The tax exemption for mortgage forgiveness ends December 31. This exemption removed any taxes on money that a bank forgives after a foreclosure, deed-in-lieu of foreclosure or a short sale. A bankruptcy also removes these taxes if the bankruptcy is filed prior to the taxes becoming due on your tax return. Another way to avoid this tax is to show the IRS that you are insolvent. (IRS Form 982 or Publication 4681).

Congress may renew this exemption but who knows between now and the end of the year if they are going to get any work done.

If you do not fit with in either of these exemption the IRS will consider the forgiven debt to be income and the debtor will owe income tax on that amount of money.

If you have any questions contact the

Law Offices of Gregg W. Wagman at:
70 Howard Street Suite C
New London, CT 06320
860-444-0100

wagman@attorneywagman.com

Serving the Eastern Connecticut region including the Northeastern towns of Thompson, Putnam,
Brooklyn, Colchester, Willimantic, Marlborough, Lebanon and Plainfield and the Southeastern towns of Old Saybrook, Old Lyme,East Lyme,Waterford, New London, Groton, Salem, Ledyard, Montville, Mystic, Norwich, Voluntown, Preston, Stonington, North Stonington and New London

There is no way our system can ever make up for the loss of the late Eugene Mallove after his brutal murder. That said, the sentencing of his killer yesterday, while understandably upsetting to his family, was the best the system could offer in this case. As a defense attorney, I have tried (and pre-tried) many criminal cases with State’s Attorney Paul Narducci for almost twenty years. I have stood before Judge Clifford on a many occasions with many different defendants. In my experience, neither “give[s] away the courthouse” as alleged by commenters in the article on the sentencing. (New London Day 6/27/12) Both men are concerned with the safety of the public and the administration of justice, and both men are also highly experienced legal professionals — Attorney Narducci has many years as a prosecutor; Judge Clifford was a prosecutor in New Haven for many years before his appointment to the bench- who understand the difficulty of obtaining a conviction from a jury of 12.

A jury sitting on a trial such as this must find beyond a reasonable doubt that the defendant committed the crime. In this case, two other men had already been arrested for the crime and then released. A key witness had admittedly lied on several occasions. This type of evidence can easily create “reasonable doubt” in the minds of jurors.

When a person is sworn in as a juror he or she takes an oath to follow the law. The law is that the jury must acquit or vote not guilty if there is a reasonable doubt in the case. Attorney Narducci has tried enough cases to know when a is case becoming jeopardized despite his best efforts to gain a conviction. At that point, he may elect to make the best a of a bad situation and offer the defendant a better deal in order to secure a conviction. He is not someone who would do so lightly. Judge Clifford’s experience is such that he would not accept a plea unless it served the interests of society, in this case by taking someone who may well have been acquitted and ensuring that they are locked up for more than decade. As Judge Clifford said “Sixteen years does not reflect the value of this wonderful man, trust me”; rather, it reflects the uncertainty of the outcome of the case and a well considered professional judgment.

If you have any questions contact the

Law Offices of Gregg W. Wagman at:
70 Howard Street Suite C
New London, CT 06320
860-444-0100 office

wagman@attorneywagman.com

Serving the Eastern Connecticut region including the Northeastern towns of Thompson, Putnam,
Brooklyn, Colchester, Willimantic, Marlborough, Lebanon and Plainfield and the Southeastern towns of Old Saybrook, Old Lyme,East Lyme,Waterford, New London, Groton, Salem, Ledyard, Montville, Mystic, Norwich, Voluntown, Preston, Stonington, North Stonington and New London

NO!! You cannot be arrested for not paying your debts. I am talking about credit cards, mortgages repossessions deficiencies etc. I am not talking about any debts that were fraudulently obtained – only about debts that you can no longer pay. Debt Collectors have recently been calling people and threatening arrest if you do not send them money immediately. When they do this they are violating the Fair Debt Collection Practices Act. (aka FDCPA) You cannot be arrested in a collection action. You cannot be arrested for ignoring a lawsuit against you (although many other bad things can happen if you ignore the court process.)

You can only be arrested in limited circumstances – if you have lied to the IRS, if you bounce a check on a closed bank account or write it knowing that you have no money in the account and there will be no money in the account, If you write a check without the account owner’s permission or take out a credit card in using another person’s name.

A creditor is allowed to sue you and get a judgment against you, report it to a credit reporting agency, or try to collect following the rules that are set up in the FDCPA . (go here for information on what debt collectors can and can’t do http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre18.shtm).
If you get enough information regarding the collector (name, address who you are talking to) you can sue them under this act.

