175

DON'T talk to the creditor. DON'T trash your other good credit. DON'T declare bankruptcy for a good while. The IRA is protected. Protect it. First and foremost, the IRA is untouchable in MD. Creditors cannot touch it. Bankruptcy cannot touch it. Abe must not touch it. The IRA is a sort of "trust account", and Abe, as a "trustee", must protect that from ...


163

Can I be debt free or should I file bankruptcy There's no reason to file bankruptcy with $64k in debt and a $80K net salary. You can get out of debt in 1-2 years if you're willing to sacrifice. The harder you sacrifice, the less time it will take. Please advise me how to reduce my debt. Stop creating any more debt. Cut up all credit cards Put $1,000-2,...


158

Nobody legit will ever ask you for money to give you money. If there is a million dollar inheritance and it costs $1,000 to get the money to you, someone legit will take $1,000 from the inheritance and give $999,000 to you.


142

This sounds like a scam. The debt itself may be legitimate but the debt collector doesn’t sound legitimate. Legitimate businesses would never need access to your bank account. If you have the funds ready to go, get their routing numbers and do a funds transfer from your own bank account to theirs. Giving others access to your bank account (user name & ...


120

You need to change the way you think. First, understand compounding. Not just intellectually, but viscerally. You need to develop an aversion to spending borrowed money. A debt with 22% APR doubles every 38 months. Every dollar you pay down your debt, cuts the total length of time you will be paying that horrible interest. Every $1 you spend now ...


115

The tax return of a dependent does not flow to the parents return. Earned income is taxed at your own rate, up to $12,000 tax free. for your own standard deduction, but unearned income is taxed at higher trust rates. No idea where they are getting this information from. If your parents' insurance is somehow tied to "family income," things change. It's still ...


109

You can't prove a negative. Therefore, you cannot prove that an invoice is unpaid; it is assumed to be unpaid on claiming so, and the payer has to prove that he paid. That should be easy for him, if they did pay.


105

He COULD use the signature to forge her name on a check or a contract. Of course that would be wildly illegal. Just because she gave him the signature voluntarily (under false pretenses) doesn't mean he's authorized to sign anything in her name. At a minimum, you should watch your bank statements and get copies of your credit report for the next few months....


98

When I had this problem, I wrote the following: We do not owe you any money. If you illegally give false information regarding this alleged debt to any credit reporting agency, we will sue you for damages as provided for in federal and state law. I never heard from them again. (Note, I also included some details of when it was paid, who I talked ...


95

They want to gauge the chance of a successful sale. There's nothing quite as frustrating when selling and moving to a new home as getting into escrow, doing all the paperwork, crossing off all the check lists, only to find out that your buyer didn't qualify for the loan and the mortgage fell through. By asking about your down payment (20% or more is often ...


94

Some folks have touched on this, but I wanted to make sure I emphasize this. Getting a college degree does not require going into massive debt. In fact it doesn't require debt at all. Here are some options (this is US-focused): Get your core classes out of the way at a community college. Community colleges are a significantly cheaper way to earn college ...


92

This might be a strange notion but people donate to charity because they... want to donate to charity. That's it. Now, if you are going to donate to charity, donating an appreciated stock may be more tax-efficient than selling it and then donating the proceeds.


89

In a comment you said, I'm not suggesting scratching anything. I don't know how banks talk to each other, but presumably my bank would just tell the other bank to please send over $800. And if they want it in pennies they'll say pennies. If you know how banks talk to each other and you know they have no way to handle this simple issue, you can answer that ...


88

To be clear, this has nothing to do with tax brackets. (There's a longstanding belief that getting into a higher income bracket will increase taxes on all your income, when that bracket just applies to your new income.) Instead, this has to do with eligibility to (I believe) Apple Health, which is Washington's low-income health insurance program. This pdf ...


87

I was contacted by a private bank overseas to get my inheritance Umm, sorry - but no, you weren't. You were contacted by a scam artist who is banking on your greed outweighing your common sense. Inheritance & deceased estates don't work that way. The executors of the estate may be able to deduct some of their costs from the estate, but that's done ...


