Monthly Archives: July 2009


Do you Develop and Utilize The Talents and Functional Skills of Friends and Family?

My Sister-in-Law and her boyfriend, are great people, but they did something last week which my made head spin. They signed a contract to buy a home for $250,000 without having an attorney review it. The document was 21 pages in length, and contained paragraph upon paragraph that is likely not to be considered English (or English as most people understand it).  Yes, you may remember I am an attorney, so they have FREE counsel.  Could I have done their closing; no, because I am admitted in a different state than where they live, but could I look at the contract? Yes.  [...]

By |2016-03-07T23:52:59-04:00July 30th, 2009|Random|1 Comment

When Applying for a Mortgage don’t Forget to Calculate your Debt to Income Ratio

A buddy of mine is attempting to buy his first home, and learned a very valuable lesson that no one learns about until they attempt to buy their first house.  It is a lesson that most people do not think until their mortgage broker tells them the bad news.  I bet you are thinking, "Ugh another Credit Score Post."  Yes, your credit score counts, but you know what else counts Your Debt to Income Ration also referred to as DTI. What is Debt to Income Ratio? Investopedia defines Debt to Income Ratio as, a personal finance measure that compares the amount of money [...]

By |2013-09-26T15:01:51-04:00July 29th, 2009|Debt|3 Comments

Another Reason to Check your Credit Report – New York Default Judgment Getting Thrown Out

On July 22, 2009, New York Attorney General Michael Cuomo filed papers to throw out 100,000 default judgments due to bad service.  When I wrote a post way back in December about Default Judgments and How they Affect your Personal Finances I skipped over service of the papers to start a lawsuit. New York Service of Process It is pretty well established in America that in order to obtain a judgment against someone that defendant needs to have been properly served with a summons and complaint.  The definition of “properly served” is chosen by the legislature of each state.  In New York [...]

By |2016-11-07T21:24:46-04:00July 24th, 2009|Personal Finance|2 Comments

Writing the IRS in Response to Increase in Income due to 1099-C – Five Rules when Replying to the IRS

As I previously posted about, I learned that, Cancellation of Debt is Taxable Income, when my brother received notice that a creditor he had settled with 2 years ago filed a 1099-C for a deduction for Cancellation of Debt.  Luckily he has a brother who is nice and is willing to do research for him. Five Rules To Remember when Writing the IRS When Dealing with the IRS Make Sure You Reply in Time Anytime you are dealing with any governmental body, whether it is the IRS, Courts, Police, the number one thing to remember is to answer within the time allotted.  [...]

By |2013-09-26T15:01:51-04:00July 21st, 2009|Taxes|3 Comments

My Journey’s July 16th 2009 Update

One of the main reasons I started this site was to keep myself accountable to anyone that was reading. Ironic part, is that when I started I probably had no one reading so it was an exercise in futility! Fiscal Update My last update was on May 29, 2009 and before is one from March 4, 2009.  As I have indicated many times, right now I am in operati on "Eradicate Credit Card Debt." An unpopular but necessary war. Credit Card 08/01/2008 03/04/2009 05/19/2009 07/16/2009 CitiCard #1 $141.99 $0 $0 $0 CitiCard #2 $7,797 $0 $0 $0 Discover #1 $1,758.30 $0 $0 [...]

By |2013-09-26T15:01:51-04:00July 16th, 2009|Personal Situation|0 Comments