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A study by Joanne Hsu, a Federal Reserve Board economist, shows that as women age they become more financially proficient.  Hsu theorized that as women get older, they have more incentive to become more proficient with finances.  The key is that women often outlive their husbands and must take care of their own finances after many years of allowing husbands to be the financial manager in the home. Couples tend to “specialize” certain tasks within the marriage with the husband often being the … [Read more...]

A Commission has been formed for the purpose of proposing changes to the Chapter 11 Bankruptcy Code.  Twenty-two members will study the code and hope to submit a report to Congress by early 2014 with their suggestions for revisions.  It is not entirely out of the question to consider “dumping” the existing bankruptcy code and writing an entirely new set of laws from “scratch.” At least thirteen areas of bankruptcy law will be studied including government supervision, labor issues, employee … [Read more...]

During the last two years, several agencies have worked together in an attempt to find and recover unpaid taxes from gas stations.  Approximately $70 million in unpaid taxes have been recovered since the program began two years ago. The most recent victory was the sentencing of an Auroragas station owner to two years in prison for depriving the state of over $250,000 in unpaid sales taxes.  For the full story read, “Aurora gas station owner sentenced to 2 years for tax fraud.”  For additional … [Read more...]

Patriot Coal Corp. has not adequately answered questions from retired coal miners about how their medical benefits and other retiree benefits will be paid.  Retired coal miners may seek payment from two other companies, Peabody Energy Corp. and Arch Coal, Inc., by alleging they worked for those companies rather than the bankruptcy Patriot.  It is unclear how this will play out in bankruptcy court; however, Patriot has requested additional time to file a proposed bankruptcy … [Read more...]

Cavallini’s In The Park leases space inTinley Park’s Oak Park Avenue Metra station to serve commuters during the morning and noon rush from five in the morning until one o’clock in the afternoon.  However, because tax bills were being mailed to an incorrect address, the restaurant now owes almost $80,000 in taxes, interest and penalties. Forcing the owner to pay such a huge bill may put him out of business; however, the fact remains that the bill still needs to be paid.  The owner claims he … [Read more...]

Virlissa Crenshaw, former court clerk for Merrillville, pleaded guilty last week to charges of theft and filing a false tax return.  In her capacity as town court clerk for Merrillville, Crenshaw diverted bond money for her own personal use.  She also filed false tax returns to cover up the theft. Part of the deal for Crenshaw pleading guilty, her husband will not face criminal tax charges.  She must also pay back money toLakeCountyand the Internal Revenue Service. For more details read … [Read more...]

If the FCC approves the transfer of the Tribune Company’s broadcast licenses to its new owners, the Tribune Co. will emerge from Chapter 11 bankruptcy with three new owners that are far different from the previous owners.  Two investment firms and a bank will be the new owners of the Chicago-based company that owns 8 newspapers, 23 television stations and numerous other media outlets. What direction the new owners may take is unknown at this time; however, it is a safe bet that they owners … [Read more...]

Gov. Pat Quinn has nominated his chief spokeswoman, Kelly Kraft, to run the Illinois Sports Facilities which has stirred controversy and questions by some including Mayor Rahm Emanuel.  Part of the controversy is that Kraft filed for Chapter 7 bankruptcy relief in 2009 discharging over $100,000 in debt.  The Mayor’s office would not comment directly on the bankruptcy as an issue of Kraft’s ability to manage the Authority. It is unclear at this point if Gov. Quinn’s choice to run the Authority … [Read more...]

Investigations show that inmates were paid $2 million in unemployment compensation while they were incarcerated.  The checks were paid on their behalf even though they were not able to work at the time.  This is another step to reduce waste and fraud under the Integrity Initiative. The worst offender discovered through the investigation was an inmate inCookCountythat received almost $43,000 in unemployment benefits.  In all,CookCountyinmates received more than $700,000 in wrongful payments.  … [Read more...]

Amid slow sales, layoffs and closing stores, Bakers finally had to file for bankruptcy relief in a last ditch effort to restructure its debt and save the company.  Weak sales and heavy debt finally took its toll even though one of the secured creditors, Crystal Financial, LLC, agreed to lend the company $22 million to try to help Bakers survive bankruptcy. The company has been in business since 1926 and has been a public traded company since 2004.  As its stock sinks lower in value, time will … [Read more...]