CNJ+ March 2024

Easing the Post-Holiday Blues: How Bankruptcy Can Provide a Fresh Start from Credit Card Debt Owe money to the IRS or State? Navigating Tax Debt Notices

Your Closest Haldeman Dealer is in Your Driveway! Your Closest Haldeman Dealer is in Your Driveway!

As the holiday cheer fades away, the reality of credit card bills piling up can cast a shadow on our joyous memories. Many of us can relate to the rewarding experiences during the holidays, but the stress and worry that follow as credit card statements arrive are all too familiar for a person or family struggling to stay on top of their bills which were also often paid by mounting credit cards. With high inflation, the unemployment rate going up and medical illness again on the rise, good people are struggling financially. If you’re feeling overwhelmed by the financial aftermath, it’s essential you explore solutions that can provide relief and pave the way for a brighter financial future. Often the holidays and year end becomes the final weight that a family struggling with today’s economy can’t handle. One such option worth considering is bankruptcy – a path that can help you regain control and start anew like many other clients. With new funding and new hires, the IRS Collection Division has been in full swing this year. After receiving your first collection notice, the IRS has certain deadlines it has to follow with respect to these notices. Worse, if you received notices before the pandemic, those notices still apply 4 years later allowing the IRS to just move on to the next collection notice. Additionally from experience, many clients come to us with unopened mail from the IRS because they did not just want to deal with reading it. What do you do if you can’t pay? When faced with back taxes that exceed your current financial ability, it is important to seek out a resolution before you find your bank account has been wiped out by the IRS or your employer received a notice to start garnishing your wages. There are 4 basic ways to resolve back taxes so that you are not faced with collection. As the holiday cheer fades away, the reality of credit card bills piling up can cast a shadow on our joyous memories. Many of us can relate to the rewarding experiences during the holidays, but the stress and worry that follow as credit card statements arrive are all too familiar for a person or family struggling to stay on top of their bills which were also often paid by mounting credit cards. With high inflation, the unemployment rate going up and medical illness again on the rise, good people are struggling financially. If you’re feeling overwhelmed by the financial aftermath, it’s essential you explore solutions that can provide relief and pave the way for a brighter financial future. Often the holidays and year end becomes the final weight that a family struggling with today’s economy can’t handle. One such option worth considering is bankruptcy – a path that can help you regain control and start anew like many other clients.

clean slate. This process discharges eligible credit card debt, alleviating the burden that has been causing you sleepless nights. What sets Chapter 7 apart is its swift resolution, offering a relatively speedy way out of the never-ending financial struggle and allowing you to leave the stress behind sooner. Chapter 13 Bankruptcy: For those seeking to retain their assets and embark on a journey to gradually settle their debts, Chapter 13 provides a structured repayment plan customized to your financial capacity. If the fear of losing your home or other valuable assets is causing you distress, Chapter 13 becomes a crucial tool, allowing you to catch up on payments and safeguard what matters most. Moreover, Chapter 13 empowers you to reimagine the narrative of credit card debt by incorporating it into a manageable repayment plan, offering a more optimistic outlook on your financial future. How Bankruptcy Helps with Credit Card Debt: Experience immediate relief by hitting the pause button on relentless creditor calls and collection efforts the moment you file for bankruptcy, thanks to the automatic stay initiated by the process. Turn the page on financial troubles by entirely wiping out eligible credit card debt, providing a fresh start and the opportunity to begin a new chapter with peace of mind. until you can pay taxes. If your assets have minimal cash equity and your income is solely used for living expenses, the IRS may determine that your tax liability is currently not collectible. However, it’s important to note that you may be required to make payments if your income increases in the future or if you come into assets that have value. Partial Payment Installment Agreement (PPIA): A Partial Payment Installment Agreement is suitable when the statute of limitations expires before the full tax liability is paid. In this case, you make payments until the expiration date, potentially resulting in a reduced total payment to the IRS. Consulting a tax professional can help you maximize the benefits of a PPIA. Installment Agreement (IA): An Installment Agreement involves paying the entire tax liability over a period of time. This option allows you to break down the payment into manageable installments, reducing the financial burden. There are many different types of installment agreements that can be negotiated in terms of number of months, step up payments and step down payments depending on your financial situation. clean slate. This process discharges eligible credit card debt, alleviating the burden that has been causing you sleepless nights. What sets Chapter 7 apart is its swift resolution, offering a relatively speedy way out of the never-ending financial struggle and allowing you to leave the stress behind sooner. Chapter 13 Bankruptcy: For those seeking to retain their assets and embark on a journey to gradually settle their debts, Chapter 13 provides a structured repayment plan customized to your financial capacity. If the fear of losing your home or other valuable assets is causing you distress, Chapter 13 becomes a crucial tool, allowing you to catch up on payments and safeguard what matters most. Moreover, Chapter 13 empowers you to reimagine the narrative of credit card debt by incorporating it into a manageable repayment plan, offering a more optimistic outlook on your financial future.

