Monthly Archives: May 2012

Credit Card Issuers Still Writing Off Debt Despite Tougher Bankruptcy Laws

Credit card issuers fought hard – and spent a lot of money – to get congress to change consumer bankruptcy laws back in 2005, effectively making it much harder to declare bankruptcy. The legislation has not had the desired effect. As the economy continues to stumble, the extra roadblocks to bankruptcy protection are not stopping people from filing for a fresh start when they need one. Industry observers expect major card issuers to see their charge off rates (essentially [...]

By |2012-05-13T11:53:52+00:00May 13th, 2012|Categories: Uncategorized|Comments Off on Credit Card Issuers Still Writing Off Debt Despite Tougher Bankruptcy Laws

IRS Offer-In-Compromise Program Fraught with Delays

On March 30, the Treasury Inspector General for Tax Administration released the results of its 2001-2009 audit of the IRS in a 29-page report – Increasing Request for Offers in Compromise Have Created Inventory Backlogs and Delayed Responses to Taxpayers. What Is the Offer in Compromise? Simply put, the Offer in Compromise (OIC) is a voluntary settlement agreement between the IRS and the taxpayer. The OIC settles the tax debt for less than what the IRS has determined [...]

By |2012-05-10T16:53:25+00:00May 10th, 2012|Categories: Uncategorized|Comments Off on IRS Offer-In-Compromise Program Fraught with Delays

Consumer Advocacy Group Works to Block Businesses from Using Credit Checks to Screen Employees

As the economy gets tighter, an increasing number of employers are using credit checks to screen potential employees. “Not fair!” says consumer advocacy group Unite Here – and we here at The Zolman Law, PLLC have to agree. So far, Unite Here has been successful in getting three states to pass laws that limit an employers’ use of credit reports in hiring decisions – Hawaii, Oregon, and Washington. Illinois has already passed legislation that just needs to be approved [...]

By |2012-05-10T11:49:26+00:00May 10th, 2012|Categories: Uncategorized|Comments Off on Consumer Advocacy Group Works to Block Businesses from Using Credit Checks to Screen Employees

Phoenix, Arizona Bankruptcies in Decline

Despite the fact that Arizona has been particularly hard hit with the recession and a struggling housing market, Phoenix actually reported a drop in bankruptcies in July– making it the fourth month in a row that filings dropped. Four in five Valley bankruptcies in Arizona are Chapter 7, with the majority of the remainder being Chapter 13. Despite this moderately good news, bankruptcy filings for this July were still up 11% over July 2009. And observers expect bankruptcies [...]

By |2012-05-07T11:44:09+00:00May 7th, 2012|Categories: Uncategorized|Comments Off on Phoenix, Arizona Bankruptcies in Decline

Bashas’ Outlook Good After Chapter 11 Bankruptcy

Bashas’ will emerge from Chapter 11 bankruptcy as a leaner and more profitable company than it was only a year ago, when the company originally filed for bankruptcy protection on July 12th 2009. What’s more, the Basha family of Arizona will still maintain control of the company, the company’s famed and beloved Western art collection will remain intact, and with 8,500 people still on the payroll, the company remains one of Arizona’s largest employers. How did Bashas’ get here? After [...]

By |2012-05-04T11:39:45+00:00May 4th, 2012|Categories: Uncategorized|Comments Off on Bashas’ Outlook Good After Chapter 11 Bankruptcy

IRS Penalties Slam Those Who Fail to File, Fail to Pay

Nobody enjoys paying taxes or dealing with the Internal Revenue Service. When you owe a big payment, it can be tempting to just put your head in the sand, ignore it and hope it goes away – especially if you don't have the money available. Unfortunately, the IRS isn't going to simply let that slide. Missing a filing date or payment deadline can be financially disastrous. Some taxpayers think that if they can't afford to make a tax [...]

By |2012-05-01T15:39:58+00:00May 1st, 2012|Categories: Uncategorized|Comments Off on IRS Penalties Slam Those Who Fail to File, Fail to Pay

Ponzi to American Idol – Arizona Bankruptcy Newsletter, May 2012

Time to take a break from your busy schedule, grab your favorite soda, and relax with what’s news in our Arizona Bankruptcy Newsletter, May 2012! Beware of “Debt Settlement” Companies We’ve warned you before about giving your hard-earned money to those questionable debt settlement companies. These are the ones that target debt-burdened consumers and make empty promises to settle with all creditors for mere “pennies on the dollar.” In this article, we give you the tools you need [...]

By |2012-05-01T12:00:50+00:00May 1st, 2012|Categories: Uncategorized|Comments Off on Ponzi to American Idol – Arizona Bankruptcy Newsletter, May 2012

Ten Ways to Avoid a Tax Audit in Arizona – #2: Don’t “Do-it-yourself”

There are few things Arizonans dread more than the news that they will be getting audited by the IRS.  Even the most scrupulous of taxpayers can spend many sleepless nights wondering if they have categorized and documented their deductions and credits properly. In this series of blogs, we will look at the ten basic steps you can take to minimize the chances of getting that scary audit letter in the mail. #2: Don’t “Do-it-yourself” There are some who claim [...]

By |2019-07-24T18:59:29+00:00May 1st, 2012|Categories: Tax Law, Tax Relief|Comments Off on Ten Ways to Avoid a Tax Audit in Arizona – #2: Don’t “Do-it-yourself”