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The American Bankruptcy Institute released a much-anticipated report this week filled with recommendations for reforming Chapter 11. The lengthy report proposed several changes that would make filing Chapter 11 more affordable and less complicated for small businesses with less than $10 million in assets or debt. According to the report, small companies made up 74 percent of all firms that filed for Chapter 11 protection last year. One way the ABI is recommending making Chapter 11 easier for … [Read more...]

Congress has officially dropped a provision from Senate Bill 2438 that would have allowed the Federal Housing Authority to impose and collect a 4 basis points fee from mortgage lenders. The costly fee, which was buried in the bill, was highly opposed by The Community Mortgage Lenders Association (CMLA). The group appealed to House and Senate appropriators late last month to formalize their concerns about the fee hike.  In a breaking news story from HousingWire, CMLA Chair Paulina McGrath said, … [Read more...]

In keeping with the spirit of the holiday season, Freddie Mac and Fannie Mae announced this week that they will suspend evictions on their foreclosed properties between Dec. 17 and Jan. 2. For the past several years, the mortgage companies have placed a moratorium on foreclosures to give struggling homeowners peace-of-mind knowing they will not need to find new housing during the holidays. The federal mortgage giants also unveiled new down-payment programs this week that will allow first-time … [Read more...]

With 4.72 bankruptcy filings per thousand residents, Illinois ranked number five among states with the highest per capita bankruptcy filing rates in 2014. Tennessee topped the list with 6.22 filings per thousand. Alabama, Utah and Georgia were also in the top five, according to data released by the American Bankruptcy Institute. On a national level, the report revealed a 16 percent decrease in overall bankruptcy filings compared to this time last year. In November 2013, there were 74,070 … [Read more...]

Despite lower gas prices nationwide, the IRS announced this week that it will increase the standard mileage rates for motorists who use their vehicles for business purposes. Effective January 1, the new rate will be 57.5 cents, up from this year’s 56 cents.  In contrast, the IRS will reduce the standard mileage rate for miles driven for medical and moving purposes by half a cent. The standard rate for miles driven in service to charitable organizations will remain the same at 14 cents. According … [Read more...]

Zillow expects rising rent costs to motivate more millennials to become first-time homeowners in 2015. In its annual housing predictions, released this week, the online real estate giant predicts new homeowners will play a pivotal role in reviving the lagging housing market.  According to the forecast, buyers under the age of 35 will make up the largest group of homebuyers by the end of 2015. Zillow’s Chief Economist Dr. Stan Humphries is cited in the company’s forecast saying, “The lack of … [Read more...]

Welcome Home Illinois, the state’s most successful assistance program for homebuyers, is ending this month. The $80 million budget set aside for the popular program has been depleted earlier than expected. The program, which started this spring, provided $7,500 in down payment assistance to more than 10,356 homebuyers–most of whom say they would not have been able to purchase their home without the program’s assistance. No immediate plans have been announced to replace the program, which was … [Read more...]

It’s the season for giving and preparing to file your taxes. If you’re trying to kill two birds with one stone, you may be looking to make a charitable contribution before year-end. To ensure that your contributions are deductible, the IRS has issued key reminders that all taxpayers should keep in mind when giving to their favorite charities. While it’s convenient to clean out your old unwanted items and donate them to the local Goodwill, the IRS warns that only items in “good used condition or … [Read more...]