If you ignore a lawsuit a court will enter judgment against you. Once judgment has entered the creditor can garnish your wages, take money out of any bank account with your name on it or put a lien against any real property that you own. Once the creditor has the judgment they can ask the court to bring you in for a Examination of a Judgment Debtor (EJD). If the creditor has subpoenaed you to an EJD and you ignore the subpoena then a court can issue a capias. This capias is a civil arrest warrant. A marshal can arrest and bring you to court to answer to the judge as to why you did not respond to the subpoena. You are being arrested not because you owe someone money but because you ignored a court order(the subpoena). This is the only way that a creditor can have you arrested. The subpoena must be served by a marshal and almost all judges insist on the marshal giving it to you personally. Do not ignore subpoenas and you will be fine.

If you have any questions contact the

Law Offices of Gregg W. Wagman at:
70 Howard Street Suite C
New London, CT 06320
860-444-0100 office

wagman@attorneywagman.com

Serving the Eastern Connecticut region including the Northeastern towns of Thompson, Putnam,
Brooklyn, Colchester, Willimantic, Marlborough, Lebanon and Plainfield and the Southeastern towns of Old Saybrook, Old Lyme,East Lyme,Waterford, New London, Groton, Salem, Ledyard, Montville, Mystic, Norwich, Voluntown, Preston, Stonington, North Stonington and New London

The Mortgage Settlement Lets Banks Systematically Overcharge You And Wrongly Take Your Home REALITY CHECK By Abigail Caplovitz Field
On my first read through of the consent agreements the bailed-out bankers (B.O.Bs), the Feds and the States I saw much as had been promised. One thing I hadn’t seen coming, however, was that the B.O.Bs would now be allowed to systematically overcharge borrowers and steal their homes. Seriously. Who cares about $1 million or $5 million penalties if horrible damage can be inflicted without punishment?
To see what I’m talking about, you need to look at Exhibit E-1.

http://abigailcfield.com/?p=1057

Foreclosure Fraud Settlement Docs (I): Ally’s Side Deal FDL By: David Dayen

http://news.firedoglake.com/2012/03/13/foreclosure-fraud-settlement-docs-i-allys-side-deal/

Foreclosure Fraud Settlement Docs (II): Giving Homes to Charity as a Penalty FDL By: David Dayen

http://news.firedoglake.com/2012/03/13/foreclosure-fraud-settlement-docs-ii-giving-homes-to-charity-as-a-penalty/

Foreclosure Fraud Settlement Docs (III): “Internal Review Group” FDL By: David Dayen

http://news.firedoglake.com/2012/03/13/foreclosure-fraud-settlement-docs-iii-internal-review-group/

Foreclosure Fraud Settlement Docs (IV): Association of Mortgage Investors Planning to Challenge in Court
FDL By: David Dayen

http://news.firedoglake.com/2012/03/13/foreclosure-fraud-settlement-docs-iv-association-of-mortgage-investors-planning-to-challenge-in-court/

If you have gotten behind on credit card bills or your mortgage when does it make sense to file a bankruptcy? Unless you are expecting a large lump sum of money in the near future you should be thinking about doing a bankruptcy at this point.

As you well know by now if you miss the monthly payments on a couple of credit cards the interest rate will zoom up. Then the other cards you hold will also increase their rates. Then they add in late fees and when this all goes over your credit limit they will add on over limit fees.

The reasons bankruptcy is cheaper are simple – once you are unable to pay the monthly fees the creditor can sue you. After they sue you and are granted a judgment they have three ways to collect. They can garnish your wages (make your employer pay them before your employer pays you), put a lien on any real property that you own or take money out of any bank account that has your name on it. (even if it is really belongs to somebody else). This of course creates a lot of problems in your day to day living.

A bankruptcy filing (chapter 7 or 13) will stop all of the creditors from trying to collect whether they have started to sue you or if they already have judgments. This will enable you to spend your money on necessities.

If you have any questions contact the

Law Offices of Gregg W. Wagman at:
70 Howard Street Suite C
New London, CT 06320
860-444-0100 office
wagman@attorneywagman.com
Serving the Eastern Connecticut region including the Northeastern towns of Thompson, Putnam,
Brooklyn, Colchester, Willimantic, Marlborough, Lebanon and Plainfield and the Southeastern towns of Old Saybrook, Old Lyme,East Lyme,Waterford, New London, Groton, Salem, Ledyard, Montville, Mystic, Norwich, Voluntown, Preston, Stonington, North Stonington and New London

Two recent decisions from the Attorney’s Professional Discipline Committee show that some one who is not a Connecticut Attorney should not be representing you in a foreclosure. (or any other legal matter). In Mark Dubois v. Betran Bosmans (http://www.jud.ct.gov/SGC/decisions/10-0496.pdf) the Committee ordered presentment to Superior court for an out-of-state lawyer soliciting mortgage modification business in Connecticut. In a similar case a Los Angeles lawyer took money from Connecticut residents to defend Connecticut foreclosures. His case has also been ordered to be sent to Superior Court. (Mark A. Dubois v. Chance Gordon http://www.jud.ct.gov/SGC/decisions/10-0091.pdf)