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Spice Recovery Spices can do a lot more than add pizzazz to your cooking. They offer many health benefits and help in healing. By Mia Ingui Cinnamon Cinnamon is actually one of the most powerful healing spices, and has become most famous for its ability to improve blood sugar control in people with diabetes. As little as 1/4 to 1/2 teaspoon a day could cut triglycerides and total cholesterol levels by 12 to 30 percent. Cinnamon can even help prevent blood clots, making it especially heart smart. Cinnamon has antibacterial and anti-inflammatory properties. It's been shown to conquer E. coli and other types Have a toothache? Put a couple of whole cloves in your mouth. Let them soften a bit, then bite on them gently with good molars to release their oil. Then move them next to the painful tooth and keep them there for up to half an hour. Clove oil has a numbing effect in addition to bacteria-fighting powers. Coriander The herb can be helpful for some people with irritable bowel syndrome, as it calms intestinal spasms that can lead to diarrhea. Preliminary studies in animals support another traditional use for coriander—as an anti-anxiety herb. Its essential oil appears to fight bacteria, including E. coli and salmonella. It's also being studied for its potential cholesterol-reducing benefits and has been shown to lower cholesterol in animals. 17 Broad Street, Suite 3 Freehold, NJ 07728 Telephone: (732) 333-0681 Fax: (732) 333-0682 Before you dismiss it, Bankruptcy might sound like a stigma or a failure, but in reality, it’s a legal process designed to offer a fresh start to individuals facing overwhelming debt. Many famous people had to use this legal process to ultimately go on and become not only strong parents and family members but also successful scientists, inventors and business people who make society a better place. Let’s delve into two common types: Chapter 7 and Chapter 13, each offering unique benefits depending on your situation. Chapter 7 Bankruptcy: If expenses have left you drowning in debt, Chapter 7, often known as “liquidation bankruptcy,” can provide relief by offering a Find breathing room through Chapter 13’s structured repayment plan, offering a method to gradually pay off debts without feeling suffocated by mounting interest. Whether you opt for Chapter 7 or Chapter 13, both avenues provide varying degrees of asset protection, ensuring you keep essential items and can move forward with confidence. The aftermath of piling debt shouldn’t be a source of ongoing stress and worry. Bankruptcy provides a way out, a fresh start, and the chance to regain control of your financial well-being. As you face the daunting credit card bills or medical bills, remember that you have options to ease the burden and pave the way for a more secure and optimistic financial future. www.tomeslaw.com Offer in Compromise (OIC): The Offer in Compromise also known as the Fresh Start program allows you to settle your taxes for less than the total amount owed. This is what most of the commercials refer to when they say settle your case for pennies on dollar. It is important to understand that very few taxpayers qualify for this program. The IRS will assess your assets and available funds after paying monthly bills to determine the settlement amount. While the OIC can result in substantial savings, it’s advisable to seek the expertise of a licensed tax professional to navigate the process effectively and who can argue for you why the IRS should allow certain expenses to lower your payment. Currently Not Collectible (CNC) Status: The CNC program suspends collection activity At Tomes Law Firm, we evaluate each situation for you and assist you in determining which will result in the lowest payment by law. Not every taxpayer qualifies for every program the IRS has, despite the television advertisements. In fact, only a small percentage of taxpayers qualify for the “pennies on the dollar” commercial that is broadcast everywhere as a sales tactic. However, there are other programs that can result in reducing your debt or at least structing your payments so you can live without fear of you bank account being draining and your debit card rejected at the grocery store. While many think the IRS will just work with the taxpayer and tell them which programs are relevant, that is not the job of the IRS. The IRS revenue officers are required to collect as much tax as quickly as possible. Talking to the IRS or State Tax Division alone is like talking the police without a criminal defense attorney. The agents will try to get more information than they are entitled to and not tell you of your rights under the IRS Code or the IRS Manual. Before you dismiss it, Bankruptcy might sound like a stigma or a failure, but in reality, it’s a legal process designed to offer a fresh start to individuals facing overwhelming debt. Many famous people had to use this legal process to ultimately go on and become not only strong parents and family members but also successful scientists, inventors and business people who make society a better place. Let’s delve into two common types: Chapter 7 and Chapter 13, each offering unique benefits depending on your situation. Chapter 7 Bankruptcy: If expenses have left you drowning in debt, Chapter 7, often known as “liquidation bankruptcy,” can provide relief by offering a How Bankruptcy Helps with Credit Card Debt: Experience immediate relief by hitting the pause button on relentless creditor calls and collection efforts the moment you file for bankruptcy, thanks to the automatic stay initiated by the process. Turn the page on financial troubles by entirely wiping out eligible credit card debt, providing a fresh start and the opportunity to begin a new chapter with peace of mind. Find breathing room through Chapter 13’s structured repayment plan, offering a method to gradually pay off debts without feeling suffocated by mounting interest. Whether you opt for Chapter 7 or Chapter 13, both avenues provide varying degrees of asset protection, ensuring you keep essential items and can move forward with confidence. The aftermath of piling debt shouldn’t be a source of ongoing stress and worry. Bankruptcy provides a way out, a fresh start, and the chance to regain control of your financial well-being. As you face the daunting credit card bills or medical bills, remember that you have options to ease the burden and pave the way for a more secure and optimistic financial future. of bacteria. Cloves

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Shop for your next vehicle from the comfort of home! We provid a range of at-home service for a more convenient vehicl shopping experience

www.haldemandirect.com | 833-878-7898 640 US Highway 130 And Hickory Corner Rd. East Windsor, NJ 08520

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www.haldemandirect.com | 833-878-7898 640 US Highway 130 And Hickory Corner Rd. East Windsor, NJ 08520