As published in the Pacific Coast Business Times (Vol. 15 No. 39, Nov. 28 - Dec. 4). Sometimes something that starts out with good intention can turn bad. This seems to be what has happened with the Bank Secrecy Act of 1970. Originally enacted with law enforcement...
The Bank Secrecy Act of 1970, also known as BSA, was enacted to try and detect and prevent money laundering, tax evasion, or other criminal activities. It requires banks to file government reports for any deposits of cash over $10,000.00 as well as any cash...
Many times you will have a client, customer, lessee or borrower (your "debtor") that has decided their money is better spent on something other than paying your company. What can your company do to make sure the debtor makes your company their "priority"? If multiple telephone...
As a participant in legal proceedings in California State courts, you may at some point be asked to sign a declaration. The declaration may be used as admissible evidence (your testimony) in certain proceedings without requiring your personal presence in court. For example, declarations can...
The Internal Revenue Service has the right to redeem real property which was sold in a nonjudicial foreclosure action by a third party to satisfy an outstanding encumbrance which has a priority over a Notice of federal Tax Lien. (Internal Revenue Manual 5.12.5.1; 26 U.S.C....
California law requires eviction notices (called "notices to quit") to unambiguously terminate tenancy upon expiration of a time period specified in the notice. These periods can vary based on the type of tenancy. For example, an owner after foreclosure may be evicted with a 3-day...
The amendments to Article 9 are scheduled to take effect in a few short months. All creditors that file UCC Financing Statements to secure their interests in personal property need to understand the changes taking place. As Article 9 stands presently, in order for your security...
In California, when a creditor obtains a judgment from the courts against a debtor, that creditor must then go through the process of locating assets that the debtor has that can be levied upon. In order for a creditor to find assets such as bank...
This article only addresses proofs of claim in Chapter 7 bankruptcy proceedings. The general rule for proofs of claim is: Proofs of claim must be filed on or before any deadline set by the bankruptcy court for filing proofs of claim. The corollary to this rule is: Proofs of...
I have found that there are four things in life one can always count on. They are change, death, taxes and that when entering into settlement negotiations with a debtor, at some point in the discussion the debtor will threaten to file bankruptcy. In fact, this...
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