Unclaimed Property Blog

Sometimes the things you do not know can hurt you. What is your bankruptcy IQ? Read on for some information that may help increase your understanding of bankruptcy.

Bankruptcy isn’t something you like to think about, but you may find yourself considering it at some point in your life. How do know if it’s the right thing for you?

Let’s start with information on what it is. Bankruptcy is a federal court process that helps individuals and businesses repay their debts under the protection of the bankruptcy court (Chapter 13 Bankruptcy) or wipe their debts out altogether (Chapter 7 Bankruptcy). When you file for bankruptcy, an automatic stay goes into effect which prohibits your creditors from taking action to collect the debt without the approval of the court.

Did you pay all of your taxes? Some individuals and business have not and it is adding up. The Internal Revenue Service has reported that the gap between taxes paid and taxes owed stood at more than $300 billion, with a large portion due to individuals understating income.

“Even after IRS enforcement efforts and late payments, the government is being shortchanged by over a quarter trillion dollars by those who pay less than their fair share,� said IRS Commissioner Mark Everson. “People who aren’t paying their taxes shift the burden to the rest of us.�

About $30,000 in unclaimed cash will be moved into the city’s general fund if the rightful owners don’t claim it by the end of the month. To claim this money contact the Oklahoma City Police Department.

The found money turned into the police ranges from one penny to $3,317. Police do make every attempt to return this money to the owners prior to adding it to the city’s budget. There isn’t a standard amount, it is just money that the police had turned in to them for various reasons.

Imagine losing $2,000 for three years and not knowing it was gone.

That’s what a recent article published in the Daily Journal Online talks about. In the example above it was a city government who had lost $2000 and didn’t even know it. The lost money was reported to the Indiana state treasurer and there it sat for 3 years. This is not that uncommon. Many people have lost money being held by a state, local or Federal agency and they don’t even know it!

Who knows – you could be owed money and you don’t even know it.

Free money – do you want it? You would think that most people would jump at the chance. However, Three business school professors have discovered that when it comes to work most people are leaving hundreds or thousands of free dollars left on the table.

The Seattle Post-Intelligencer is reporting that in their study, called: “$100 Bills on the Sidewalk: Suboptimal Savings in 401(k) Plans.”, most people are not taking advantage of investment fund matching programs. This is where the employer will match any contribution you make to an investment account like a 401K retirement account.

Edgecombe County Clerk of Superior Court Carol Allen White said her office is trying to find the rightful owners of about $19,503 in unclaimed property, money and funds being held by her office.

“If satisfactory proof of claim is not presented by Oct. 1, the law requires us to submit the money to the N.C. Treasurer’s office. After we send the money to the state treasurer’s office, the rightful owners will have to contact Raleigh to get their money back.”

This story by the South Florida Sun-Sentinel reports that 54,639 people and companies in Broward County Florida and 32,937 in Palm Beach County Florida who have money or valuables at the state’s Unclaimed Property agency. These lost funds and unclaimed property come from old bank accounts, insurance policies, uncashed checks, business accounts, safe deposit boxes and other sources. Every state and some Federal agencies are holding unclaimed property. In fact, it is said that there is over $30 billion dollars in unclaimed property listed by these agencies. Most people don’t even know they are owed the money.

The Idaho State Tax Commission is looking for people who are owed unclaimed property, and hoping they’ll call to claim the this lost money.

It’s found money and unclaimed funds for which Idaho businesses have been unable to find the rightful owners, such as payroll checks, contents of safe deposit boxes, tax refunds, stock dividends, worker’s compensation benefits and so on.

The Idaho Legislature in 1997 changed state unclaimed property law. Businesses are required to report these monies to the state tax commission and now after property that’s safeguarded by the tax commission remains unclaimed for 10 years, it will transfer to state ownership and be deposited in Idaho’s general fund.

The state of Indiana is actively seeking to re-unite people with lost money.

Lost money can be anything from an uncashed employment check, money left untouched in a savings or checking account for several years or proceeds from a stock dividend. There are some properties that come from safe-deposit boxes.

You should find out if you have any lost money owed to you by clicking here for the Cash Lost Money Search

The State of Rhode Island has been flooded with requests to claim unclaimed property. It seems that they’ve listed over 15,000 new people in the lost money database. This brings the total for the state of Rhode Island to over $120,000,000 (yes that’s million) dollars in found money that they want to return to it’s rightful owners. To find out more about this story see Eyewitness News – Unclaimed Property Calls Flooding into Office

You should find out if you have any owed to you by clicking here for the Cash Unclaimed Property Search