Debt Help Services

Question: I sold a company in 2002 and told the vendor to change all accounts over to the new owners.?

In 2007, one of the vendors contacted me via their attorney that a debt to my old company name had gone unpaid and because I had signed a guaratee on the account in 1995 I was liable. I sent them documents showing the bill of sale, assumed name certificates of the new owners, a copy of the letter closing my account. I also requested the guarantee that I signed as well as their unpaid invoices, and other documents where they had sold equipment to the new owner (without my signature). Several months went by and they sent me nothing and filed a lawsuit against me in their home county 125 miles away. The debt is $4000 and any lawyer I spoke to said his fee would far exceed that amount to defend it. I believe this is their game, hope I will pay it rather than fight. If anyone knows business credit collection laws in Texas please advise me as to what sections of the statutes they are violating. I intend to defend myself in the courtroom and need all the help I can get.
Thanks

Answer: Do you have proof you told them to close the account? That should absolve you of any liability for the charges. Show up in court with those and you should be good.

Your problem? If you don’t have some sort of receipt or acknowledgment, they can always claim they didn’t receive the letter closing the account. In that case you might need all the paperwork you can muster, proof of the sale, perhaps other letters to other vendors WITH acknowledgment, anything at all that establishes that you were no longer involved with the company beyond 2002.

Service Corporation International Announces Second Quarter 2010 Financial Results and Increases Cash Flow Outlook for …

Service Corporation International , the largest provider of deathcare products and services in North America, today reported results for the second quarter 2010. Â Our unaudited condensed consolidated financial statements can be found at the end of this press release. Â The table below summarizes our key financial results:

Bad Business = Good Business For Debt Collectors

Firefighters Criticize Comptroller’s Report

Erie County Comptroller Mark Poloncarz’s report on the costs of fire protection in the county, released in mid-June, was met with vocal criticism from many firefighters from around the area. Last week, firefighters had the opportunity to hear directly from Poloncarz at a meeting in Elma, and to share their own criticism, questions and concerns about the report.

EEP100 – Lecture 25

Question: I am engaged! What should I know about marriage?

My fiance is 22, and I am 25. We both accumulated some debts from our college years at Columbia. We are also looking on buying a Steinway grand piano as we are both heavily involved in music. My fiance is planning on going to Officer Training School and join the military as an officer.

Keeping this in mind, I would appreciate advice on money management as a couple, typical life of a military wife, life living on base, importance of regular sexual activity (seriously), buying our first home, involvement of in-laws in our marriage, when to have kids, and anything else that you think is important that I did not mention here.

The only conflict I have with my fiance is that his in-laws, who are native Koreans, want to move in with us because they want to educate and raise the children that we have in the Korean Christian culture. I don’t really mind them helping out, but I would like some privacy in our lives.

Answer: First of all, congratulations on your engagement.

I’ll address your questions in the order that you posed them. Let’s start with your financial/debt problems. My advice would be to set aside your monthly payment for loan repayment plus $100, just in case you run into problems next month. Your husband is joining the military, and there’s a good chance that they may assist him with repaying the loans.

As for your piano, you need to remember that Steinways, while arguably the best, are the most expensive. I would look into a used baby grand, and I would not spend any more than $20,000. Try to get a plan that will let you pay for your piano over a period of 5-10 years. Be picky!

As for living on base, it’s great since you can connect with other women whose husbands are in the military. The only bad thing is that they have all these ridiculous lawn mowing, gardening, and maintenance requirements. But other than that, I think living on base is awesome: you get tax free shopping and there’s always some community event.

Sex is important in any relationship. For new couples, I think having sex at least once a day is vital to making a marriage survive romantically. As for kids, use condoms until you’re ready to have them (I would wait at least a few years).

Make sure that you watch your money! Money can make or break a marriage.

Good luck!

Carlyle Said to Seek $1 Billion From Philosophy Sale

Carlyle Group is seeking about $1 billion in a sale of skin-care company Philosophy Inc., three years after acquiring the maker of “Hope in a Jar” moisturizer for half that amount, said three people with knowledge of the plan.

Dave Ramsey, “Debt Snowball” Money Makeover – 3/10

Question: I received a1099-c cancellation of debt. I have already filed my return. Do I need to amend this return?

The cancellation of debt is well over $600 dollars. Is this considered taxable income? Will I need to redo my tax return to include the money amount?

Answer: Yes you should amend your return ASAP. The 1099-C can only mean additional tax. That would mean that you are likely to owe interest if you don’t get the return amended before the filing date of April 15.

Centene Corporation Reports 2010 Second Quarter Earnings

Centene Corporation today announced net earnings from continuing operations for the quarter ended June 30, 2010, of $23.0 million, or $0.45 per diluted share. Â The discussions below, with the exception of cash flow information, are in the context of continuing operations and all financial ratios exclude premium taxes.

Tax Relief for Foreclosed Homeowners – IRS Cancellation of Debt Income

Excel Budget Spreadsheet