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Before deciding whether to purchase a new health insurance plan under the Affordable Healthcare Act or to keep your current insurance plan, you should compare several factors to determine which choice is in your best interest.  First, compare the monthly premiums. The premiums in the Marketplace vary and you may qualify for premium assistance if you choose a new policy.  Second, compare your out-of-pocket expenses under you current plan to those under a new Marketplace plan.  These costs will … [Read more...]

A new study by Avvo.com shows that 32% of the people in the study claimed credit card debt as the reason they filed bankruptcy.  Only 12% claimed bankruptcy was due to job loss and 13% claimed filing bankruptcy was because of home foreclosure.  A problem with carrying credit card debt is that interest, late fees and penalties will quickly increase the balance owed if the consumer fails to make the payments on time.  This results in a debt that is almost impossible to pay off within a reasonable … [Read more...]

If realtors were honest, they have seen it all during their careers.  Homeowners desperate to sell their home who refuse to get rid of the ugly lamp that great-great-someone gave them or those who refuse to make their beds.  A good realtor will tell homeowners what they should do in order to get their house sold even if the homeowner may not like the advice.  For example, lower the sales price just under the market to grab a buyer who may be on the fence or it does really matter how the house … [Read more...]

With the new definition of a qualified mortgage and new restrictions on lenders taking effect in January, buyers looking to purchase a home in 2014 should begin now making sure they meet the standards for a qualified mortgage.  Some of the changes include limiting mortgages to 30-year terms, capping points and fees at no more than 3% of the loan balance and eliminating negative amortization and interest-only payments.  In light of these changes, some borrowers who may qualify now may not next … [Read more...]

Even during the holidays, debt collectors do not take a break from harassing consumers.  The job of a debt collector is to bother or “harass” someone until the debt collector succeeds in getting a payment of some amount from that person.  They will call, write and some even show up on your doorstep.  Consumers must remember they have rights when it comes to debt collectors.  For example, you have the right to dispute the debt and you have the right to ask for verification of the debt.  Late … [Read more...]

If you are planning to travel during the holidays, you may want to take a few minutes to make sure that you protect yourself from legal troubles during your trip.  If you are driving, you should know the laws about cell phone use while driving if traveling through different states.  You may also need to check on laws governing firearms if you plan to carry a gun in your car across state lines because most states have very specific laws with regard to how guns can be transported. For more … [Read more...]

Most people file a Chapter 13 bankruptcy case to avoid foreclosure; however, circumstances may arise during the three to five year bankruptcy plan that may cause the debtor to consider giving up the home rather than continuing to pay the mortgage payments. In those cases, it is possible for the debtor to surrender his home and allow the mortgage company to foreclose even though the debtor remains in his Chapter 13 case.  However, there are several things to consider before making this decision … [Read more...]

Some debtors confuse the terms bankruptcy dismissal and bankruptcy discharge; however, those terms have very different meanings and consequences for a debtor.  Dismissal means that the bankruptcy case has been closed without a discharge - - creditors can begin collection actions against the debtor as if the bankruptcy case had never occurred.  On the other hand, a bankruptcy discharge means that the debtor has been relieved of most, if not all, of his debts and creditors are barred from … [Read more...]

American consumers owe more than $3 trillion in debt.  Most of this debt is due to common “traps” that many Americans fall into every day.  For example, few consumers have an emergency fund to cover expenses in the event of job loss or a temporary decrease in income.  Another serious problem is the loss of a partner.  Without sufficient savings and/or life insurance, the surviving spouse is left with the burden of paying for all expenses plus carrying the debt. For ways you can avoid these … [Read more...]

In an uncharacteristically private ceremony, Illinois Gov. Pat Quinn signed a new law last week intended to overhaul the state’s underfunded pension system.  The law, designed to save the state about $160 billion over the next three decades is expected to be challenged by labor unions.  The law will cut benefits for employees and retirees when it takes effect on June 1.  Even though Gov. Quinn claims this law as a victory, many see it as doing more harm than good. For more details and the … [Read more...]