Monthly Archives: February 2012

Arizona Bankruptcy Newsletter, March 2012 – Means Test or World’s End?

Time again to take a break from your work, grab a fresh cup of coffee, and kick back for a moment to read the all new Zolman Law Arizona Bankruptcy Newsletter, March 2012. Just to pique your curiosity, here’s a taste of what we’ve published in this month’s newsletter. Bankruptcy Doesn’t Have to Be the End of the World Our bankruptcy laws stem from one founding instrument – the United States Constitution, created in 1787 and ratified in [...]

By |2012-02-29T03:00:13+00:00February 29th, 2012|Categories: Uncategorized|Comments Off on Arizona Bankruptcy Newsletter, March 2012 – Means Test or World’s End?

The IRS Owes Arizona Taxpayers Nearly $2 Million – What’s Your Share?

The IRS is sitting on federal income tax refund checks for more than 2,600 Arizona residents. The checks total almost $2 million in unclaimed tax funds – and the largest check is for $46,504. If you are one of the “lucky” ones owed a check, the IRS would actually very much like to get you any money they might owe you. According to an IRS spokesman, taxpayers who believe they might be owed a refund can simply go to [...]

By |2012-02-27T13:02:52+00:00February 27th, 2012|Categories: Uncategorized|Comments Off on The IRS Owes Arizona Taxpayers Nearly $2 Million – What’s Your Share?

IRS Clarifies Solar Tax Credits for Arizona Residents

Going “green” with solar power is a great way to ease your impact on the environment. And there are quite a few tax credits for Arizona residents that can ease the impact of a solar energy system on your wallet, too. The trouble is that these tax credits can be difficult to understand. One of the biggest incentives is a 30% federal tax credit for homeowners; the IRS issued an opinion recently on how Arizona residents should figure [...]

By |2012-02-24T12:58:00+00:00February 24th, 2012|Categories: Uncategorized|Comments Off on IRS Clarifies Solar Tax Credits for Arizona Residents

Asset Acceptance Smacked with $2.5 Million FTC Penalty

In its role as the enforcer, the Federal Trade Commission (FTC) entered into a consent decreewith Asset Acceptance, LLC, in which the company agreed to accept a $2.5 million civil penalty for various violations of the Fair Debt Collection Practices Act (FDCPA) and Fair Credit Reporting Act (FCRA). One of Our Nation’s Largest Debt Buyers As the FTC pointed out, Asset Acceptance (based in Michigan) is one of the nation’s largest consumer debt buyers and its illegal practices [...]

By |2012-02-22T11:35:19+00:00February 22nd, 2012|Categories: Uncategorized|Comments Off on Asset Acceptance Smacked with $2.5 Million FTC Penalty

Bank Delivers “Missing” Foreclosure Papers

Arizona isn’t the only state with wild stories of  banks abusing the foreclosure system.  William Berta of Sarasota, Florida has lived in his modest home for several decades. He owns and operates a local small business, gets a benefits check from the Veteran’s Affairs every month, and continues to pay his water and power bills. Despite all these clues to his whereabouts, Berta’s home mortgage lender, Wells Fargo Bank, easily convinced a judge that Berta had abandoned his [...]

By |2012-02-21T08:39:29+00:00February 21st, 2012|Categories: Uncategorized|Comments Off on Bank Delivers “Missing” Foreclosure Papers

U.S. Student Loan Debt Bomb Will Detonate… Soon

Student loan relief is not a part of consumer bankruptcy protection. Members of the National Association of Consumer Bankruptcy Attorneys (NACBA) believe student loan relief is essential and should be restored. Failure to address the growing problem of educational loan debt puts both borrowers and our struggling economy at even greater risk. According to the NACBA, “[U]nmanageable student loan debt threatens to reach crisis proportions in the not distant future if Congress does not restore bankruptcy relief.” The [...]

By |2012-02-20T11:39:39+00:00February 20th, 2012|Categories: Uncategorized|Comments Off on U.S. Student Loan Debt Bomb Will Detonate… Soon

The Biggest Arizona Home Defaulters are the Wealthy

While the foreclosures and bankruptcies caused by the housing boom  and subsequent bust hit the poorer areas of Arizona first, the trend has now reached to the higher classes. According to an article in the New York Times, one in seven homeowners with a mortgage of over $1 million have stopped paying their mortgages – and that’s a rate much higher than any other segment of the population. Only about one in every twelve homes that have mortgages less [...]

By |2012-02-18T08:31:20+00:00February 18th, 2012|Categories: Uncategorized|Comments Off on The Biggest Arizona Home Defaulters are the Wealthy

Fannie Mae Pushing for Tougher Punishments for Arizona Mortgage Walk-Aways

In the aftermath of the housing bubble bursting, many hard working Americans were left with mortgages that were a lot larger than the current value of their homes. At the same time, many of these same people were suddenly unable to make their mortgage payments, whether because they were laid off, their adjustable rate adjusted up – or both. Whatever the reasons, an unprecedented number of homeowners have opted to simply walk away from their homes in recent years. [...]

By |2012-02-15T07:57:53+00:00February 15th, 2012|Categories: Uncategorized|Comments Off on Fannie Mae Pushing for Tougher Punishments for Arizona Mortgage Walk-Aways

Desperate Debt Collectors Get Nasty – What Arizona Debtors Can Do to Protect Themselves

As American consumers continue to hurt financially from the slow economy, desperate debt collectors are getting and many are stepping outside the law to harass well-meaning citizens who have simply fallen on hard times. While harassing phone calls are old hat for debt collectors, many have stepped up the pressure by using abusive language and threatening physical violence against those who owe. And that’s illegal. Complaints to the Federal Trade Commission (FTC) about harassment by debt collectors skyrocketed [...]

By |2012-02-12T07:50:49+00:00February 12th, 2012|Categories: Uncategorized|Comments Off on Desperate Debt Collectors Get Nasty – What Arizona Debtors Can Do to Protect Themselves

The US Economy Gains Jobs: Will That Mean Fewer Arizona Bankruptcy Filings?

The good news is that, according to Automatic Data Processing (ADP), the private sector added jobs again in June, for the fifth straight month in a row. The bad news is that the 13,000 jobs added are far fewer than analysts expected, and a lot fewer than have been added in each of the last four months. Will those jobs be enough to save more Arizonans from declaring that depends on what industry you want to work in. [...]

By |2012-02-09T07:44:10+00:00February 9th, 2012|Categories: Uncategorized|Comments Off on The US Economy Gains Jobs: Will That Mean Fewer Arizona Bankruptcy Filings?