Monthly Archives: May 2017

Make Sure You Aren’t Scammed If You Have Old Tax Debt

The IRS has begun using private collection companies to collect tax debts of over two years old. This opens the door for scammers, who may claim they are the IRS and ask for a phone or money transfer via phone or email. It is important to distinguish between the actual IRS and scam artists. People acting as tax preparers who charge absorbent preparation fees, and fake tax websites are things to watch out for. The four collection agencies working for the government to collect debts are: CBE Group, ConServe, Performant, and Pioneer. Any collector claiming to work for a different company from these four agencies or the IRS is likely a scammer. 6 Ways to Tell If an IRS Contact Is Legitimate The debt must be at least two years old. You will not be asked to pay over the phone with a credit or debit card, the IRS will…
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How to Save for Retirement as a Millennial

Millennials, people reaching young adulthood in the 21st century, are reportedly not saving as much for their retirement as previous generations. A recent study conducted by surveymonkey.com, found that 44 percent of millennial aged women spent more on coffee than they put aside for savings. Many millennials are strapped with student loan and credit card debt payments, are choosing to start saving later in life for marriage and raising kids, and may have not received proper education in managing finances. Other surveys suggest that millennials focus on short-term goals rather than long term, and take jobs at startups or small businesses as independent contractors that do not offer retirement plans. Keep reading for some tips on how to start a savings account as a young adult. 3 Tips for Saving for Retirement as a Millennial Start budgeting: Most millennials have little or no savings to start with. Start managing how…
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Should I Pick Chapter 7 or Chapter 13 Bankruptcy?

If you are ready to declare bankruptcy to start settling your debts, deciding which kind of bankruptcy to file for can be a challenging decision. When filing for bankruptcy for an individual, you can either decide on Chapter 7 bankruptcy or Chapter 13 bankruptcy. Chapter 7 bankruptcy: This is the most common type of consumer bankruptcy. When you file, you receive an “automatic stay” which stops creditors from trying to collect more debt from you. Chapter 7 bankruptcy is a faster acting plan, designed to eliminate dischargeable debt like credit card debt and medical bills. After these debts are gone, room is made to pay off non-dischargeable debts, like student loans and child support payments. It is favorable to those who earn less than the median income in their region. In Chapter 7 bankruptcy, creditors will attempt to sell your “non-exempt” property. A Washington, D.C. bankruptcy attorney can help you…
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