In June 2012, the Internal Revenue Service (IRS) announced new interim application requirements (“New Requirements”) for individuals requesting Individual Taxpayer Identification Number (ITINs). ITINs are issued to foreign individuals who are not eligible to obtain a social security numbers. The New Requirements will remain in effect through the end of the year and, according to IRS, “are designed to strengthen and protect the integrity of the ITIN process while minimizing the impact on taxpayers.”

Prior to implementing the New Requirements, an ITIN application (Form W-7) simply required a notarized copy of an applicant’s passport to confirm his or her identity. The New Requirements now require ITIN applicants to supply original documentation, such as passports, birth certificates, or certified copies of such originals from the issuing agency. For example, if an applicant was issued their passport in their home country (i.e. Canada, United Kingdom, Czech Republic, etc.) to properly submit an ITIN application, such applicant would be required to either surrender their original passport to the IRS or obtain written certification of a copy of the passport from the issuing office in their home country.

Many homeowners find themselves swimming in a pool of financial strain. While the mortgage is typically the largest debt obligation a person has, often, it is not the only financial burden keeping a borrower up all night. Mounting credit card debt, outstanding medical bills and even unpaid taxes are some common sources of stress and can contribute to the feeling of a heavy weight on someone's shoulders. The combination of these debts along with an upside-down home can leave a borrower distraught.

The thought of filing bankruptcy is horrifying for many people and they begin to seek for alternatives. But what can you do if you have fallen behind or have stopped making regular payments? Harassing phone calls, threatening letters and other tactics are used by the creditors to encourage borrowers to pay. Depending on the circumstances, it is possible to stop the stress, phone calls AND avoid bankruptcy.

In many cases, these debts can be settled with creditors for less than the full balance due.