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You can always contact me at debtfreedetroit@gmail.com 24 hours a day, 7 days a week.


Tuesday, February 7, 2017

Student Loans and Tax Deductions

Paying interest in your student loans may amount to a tax deduction, it is $2,500 max or whatever is less that you paid in 2016

How to qualify?

Well, it has to be legally your debt, and your interest on that debt. You DON'T file separate tax returns while married, and as a household your income is less than $130,000, $65,000 if single.

You can take this deduction whether you itemize your deductions or not, which is a huge deal, because they are really not tax breaks, but rather adjustments in income.

Any break that you can get on your taxes is a plus, and this one does not take long to figure out, since the student loan company must send you documentation indicating how much interest you paid on student loans for 2016, you could gain up to $1,000 added to your refund, not bad!

Keep pushing your congressman to amend the bankruptcy code to allow certain reductions in student loan debt and forgiveness in a Chapter 13 Plan, this would greatly reduce the nearly 1.5 TRILLION in federal student loan debt!!


Charles L Basch II, attorney and counselor at law debtfreedetroit.com

Wednesday, February 1, 2017

February Estate Planning News

Most of us make New Year's resolutions and many of us give up by the time February hits. However, estate planning should not be one of the things that you quit on. It is a delicate subject for sure, but an essential one.

Lets look at an all to common scenario, a young couple a few years into their marriage, just had a new baby, and all things are going well, well enough in fact that they were able to save enough to get a great house. They put a large down payment from their wedding monies and things were moving along.  Then Bam! car accident. Husband is hit and severely injured, in a coma. Bad news, the young couple had no planning in place, no medical directives, no power of attorney, and no will. More bad news, the house and biggest bank account are in the husbands name only (they were meaning to get that transferred to joint accounts) because they were his accounts before they married, and they did not change them yet, even after a few years. Husband is in grave condition, and his wife and daughter are stuck, they cannot access the bank account, and they have little cash on hand. Fast forward, and husband dies as a result of the accident. Now what! Still cannot access the bank account, and now the house that has some equity will now need to pass through probate (it was not a joint asset). CALL ME AT 313-343-9930 to find out what the horrible outcome to this scenario is.

Let us look at a all to uncommon scenario. Your father passed away 5 years ago. You remember the pain and the sadness that you felt. How, everything was crazy, things were moving so fast. But your father was a bright man, he knew that this day would come, sooner or later, he was a practical man and he made the right plans. He made sure you and your mother were taken care of. He did all the right estate planning and took all the right precautions. He had a WILL, a DURABLE POWER OF ATTORNEY and a MEDICAL DIRECTIVE, in addition he had assets and accounts set up that made your mothers life, and transition a little bit easier. What did dad do! CALL ME AT 313-343-9930 to find out!

You need to protect yourself, your family and your assets, if you don't the State will.

Basic Bankruptcy

 The Law Office of Charles L Basch II is running a special through the end of the month for a basic chapter 7 bankruptcy* a flat fee of $1,0...