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

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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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… 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

… 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

… 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, …

… 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 as much as they had hoped it would.

Bankruptcy protects retirement accounts and social security payments.  Retirement accounts and social security payments are exempt from creditor seizure during bankruptcy.

Bankruptcy frees up more income so that they can pay for the things that are most important.  By discharging debt obligations, bankruptcy allows seniors to redirect their income to more important things such as medical supplies and everyday …

There were 2,431 Dallas- Fort Worth commercial real estate foreclosures in 2009, that’s up from 1,900 commercial foreclosures in 2008.

The biggest rise in commercial foreclosure filings in 2009 was in postings for office – up 121 percent – and retail buildings, up 20 percent.  Foreclosure filings for commercial land also increased by 71 percent compared with 2008. Apartments …

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… by operation of law, or otherwise (other than debts assigned pursuant to § 402(a)(26) of the Social Security Act, or any such debt which has been assigned to the Federal Government or to a State or any political subdivision of such State); or

(B) such debt includes a liability designation as alimony, maintenance, or support, unless such liability is actually in the nature of alimony, maintenance or support....

Please speak with a bankruptcy attorney about how your child …

… you must return the full amount of the stimulus payment.

Working retirees. More than 50 million Social Security recipients received $250 payments; however, retirees who were working will have that $250 payment deducted from their tax credit.

Unfortunately, taxpayers who received extra stimulus payment in 2009 will face penalties imposed by the IRS. Those penalties will be removed but ONLY if you request it.  Remember, the mistakes made during this stimulus program are the fault of the …