At the Law Offices of John A. Sterbick, we occasionally meet clients whose financial circumstances have deteriorated past the point of inability to stay current on their bill payments. Sometimes, clients have assumed long term debt for assets that have depreciated below the remaining balance of the loan that the client owes the lender.
Similarly, clients may incur years of federal tax debt that the IRS will demand to be paid once the IRS becomes aware that that client has delinquent tax debt. The combination of personal and IRS debt owed is often overwhelming.
How the Sterbick Firm Helped a Client Under These Circumstances
Our client is a working single mom. Her car loan had years remaining before it would be repaid and had a high interest rate and a larger balance owed than the car was worth. She also owed the IRS years of unpaid federal tax debt.
Click the link bellow to learn more about the two recommendations that Sterbick team made to address her financial problems.
https://sterbick.com/help-for-a-single-mom-with-crippling-debt-and-overdue-taxes/
STERBICK.COM
Help for a Single Mom with Crippling Debt and Overdue Taxes
How to block unwanted calls.
CONSUMER.FTC.GOV
1, 2, 3 videos to help you stop unwanted calls
Managing your Credit: Charge Offs and Collections
Many people think that when they see a notation on their credit report that one of their debts is “charged off” that “charged off” means that the debt is forgiven or that for some unknown reason, they no longer have to repay that debt. A charge-off is simply a collection account that is six months overdue. By that time, the creditor has a right to recover by filing a lawsuit or selling the account to a third-party collection agent. However, sometimes the agent is neither the owner of the debt, nor did they purchase the debt from the original creditor. Instead, the agent is only collecting on behalf of the original creditor.
All creditors, collectors, or agents are subject to the Fair Debt Collections Practices Act (FDCPA). However, the act doesn’t prevent them from being unreasonable when discussing paying off the debt with you. They can be rude, crude, and indifferent in trying to coerce payment. I believe they are trained not to listen to “bleeding hearts” and demand payment. Unfortunately, intimidation gets results, and your only alternative is bankruptcy.
However, it is important not to be overwhelmed by the debt collectors’ tactics and rush to pay a bill, especially one that you don’t recognize. In fact, you may be able to remove some negative items from your credit report by disputing old debts that are no longer due and watch your credit score rise as a result!
Read more of our article, "Managing Your Credit: Charge Offs and Collections", on our website https://sterbick.com/managing-your-credit-charge-offs-and-collections/
If you have IRS tax problems or need advice about bankruptcy and need expert help, please call the Law Offices of John A. Sterbick at (253) 383-0140 or contact us via our web site at sterbick.com . Put our decades of experience and know-how to work for you.
STERBICK.COM
Managing Your Credit: Charge Offs and Collections
Most student loan debt relief agencies are scams- you do not need to pay someone to get you on the IDR program, call me for information on how to do it.
CONSUMER.FTC.GOV
Big FTC win against student loan debt relief firm
The federal income tax deadline was postponed this year from April 15th to July 15th to provide relief for individuals and businesses affected by the COVID-19 pandemic. However, the Internal Revenue Service determined that no further delay is necessary, and Tax Day is ...tomorrow, July 15th.
Don’t panic. It is still possible to request an extension if you’re not quite ready to file. However, the deadline for filing taxes after requesting an extension is still October 15th, as in previous years.
Here are a few added points for last-minute tax filers.
Taxpayers have up to three years to file a 1040 tax return in order to receive a refund. If you are a taxpayer who expects to receive a refund for tax year 2016, you must file your 2016 form 1040 by tomorrow, July 15th. Otherwise, it will be too late.
There is an exception for taxpayers who expect to receive a refund for tax year 2016: if the taxpayer filed an extension to file their form 1040 for the tax year 2016. In that case, the taxpayer must file their tax year 2016 form 1040 return by October 15th to receive their refund.
The IRS provides complete details on a variety of special conditions for filers at this link: https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers#filing
If you have IRS tax problems and need expert help, please call the Law Offices of John A. Sterbick at (253) 383-0140 or contact us via our web site, https://sterbick.com/contact-the-law-offices-of-john-sterbick/. Put our decades of experience and know-how to work for you.
Kevin L. served his country honorably for 22 years in the U.S. Army, including tours in Afghanistan and Iraq. After 22 years, Kevin retired at the rank of technical sergeant, and despite suffering combat-related injuries that left him fully disabled with PTSD, Kevin looked forward to his new life as a civilian.
Unfortunately, fate intervened. Kevin was involved in a significant auto accident after his honorable discharge. Kevin suffered a significant head injury that required brain surgery. Debts quickly piled up afterward. Even worse, Kevin’s partner left him after she added even more debt to his already heavy load.
Fortunately, Kevin came to the Sterbick firm for help this Spring. Learn how John Sterbick and his team helped Kevin repair his finances and get a fresh start on a better future for the rest of his life.
https://sterbick.com/a-disabled-veteran-gets-a-fresh-start/
STERBICK.COM
A Disabled Veteran Gets a Fresh Start
www.annualcreditreport.com is now offering free weekly credit reports. Beware of Debt Parking schemes- article below.
Contact ftc.gov if you notice anything like this on your credit report.
FTC.GOV
FTC Stops Debt Collector’s Alleged “Debt Parking” Scheme, Requires it to Delete Debts it Placed on Consumers’ Credit Reports
John A Sterbick, Attorney at Law updated their website address.
With a new administration and a new Congress taking office next year, we should expect more changes to both policies and the IRS tax code. We should expect that the complexities of the law to continue to be difficult for individuals to understand and to act on without making potentially serious mistakes. Moreover, for individuals with IRS tax problems, having the guidance and representation of a widely acknowledged expert in IRS law and tax policies with years of experience and relationships with key contacts to help streamline delays is more important than ever, especially given the very difficult times that we are all facing today.
John A. Sterbick is the widely acknowledged expert who you can engage to represent you, anywhere in the State of Washington.
IRS tax problems or long neglected debts can be complex and overwhelming. The team at the Law Offices of John A. Sterbick may be able to help you understand your situation; We can certainly help you by discussing certain trade-offs and options concerning your situation with your debts, the IRS, and bankruptcy.
The Sterbick team does our best to give each client the best, unbiased advice that we can provide in every case. We do not automatically recommend bankruptcy; we tailor our advice to each person’s circumstances. We would never advise a client to take actions that would worsen their circumstances and increase their debts. Our goal is always to design a plan and carefully explain the plan to our client in order to help our clients work towards rebuilding a sound financial future.
Financial stress is not a healthy state, and it does not cost you anything to check out your options. Please contact my office to make an appointment for a free, confidential, personal consultation to review your circumstances together.
https://sterbick.com/the-irs-has-problems-but-must-never-be-ignored/
STERBICK.COM
The IRS has Problems, but Must Never be Ignored
Light art in Tacoma
SEATTLESCHILD.COM
Tacoma Light Trail: See the lights by car or on foot| Seattle's Child
https://sterbick.com/tax-year-2020-filing-deadline-changes-and-news-you-need-to-know/
STERBICK.COM
Tax Year 2020: Filing Deadline Changes and News You Need to Know
