can do for yourself once you have started rebuilding your credit is to obtain your credit reports from Experian, TransUnion and Equifax, and check that your debts listed on the …