| Volume 130 Number 11 |
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The People’s Lawyer’s Tip of the Day
If you’re thinking of selling a timeshare, beware. Companies may claim that the market in your area is “hot” and that they’re overwhelmed with buyer requests. Some may even say that they have buyers ready to purchase your timeshare, or promise to sell your timeshare within a specific time. All they need is an upfront fee to get the ball rolling. Well, hold onto your money and read this... Click here for more.
Consumer Confidence at the Highest Since 2001
Consumer confidence surged this month to the highest level since August 2001 as Americans were more optimistic about the outlook. American Households are more confident about the prospects for the economy, labor market, and their incomes, according to a report conducted by the University of Michigan and the National Federation of Independent Business. For example, the report found that more Americans reported plans to purchase automobiles and major appliances. The share of respondents who expected their incomes to rise in the next six months rose to 21 percent from 17.4 percent. Click here for more.
Your Money
With tax season quickly approaching, know what to do if you receive a 1099-C. The last thing you want to do is ignore it. When a lender forgives your debt, whether in its entirety or partially, the lender is required to inform the IRS. So, if, for example, you owed a credit card company $5,000 and worked out an agreement to pay only $3,000, the $2,000 you didn’t pay would be counted as income. Like a W-2, you’ll need to report the 1099-C on line 21 of your 1040, i.e., the line where you report other income. However, there are exceptions if you are in bankruptcy, insolvent, or if the debt came from a qualified student loan. Click here for more.
For the Lawyers
Waiver signed by triathlete defeats wife’s wrongful death claim. The Pennsylvania Superior Court held that although a liability waiver did not bar Mrs. Valentino from bringing the wrongful death action, such a claim was still subject to substantive defenses, such as the decedent's signing of the waiver that might prove that the Triathlon owed no duty or was not negligent. The court ruled that even non-signatory wrongful death claimants remain subject to the legal consequences of a valid liability waiver. A majority of the court held that the liability waiver executed by Mr. Valentino supports the Triathlon's argument that Mr. Valentino "knowingly and voluntarily assumed the risk of taking part in the competition" and, therefore, the Triathlon's actions were not tortious. Valentino v. Philadelphia Triathlon, LLC, No. 3049-EDA-2013, 2016 PA Super. 248 (2016). Click here for more.