Economics Finance

When determining a homes value, real estate agents and appraisers use many factors. They do a lot of research to make sure the value they assess is going to either get your home sold in a timely manner, if it’s a Realtor(R), or make sure an appraisal is going to satisfy a banks loan conditions, if it’s an appraiser. These factors are important to keep maintained, and are even more important when you are looking at buying home, because some of them can’t be changed.

1. Location – The location of a home is un-changeable, and it’s also the most important factor in determining the value of your home. The reason location is the #1 factor, is because you can’t change where a home is located, and if the home is near something undesirable, the value of that home can plummet drastically. For example, say your home was built, and 5 years later your city installed a trash dump next to your home. The value of that home would go way down, as most people wouldn’t enjoy living next to a trash dump.

When you are in the process of buying a home, it’s a good rule of thumb to find out the zoning laws around your home. You can obtain your local zoning ordinances from your county assessor, or a local city zoning department. Be sure to find out what type of commercial buildings, or busy roads are planned in the near future for your area. Your real estate agent should also have a their ear to the ground, and should be able to educate you on the city plans for locations they service. Continue reading ‘The Top 5 Factors That Determine the Value of Your Home’ »

An IRS bank account levy is one of the harshest collection mechanisms used by the IRS to collect taxes. With a bank account levy the IRS can legally seize all of the funds in your bank account and use those funds to satisfy tax debt owed. This type of levy is so difficult to deal with because the IRS seizes large sums of money quicker than if they were to use wage garnishment or physical asset seizure. For this reason it is extremely important to act fast when you know you have received an IRS bank account levy.

How a Bank Account Levy Works

The IRS will send you a notice of final intent to levy. This notice says that you have 30 days to pay the IRS or make some other arrangements. If you fail to do so in these 30 days then the IRS will decide which type of levy is most appropriate for you. If they choose to use a bank levy they will contact your bank directly and notify them that they intend to levy your bank account. Even when the IRS does this, you still have time to come to a resolution before they seize your money. Once the bank receives notice they will freeze your account. You will not receive any word that your funds will be seized, you will only know from your account being frozen. The bank will not send the funds to the IRS for 21 days. It is important to act prior to these 21 days are up or you will lose your funds forever. There are many different ways to approach this and since you don’t have the time to figure out which is best for you it is highly suggested you work with a tax relief professional to help you find the best solution. Continue reading ‘IRS Bank Account Levy – Why Use a Tax Professional to Release a Levy’ »

Nobody likes to file Chapter 7 bankruptcy. However, when the pressure of debt seems insurmountable, the option of Chapter 7 may seem to be the only way to achieve debt relief. What a lot of people who settle on Chapter 7 fail to realize is that it stirs a whole bunch of other emotions and pressures.

Depression

Without question, depression is probably the most-often cited after side effect of filing for Chapter 7 bankruptcy. People who have financial trouble will lose sleep, become physically ill (the most “popular” physical effects include ulcers, heart conditions, hypertension), and notice a definite strain in their relationships.

Knowing ahead of time that depression is a side effect of Chapter 7 bankruptcy allows filers to prepare for what can be a very bumpy emotional road to their “fresh start.” By understanding just how bad the depression can get, filers can join support groups or seek advance-advice from their doctor or counselor. Continue reading ‘The Non-Financial Side Effects of Chapter 7 Bankruptcy’ »

If you have reached a point where your finances are spiraling out of control and you can simply not afford to repay debts you owe within three years and even with significant cut backs and changes to your spending, then you are most likely in a situation where you are considering the possibility of declaring bankruptcy. And if that does apply to you, then you are probably wondering just what are the effects of declaring personal bankruptcy? What will the consequences be?

Well, first of all, take comfort from the fact that you are not alone in considering bankruptcy. And also, bear in mind that it is a legitimate means of getting a fresh financial start for those with no other alternative. But the effect on your credit rating will be negative. Bankruptcy is considered the ultimate admission, in many ways, of an inability to manage one’s finances. It shows up on your credit file for ten years. During this time you will find it terribly difficult to obtain credit and even in situations where you are able to get credit, you will face extremely high interest rates are you will be deemed a high risk borrower. You can, however, with patience, sensible spending and discipline, rebuild your credit. Continue reading ‘Effects of Declaring Personal Bankruptcy That Requires Careful Consideration’ »

The medical bills are piling up in the mail box. You can’t afford to pay them even with health insurance. Let alone without any insurance at all. So now you are considering bankruptcy as the only way out. Filing bankruptcy in the long run wont really solve the problem. What if you get sick again, and the bills start piling up again? You can always file again in 7 years but you may end up with two bankruptcies on your credit report. What is the solution to this stressful problem?

You can get someone else to pay for them. Especially if you are unemployed, and have large amounts of medical debt. Apply for the medicaid program through your state government. Whether you are a man or a woman you may qualify for aid. Although women, & pregnant women usually have a somewhat higher approval rate. You may even qualify if you have a mental disability like depression. Submit all of your bills along with the application. Continue reading ‘Filing Bankruptcy Due to Medical Illness is Not the Solution to Your Sleepless Nights’ »