84

Your friend is basically doing "Credit Card Kiting". While not strictly illegal* (there are nuances), it's an expensive way to maintain debt. Your friend would be much better off taking the time to consolidate his debt at the lowest possible interest rate and come up with a repayment plan. $35k seems like a lot, but it's doable and his current plan has him ...


84

You really have only three options (leaving out somehow legally forcing them to pay, about which I know nothing). I'm also assuming you're in the US. Somehow get enough in scholarships and grants to pay for your tuition and living expenses. Take out loans, which as you say may put you deeply in debt. Put off college for a while, and work until you have ...


83

For people that don't earn very much, the largest single financial event of the year is often getting a large tax refund thanks to the Earned Income Credit and the Child Tax Credit. These refundable credits can result in people getting refunds for thousands more than what they had withheld over the year. This makes fraudulently claiming dependents ...


81

If it was me, I would count the bonus lost. You need money to live, and they are not paying you so the answer is obvious: seek another job (or three). I'd have a chat with your manager about you stopping work and explaining that you are your family's sole source of income. How they react will dictate how you proceed. If they get all upset with you, ...


80

There are two ways to improve your personal finances: Make more money Spend less money That's literally the secret. To afford the car, you either need more income, or lower expenses. Don't fret, though. It's good that you are learning this lesson early in life because a lot of people live paycheck-to-paycheck their entire lives without realizing that some ...


79

I think your best course of action in this scenario is to act as though you don't have a credit on your account. Keep making your payments as you normally would. I would notify the management that you are doing this, as you are assuming that eventually someone will come asking for that money to be applied to a different apartment number. You may want to ...


79

The answer is YES. The responses saying no are so wrong it isn't even funny. How do I know - I used to do tech work for a repair shop and saw all of the inner-goings. A shop is a preferred shop because they will repair the car basically as cheaply as possible. They have to abide by certain things or they will lose their "certified repair shop" status. ...


79

You can lend at any rate you like. Finding a borrower is a different matter, as is ensuring that the borrower pays it back. Few banks will borrow from you at the Fed rate. Currently, rates on savings accounts are less than 0.5% and FFD target is about 2.5%. Plenty of customers still use the savings accounts in spite of this. These customers are your ...


79

What's the rationale behind this? Why not let people contribute more than $19k/year to their 401k? Retirement accounts are tax-advantaged, removing the caps would benefit the wealthier end of the spectrum and decreases tax revenue. The caps keep the retirement account benefits in line with other progressive tax policies.


74

The IRS has a concept of Innocent Spouse Relief which is intended to handle situations like this. They describe it thoroughly on their website. A married couple technically both have responsibility for paying taxes if they file together. However, if one spouse has no income, and was "innocently" unaware that the other spouse (who did have individual or ...


74

In the United States, an employer is required to verify identity and citizenship as part of the hiring process. The way that they do that is that they ask for documents. There are three lists. One list has documents that verify identity and employment status at the same time, e.g. a passport. A second list verifies just identity, e.g. a driver's license. ...


70

If the seller only accepts a payment method that doesn't allow you to get your money back, then there is a reason for that. There is a much higher likelihood that something happens where you'd want a refund, and you won't get one. So I would stay well away from this.


70

Another reason to use standard: audit If you get selected for an audit of your itemized deduction or a specific category (e.g. all medical expenses or all charitable contributions) then at best you have the time to send in all the receipts, and then answer questions about some. At worst, the auditor disallows something and now your itemized is less than the ...


67

I’m sorry to hear about your situation. There are a couple of issues at play. Parents are responsible financially for their kids until they turn 18. They are required to provide food, shelter, and clothing for you, and if you cause damages to someone, they are required to pay it. There are two results of this that affect your situation. First, it is not ...


67

The norm for disposing of old checks is destroying them, if you really wanted a non-shredder option you could cut a significant portion off and just burn those, or dispose of larger pieces at separate times/locations. However, with a name change you can typically just keep using them. Sign your new name. The name/address portion at the top is mostly a ...


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