Contact the Law Offices of Gregg W. Wagman at:
70 Howard Street Suite C
New London, CT 06320
860-444-0100 office

wagman@attorneywagman.com

Serving the Eastern Connecticut region including the Northeastern towns of Thompson, Putnam,
Brooklyn, Colchester, Willimantic, Marlborough, Lebanon and Plainfield and the Southeastern towns of Old Saybrook, Old Lyme,East Lyme,Waterford, New London, Groton, Salem, Ledyard, Montville, Mystic, Norwich, Voluntown, Preston, Stonington, North Stonington and New London

Connecticut’s foreclosure mediation program has now been extended to July 1, 2014, Several important changes have been added to the program. Foreclosure cannot be completed until eight months after the start of the case or fifteen days after the mediation has been terminated. This may effectively give a homeowner eleven months in a house after they stop paying their mortgage as long as they are participating in the foreclosure mediation process through the court.

Most motions are prohibited until while the parties try to complete the mediation. The foreclosure cannot continue during the mediation unless the homeowner files a motion other than a motion to dismiss or a motion relating to the mediation.

After October 1, 2011 the first mediation session must be scheduled within the thirty-five days after the return date. (was fifteen days) When the bank starts a foreclosure action it now has to provide the homeowner with information about credit counseling agencies, a form that indicating the information that will be needed for the mediation and a mortgage account statement that that shows a credit and debt history for the prior year.

The Legislative Supplement can be found at

http://www.cga.ct.gov/2011/BA/2011HB-06351-R010893-BA.htm

Contact the Law Offices of Gregg W. Wagman at:
70 Howard Street Suite C
New London, CT 06320
860-444-0100 office

wagman@attorneywagman.com

Serving the Eastern Connecticut region including the Northeastern towns of Thompson, Putnam,
Brooklyn, Colchester, Willimantic, Marlborough, Lebanon and Plainfield and the Southeastern towns of Old Saybrook, Old Lyme,East Lyme,Waterford, New London, Groton, Salem, Ledyard, Montville, Mystic, Norwich, Voluntown, Preston, Stonington, North Stonington and New London

Here Is a free book about fingerprints. They may not be as accurate as portrayed or as “sold” to us by the FBI.

http://www.nij.gov/pubs-sum/225320.htm

There are problems with partial prints and the FBI does not use a system as careful as the one utilized in Europe

If you are older than 21 and get caught with less than one-half ounce of marijuana (about 30 joints) you will be issued an infraction. (the equivalent of a traffic ticket – no criminal record) The infraction carries a $150 fine.

If you are under 21 you will get the same ticket, but also face a 60-day driver’s license suspension. (the same as possession of alcohol by a minor)

Fines for subsequent offenses range from $200 to $500. Three or more offenses requires to drug counseling at their own expense.

Contact the Law Offices of Gregg W. Wagman at:
70 Howard Street Suite C
New London, CT 06320
860-444-0100 office

wagman@attorneywagman.com

Serving the Eastern Connecticut region including the Northeastern towns of Thompson, Putnam,
Brooklyn, Colchester, Willimantic, Marlborough, Lebanon and Plainfield and the Southeastern towns of Old Saybrook, Old Lyme,East Lyme,Waterford, New London, Groton, Salem, Ledyard, Montville, Mystic, Norwich, Voluntown, Preston, Stonington, North Stonington and New London

The Defense of Marriage Act will not cause a bankruptcy filed by a same-sex couple to be dismissed. In a recent ruling out of the the Southern District of New York a bankruptcy judge declined to dismiss a joint bankruptcy case filed by a same-sex couple at the request of the U.S. Trustee. The same-sex couple had been married in Vermont then filed bankruptcy in New York where they lived shortly afterwards. Section 302(a) of the Bankruptcy Code allows a married couple to file a petition together as long as they both qualify.

The Court ruled that the case cannot be dismissed because a dismissal would not be in the best interests of the debtors or their creditors.

In re Theresa L. Somers and Rosemary Caggiano 21 CBN 830 (Bankr. S.D.N.Y. 2011)

Contact the Law Offices of Gregg W. Wagman at:
70 Howard Street Suite C
New London, CT 06320
860-444-0100 office

wagman@attorneywagman.com

Serving the Eastern Connecticut region including the Northeastern towns of Thompson, Putnam,
Brooklyn, Colchester, Willimantic, Marlborough, Lebanon and Plainfield and the Southeastern towns of Old Saybrook, Old Lyme,East Lyme,Waterford, New London, Groton, Salem, Ledyard, Montville, Mystic, Norwich, Voluntown, Preston, Stonington, North Stonington and New London