John Hancock knew how to sign his name- so large that King George could read it without his glasses. But could he sign for a corporation as effectively? Most small business folks who do business today as a corporation are clueless when it comes to signing contracts on behalf of their corporation. When they sign […]
Silicon Valley Horror Story: The Business Credit Card That Bit
I’ve long said that there is no credit card for which a real, live human being isn’t liable. (That may be an exaggeration, but not by much.) And I’ve long worried about the prospects for success of business startups financed on credit cards. But I’ve never seen a departing employee of a start up stuck […]
5 Small Business Mistakes That Thwart Success
In recognition of National Small Business Week, we look at what a bankruptcy lawyer knows about business. Everyone tells you what to do to succeed in business; you also need to know what not to do if you don’t want to fail. Running your own business is the classic American dream. It’s romantic and heroic. […]
Financial Literacy Building Block: Compound Interest
Albert Einstein said compound interest is the 8th wonder of the world. Those who understand it, earn it. He who doesn’t, pays it. In other word, it’s a double edged sword. Terrific if you’re earning it. Debilitating if you’re paying it. And compound interest is a fundamental building block of personal financial literacy. […]
Tax Form 1099 Needs A Closer Look: Chances Are It’s Wrong
Tax attorney Bill Purdy says: don’t take IRS form 1099 at face value. Hundreds of thousands of taxpayers at this moment are looking at, or thinking about, Form 1099-A or Form 1099-C documents they have received. Some arrived in the tax year a debt was allegedly cancelled. Others are issued by financial instructions many […]
Don’t Brag About What You Saved Unless It’s True
It’s a mark of our consumer economy that we use the word save in connection with our spending. I saved $15 on this blouse. That’s well and good for today. You bought something you wanted, or maybe even needed. But unless you put the savings aside for later, you did nothing more than spend somewhat […]
Get The IRS To Feed Your Savings
Lucky enough to get a tax refund this year? Then celebrate America Saves week by telling the IRS where to put it. I mean, where to deposit it. Refund jump starts savings A tax refund is the perfect place to boost your savings. And you don’t have to choose between spending it all or saving […]
Don’t Let The IRS File A Return For You
Bankruptcy works lots of magic with tax debt, but the magic fizzles out when it comes to SFR’s. In my vocabulary, SFR is almost as doleful a phrase as KIA or DOA. Three times in 10 days, I’ve had to explain to clients that the taxes associated with an IRS Substitute For Return are […]
Mortgage Lenders Stop Lurking And Start Foreclosing
I’m re-upping this post from nearly two years ago because I’ve seen a surge in foreclosure notices on old and irregular home loans. There is equity now in those homes, so they are at risk of foreclosure. They hadn’t paid the line of credit loan on their home for seven years. All was quiet […]
What Creditors Of PG&E Need To Know About Bankruptcy
Listen up if you’ve done business with PG&E, now or in the past. The PG&E bankruptcy affects you in varying ways, as we explore below. You have some important decisions to make, such as: Should you keep doing business with PG&E? If you do are you going to get paid? When? What about money PG&E […]
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