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Jen Lee is a debt and credit attorney and owner of Jen Lee Law, Inc., a law firm with offices in San Francisco, San Ramon, and Tracy, California. She is a leading expert on debt, credit, and financial stress, having been featured in Consumer Affairs, US News & World Report, and other national publications. Jen is the creator of several innovative programs to deal with financial stress and rebuilding after financial disaster.
Watch the interview below!
This is just a basic overview and is not legal advice specific to your situation. If you have questions about your rights when it comes to debt and credit, you should speak with an attorney in your area for legal advice. If you live in California or North Dakota and would like to speak with Jen Lee Law regarding your situation, please schedule an appointment.
Marcia talks with credit & debt Attorney Jen Lee about the traps & benefits of business credit. The traps can truly affect your profitability. The benefits cut costs & open the doors to many opportunities. She also shared the facts that almost everyone has or has had credit challenges & to stop hiding from it. Credit can be fixed easier if you ask for help early on. Wait too long and nothing but trouble arises.
Jen is the host of a helpful podcast @ www.mydebttherapy.com. She also has great resources on her site www.JenLeeLaw.com. =================
Join Marcia on her FREE webclass “How To Make Your Business Sale-Worthy….Even If You Aren’t Thinking of Selling It Yet on Wednesday at 6 pm PT. Register @ www.exitwithaplan.com
Please subscribe & ring the bell for reminders about next week’s show.
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About Marcia: She is a business growth strategist helping service-based professionals to strengthen their business so that it is worth selling someday. She works closely with her clients to turn their business into an attractive & profitable business asset they can enjoy until they decide it’s time to stop. She helps them get a return on their business investment. Marcia is the CEO of Trajectory Consulting & can be found at www.TrajectoryBiz.com
Curious? Book a complimentary call. (949) 229-2112
Want to connect? Go to www.HeyMarcia.com
This is just a basic overview and is not legal advice specific to your situation. If you have questions about your rights when it comes to debt and credit, you should speak with an attorney in your area for legal advice. If you live in California or North Dakota and would like to speak with Jen Lee Law regarding your situation, please schedule an appointment.
Jen Lee is a debt and credit attorney and owner of Jen Lee Law, Inc., a law firm with offices in San Francisco, San Ramon, and Tracy, California. She is a leading expert on debt, credit, and financial stress, having been featured in Consumer Affairs, US News & World Report, and other national publications. Jen is the creator of several innovative programs to deal with financial stress and rebuilding after financial disaster.
Jen is the co-author of Preventing Credit Card Fraud: A Complete Guide for Everyone from Merchants to Consumers, published by Rowman & Littlefield in March of 2017.
What You Will Learn:
How 70% of Americans have a debt or credit problem, but the stigma around talking about our finances makes us feel alone in our struggles
Why lack of education and major life events are the main cause of bad financial situations
Why we should look at bankruptcy as a tool rather than something to be ashamed of
What the consequences are of filing bankruptcy, and how Jen helps her clients recover
How to successfully rebuild credit after filing bankruptcy
Why reshaping the conversations around finances and offering actionable steps helps build self-esteem and improve overall mental health
Jen’s actionable advice for women looking to take control of their finances today
This is just a basic overview and is not legal advice specific to your situation. If you have questions about your rights when it comes to debt and credit, you should speak with an attorney in your area for legal advice. If you live in California or North Dakota and would like to speak with Jen Lee Law regarding your situation, please schedule an appointment.
Every year, we get panicked emails, phone calls, carrier pigeon messages from clients who filed for bankruptcy and then received a 1099-C in February when tax forms start coming out. Don’t panic. Here are the thoughts that are running through your head:
A 1099-C is issued when a creditor cancels or forgives debt. For example, if you settle an account by paying $1,000 and the creditor cancels $5,000, then you will receive a 1099-C to pay income on the canceled debt of $5,000.
Wait, what?? I have to pay income taxes on debt that is canceled?
No, a 1099-C does not automatically mean that you owe taxes. It means that you need to determine if you are required to pay income taxes or if there is an exception that you qualify for to exclude the amount from your income. Don’t panic yet.
Ok, so what are these magical exceptions? And why are you telling me not to panic?
First, if you filed for bankruptcy, you do not owe income taxes on debt that is canceled in bankruptcy. That is one of the benefits of bankruptcy over other debt resolution options and one that should be explained to you by anyone talking about your debt options.
Second, even if you did not file for bankruptcy, there is still the possibility that you can show that you are insolvent to exclude some or all of the canceled debt.
There are a few other exceptions, but these are the two that mostly apply to settled accounts and bankruptcy.
Ok, I’m calm now. How do I let the IRS know that I fall into one of these exceptions?
There is a magical IRS form out called Form 982. On this form, you can let the IRS know which exception applies to your situation. There is some math involved, depending on the exception, so we recommend you speak with your tax preparer about how to fill out the form.
Bottom-line: Don’t panic. Getting a 1099-C is just a notification from a creditor that debt has been canceled. If you don’t deal with it, then it becomes a problem. However, dealing with it can save you a lot of headaches in the future.
This is just a basic overview and is not legal advice specific to your situation. If you have questions about your rights when it comes to debt and credit, you should speak with an attorney in your area for legal advice. If you live in California or North Dakota and would like to speak with Jen Lee Law regarding your situation, please schedule an appointment.
We are always looking for new resources and options for clients. Student loans are a hot topic these days and refinancing student loans has pros and cons, which we have discussed many times. However, if you have weighed all of your options and are looking at refinancing, the next big research project is what company or program to use for the refinance.
I like this guide because it points out the pros and cons (not just the pros) of refinancing and what you need to keep in mind when thinking about refinancing.
So, if you are thinking of refinancing, please add this guide to your list for researching various options.
This is just a basic overview and is not legal advice specific to your situation. If you have questions about your rights when it comes to debt and credit, you should speak with an attorney in your area for legal advice. If you live in California or North Dakota and would like to speak with Jen Lee Law regarding your situation, please schedule an appointment.
