Every so often we get a factoring request from a prospect that it’s abroad. It’s usually an enticing opportunity, the prospect owns a company that is outside the US and is selling products to a well known US company. The sale is usually on terms usually net 30 to net 60. Depending on who you talk to, these transactions are known as either import factoring or as foreign export factoring.

Generally, these transactions follow the same steps as a conventional factoring transaction. The key differences are that the factoring due diligence is different and that getting a security interest over the invoice is more difficult. Bec

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Because of substantial decline in Florida real estate values Chapter 13 bankruptcy is commonly used to strip off second and third mortgages from the debtor’s upside down primary residence. Junior mortgages are not stripped off the residence at start of the Chapter 13. If that were the case then homeowners could file the Chapter 13 to wipe out the junior mortgage and quit payments soon thereafter. No, debtor’s junior mortgages are stripped at the “back end”, that is, at the end of the Chapter 13.

There is a difference of opinion regarding whether the debtor’s junior mortgages are stripped off upon successful completion of the Chapter 13 plan or upon entry of the Chapter 13 discharge. Why does

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Investors wavered today, sending the market up and down throughout the trading session. The lowest point was around noon, but after that the markets recovered pulling most of the indices into positive territory. The Nasdaq was one of a few to stay negative, posting a 5 point loss, while the S&P 500 gained 5 points, and the Dow increased by 37. The possible default of the Greek government remained a major point of concern, as European leaders planned ahead for a second emergency summit. Closer to home, economic reports were mixed, as manufacturing showed signs of recovery, applications for unemployment benefits decreased, but previously-occupied home sales declined. Full Post…

As a bankruptcy lawyer, I try to make sure my clients are getting all of their tax forms filled out properly. If you’re filing your tax return after a bankruptcy (and even if you’re not expecting a refund), you probably know what to expect. But just like when filing for bankruptcy, you want to double-check everything you submit to avoid problems later.

We’ve already discussed the 1099 (c ) and taxes after bankruptcy, but you want to make sure you avoid these common income tax mistakes, as reported by the IRS.

1. Claiming the wrong filing status. Your filing status can determine your fate for many different tax benefits. Be sure you’re using your marital status as of December 31.

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