Elements of the Structured Settlement Protection Act
By financen | June 28, 2012 - 4:48 pm - Posted in Law

Earlier before the Structured Settlement Protection Act took place, there were many activities that were termed as abuse. Hence many states elected to implement this law modeled after a template created and enacted by the National Conference of Insurance Legislators. Now, there are almost 46 states following this law, protecting those who have received structured settlements in the past and want to change to a lump sum settlement for part or all of any remaining payments.

Structured Settlement Protection Act

Structured Settlement Protection Act

There are some components that are similar in many states laws that cover transfers. For example, the statements of full disclosure should be sent to the seller prior the transaction is complete. The seller can inquire about every aspect of the transaction terms and how it will affect the amount of money that is received. The terms should be mentioned in a straightforward manner and the language should be kept so simple that it could be easily understood by a relatively uneducated person.

As per the laws or the statutes, a notice must be given to certain parties as part of the transaction, who in turn will be affected by the actions when the transactions is completed. This mandate prevents a deal from being completed without some interested parties being made aware of components included within the transaction.

It is a good idea if the seller consults with the appropriate professionals about the terms of the proposed assignment of future payments that is included in the statutes in most states. These professionals will be very knowledgeable about the legal matters. Sometimes, they might be tax consultants or financial planners.

The most significant clause in the statutes is that it has to be approved by the court and it should be in the best interest of the seller. The court is required to look at the best interests of any dependents.

Structured Settlement Protection Act is designed to protect every common individual. Since the approval of the transaction is done by the third party i.e. the court after a thorough review, this protection is as good as the review and ruling by the judge or fact finder in the case.

More information about Structured Settlement Protection Act:

http://apps.leg.wa.gov/rcw/default.aspx?cite=19.205&full=true

http://en.wikipedia.org/wiki/Structured_settlement

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How to remove IRS wage garnishment?
By financen | June 11, 2012 - 3:11 pm - Posted in IRS, Wage Garnishment

Its always a nice feeling when you are near to your payday. And furthermore, it can be exciting enough when you have some extra cash left over after paying off your debts. You read the check and it is actually a portion of exactly what it usually is. You figure out that the IRS has put a wage garnishment against your income. To make it even more worse, its costing you more than half of your pay check.IRS

All your good moments suddenly come to an end. The IRS is garnishing your wages and it looks severe and worse. You are in deep shock and don’t know what to do next. Managing your general expenses now seems like a big burden on your shoulder. Your fixed income can be garnished, no matter you are on social security or disability.

When the IRS gets involved, they will put their hands on every source of income that you are receiving. You cannot escape from the eyes of the IRS. The damages of IRS tax levy is always a big one. At this time, everything appears extremely dismal.

Do not give up hope. There is always light at the end of the tunnel. There are ways by which you can remove an IRS wage garnishment. Although there are some stipulations, they are much more advantageous compared to continuous loss on 1/2 of your salary each week. Follow the steps mentioned below to remove a wage garnishment.


If you have received a wage garnishment from the IRS, it is advised that you talk about a pay out with them. You can take the help of a tax specialist skilled in IRS tax levy issues and tax debt settlement. While you are discussing the terms with the IRS, recovery routines are usually put on hold until you find a solution. You are required to meet the terms of the negotiation agreement otherwise you will be in the danger area.Wage-Garnishment

Talk with the IRS and get on a repayment schedule. You shell out a certain amount to the IRS every month. As long as you are making the payments, your IRS wage garnishment is going to be removed. The IRS will decide what the settlement amount is going to be.

Be proactive in order to avoid grievous tax issues before they start. IRS Collections processes like a wage garnishment are inconceivable to annul if you owe the IRS. You must talk with the Instant Tax Solutions to resolve your grave tax problems.

Helpful links:

http://www.irs.gov/

http://www.dol.gov/compliance/guide/garnish.htm

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Difference between a Wage Levy and Wage Garnishment
By financen | June 1, 2012 - 4:08 pm - Posted in Wage Garnishment

wage-garnishment

wage-garnishment

Actually, wage levy and wage garnishment are almost the same thing. One who initiates the levy or garnishment will inform your employer about the actions. Your employer will then withhold a portion of your earnings and that money will be used to repay your debts.

Wage levy is usually applied by the government like tax levies, conscription levies etc. And wage garnishment is applied by the regular creditors. They are not a part of the government bodies.

Regardless of what it is called, its effects are the same. The employer is required to honor the court-ordered garnishment and deduct the mentioned amount from your paycheck.

In case of wage garnishment, the creditors is first required to file a case at the court and get the legal rights to garnish your wages. In case of wage levies, the government does not need any permission from the court. They can execute any form of legal actions on their own administrative authority.

Many times, people ignore these court notices of wage levies or wage garnishment in the belief that they are nothing more than threats. The government may be sometimes slow in taking actions due to the cyclical nature of tax collection, but there is no escape from them. They will definitely come after you. They cannot accept the fact that one person getting away without paying taxes while others are complying to the laws.

Many times, collection agencies are hired to collect the debts. If you have received many letters or collection notices threatening legal actions and no actions have been taken till date, you must be thinking that this is nothing to be serious about. If the matter is gone to the court, it costs a lot of money with all the court costs and attorney fees. First, a judgment is issued after the debt is found to be valid, followed by a garnishment enforcement order. Just so that the matter does not end up going to the court, they will try to scare you so that you make payment arrangements with them.

Wage garnishment is a legal action and the only way to eliminate it is through a legally binding debt solution. These are personal bankruptcy, consumer proposal and an orderly payment of debts.

A licensed bankruptcy trustee will help you in filing for bankruptcies and making proposals to the creditors. Orderly Payment of Debts is only available through a government approved non-profit credit counselor.

If you are in the risk of getting garnished or in the danger of an impending wage levy, contact a licensed bankruptcy trustee at the earliest. He will figure out the best solution and guide you towards a credit counselor if your best choice is an Orderly Payment of Debts.

More about Wage Garnishment :  http://www.dol.gov/compliance/guide/garnish.htm
More about Wage Levy :  http://www.irs.gov/businesses/small/article/0,,id=108341,00.html

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