Andy C. Warshaw has been deemed by the State Bar of California to be a certified specialist in Bankruptcy Law.
Financial Relief Law Center Attorney Passes State Bar of California Board of Legal Specialization Exam
Andy C. Warshaw took the October, 2015 Legal Specialist Examination in Bankruptcy Law and was notified in a letter dated March 15, 2016 that he had passed the exam which entitles him to proceed with the post-examination application documenting experience, education, and references. Warshaw will proceed with the application process with the goal of being a certified specialist by 2017.
Individual Chapter 11s Confirmed in Eastern, Southern, Northern and Southern Districts of California
Financial Relief Law Center continues to obtain confirmation orders in individual Chapter 11s with confirmation orders achieved in individual Chapter 11s in the Eastern, Southern, Northern, and Central Districts of California.
The U.S. Senate has approved a bill that extends 55 tax provisions, including one that allows deductions for mortgage insurance premium interest and tax relief on forgiven mortgage debt.
The legislation, known as the Tax Increase Prevention Act of 2014, now moves to President Barack Obama, who is expected to sign it into law. The Senate passed the package by a 76-16 vote, after the U.S. House easily cleared it (387 to 46) earlier in December.
The bill provides for a retroactive one-year extension on the tax provisions, which expire on December 30 of 2014, and would be effective for those filing 2014 returns next year. One of the provisions protects distressed homeowners from paying taxes on any mortgage debt forgiven in a short sale.
Additionally under the bill, taxpayers who own homes can count qualified mortgage insurance premiums as interest for the purpose of mortgage interest deduction on their tax returns.
The U.S. Mortgage Insurers commended the passage of the act by Congress stating it is a vital homeowner tax relief.
“We are especially pleased that the legislation includes the tax-deductible treatment of mortgage insurance premiums for low and moderate income borrowers,” the coalition said. “We look forward to working with Congress towards permanent enactment of this important tax relief for homeowners.”
After the housing bust, Congress created the Mortgage Forgiveness Debt Relief Act of 2007 with the intention of protecting homeowners who lose their home in a short sale or deed-in-lieu of foreclosure from an outrageous tax bill.
Before the exemption, distressed homeowners had to pay taxes on mortgage debt that was canceled or forgiven by the lender. The amount of forgiven or canceled mortgage debt was treated as ordinary income and taxed as such.
(Source of Article: http://www.mpamag.com/mortgage-originator/senate-passes-tax-bill-that-features-major-mortgage-deductions-20714.aspx)
Order confirming Chapter 12 plan of reorganization entered whereby the Debtors loan was crammed down to value and reamortized at a 5% interest rate.