JULY

2016

www.mvlslaw.org Intake: (410) 547-6537 or (800) 510-0050 Monday to Thursday from 9 a.m. to 1 p.m.

GET YOUR CRIMINAL RECORD EXPUNGED

MVLS attorneys will be assisting at the following upcoming

expungement clinic. Qualifying participants will not have to pay

the filing fee. No prior registration is necessary.

July 12, 5 pm to 9 pm - Russett Community Library, 3501

Russett Common, Laurel, MD 20724

For more information, please visit http://mvlslaw.org/get-legal-

advice.

HAVE YOU RECEIVED A NOTICE FROM THE

IRS OR COMPTROLLER OF MARYLAND?

The IRS and the Comptroller of Maryland will send delinquent

taxpayers notices regarding their tax issues. If you have ever

received a letter from the IRS or the state, you know how

frightening and confusing the letter can be. The Maryland

Volunteer Lawyers Service offers year round services, through

our Low-Income Taxpayer Clinic, to low-income taxpayers in

disputes with the IRS and the Comptroller of Maryland. We can

help taxpayers with issues such as:

♦ Collections

♦ Audit Reconsiderations

♦ Earned Income Tax Credit Issues

♦ Tax Identity Theft

♦ Cancellation of Debt Income

♦ Refund Claims

♦ And Other Tax Issues

Call our intake line at (410) 547-6537 Monday through Thursday

9 a.m. to 1 p.m. and take the first step toward resolving your tax

issues.

NEED HELP TAKING CONTROL

OF YOUR FINANCES?

The nonprofit Guidewell Financial Solutions

(also known as Consumer Credit Counseling

Service of Maryland and Delaware, Inc.) is a

longstanding MVLS partner that’s served the

community since 1966. They now offer a broad

range of personalized services:

Budget and credit counseling

Student loan counseling

Financial coaching

HUD-approved housing counseling and

education (homeownership, reverse

mortgage, and foreclosure prevention)

EOUST-approved bankruptcy counseling

and education

Community outreach education workshops

Learn more about Guidewell Financial at

guidewellfs.org or call 1(800) 642-2227 for an

appointment. Many of the agency’s services are

free. Receive a discount on fees by mentioning

your MVLS referral!

BANKRUPTCY BYPASS

Thinking about bankruptcy? If you don’t have

income or property or are living on Social

Security, public assistance, a pension, etc., you

may be collection proof. Call MVLS at

(410) 547-6537 to see if you qualify for our

Bankruptcy Bypass Program.

JULY

2016

www.mvlslaw.org Intake: (410) 547-6537 or (800) 510-0050 Monday to Thursday from 9 a.m. to 1 p.m.

TO COSIGN OR NOT TO COSIGN?

What is cosigning?

Cosigning is taking on the responsibility to pay back the loan if the borrower does not pay for any reason.

Why does someone need a cosigner?

Having a cosigner is very helpful to the borrower. A lender may refuse to lend to them unless they have a

cosigner, and it may reduce their interest rate.

Should I cosign?

There is very little benefit in cosigning and a lot of risk, so be very careful. A friend, spouse, or child may ask you

to cosign. Before saying yes, consider the risks.

If the borrower does not make the payments for any reason, you will be liable!

The lender can sue you for the money before suing the borrower and they usually will because you

have the better credit score and are more likely to pay.

Your credit history will be negatively affected.

The lender can also sue you for interest, late fees, and collection fees. The lender may be able to garnish

your wages.

Sometimes, taking on too much credit will make lenders unwilling to lend to you.

It is very difficult to get out of the cosigned loan.

For example, if you cosigned for your spouse, a divorce will not free you from the debt.

If you settle the loans with the lender, the IRS will consider the forgiven amount as “debt forgiveness income.”

Cosigning can very easily damage relationships.

Things to do before cosigning:

♦ Know why the person is borrowing the money.

♦ Know what your legal and financial obligations are going to be, including the monthly payment, the interest

rate, etc.

♦ Set aside money to repay the loan in case the borrower stops payments.

♦ Maintain open and constant communication with the borrower. Once the lender contacts you, your credit

history has already been damaged.

♦ Have access to the loan account, and monitor it to ensure payments are being made on time.

♦ Sign an agreement with the borrower, stating that they will pay you back if they default.

MORE INFORMATION...