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Whether you are buying it for your primary residence, a vacation home, investment property or to “flip it,” buying a fixer-upper can be a challenge. Many buyers think they will just do the repairs and upgrades themselves to save money.  However, unless you are a contractor or you have construction experience, your fixer-upper may turn into a real money pit as you find projects that need to be done but are above your level of expertise. For other things to consider before buying a fixer-upper … [Read more...]

  It is back to school time and some parents might not like the school that their child is assigned to attend.  Schools typically assign students based on their home address that is on the school application.  If parents use a relative’s address to get their child into another school, they could face legal problems. College students who try to use a relative’s address to qualify for in-state tuition can get into a lot of trouble.   For more information read, “Is It Legal to … [Read more...]

Making on offer on a house requires skill and a little bit of luck (more skill than luck).  Knowing how to present yourself, as well as your written offer to purchase, is one of the best pieces of knowledge that you can possess when you are shopping for a new home. Sellers care about the sales price; however, those who are emotionally vested in their home will also care about who will be living in “their home” after they more. For tips on how to make a great offer on a house read, “4 Rules to … [Read more...]

No parent wants to think about losing his or her child; however, it does happen.  When the child is in college and in debt hundreds of thousands of dollars to student loan companies, a parent that co-signed the loans may find themselves in financial trouble in addition to the emotional devastation of losing a child. Purchasing term life insurance may be one way to protect parents from a financial disaster since student loans are not normally dischargeable in bankruptcy. For the full story … [Read more...]

Debtors with student loans will be interested to see how this piece of legislation comes through the grinding process of Congress. Rhode Island Senator Sheldon Whitehouse has proposed that debtors who have paid at least $10,000 in medical bills during the three years prior to filing bankruptcy be defined as “medically distressed debtors.” Any debtor falling into this category would be allowed to discharge his or her student loans through a bankruptcy. However, must agree that the legislation has … [Read more...]

Last month, the U.S. Consumer Financial Protection Bureau filed a lawsuit against a Georgia-based law firm for violating federal consumer protection laws.  The law firm has filed more than 350,000 lawsuits attempting to collect past due credit card balances. The complaint against the law firm alleges that the attorneys spend less than a minute reviewing the lawsuits before they are filed and that some consumers actually owe less than is claimed in the lawsuit and some owe nothing at all. For … [Read more...]

If you have not started your back to school checklist, you are probably not alone. Some parents already have their kids packed and ready to head back to school while others are waiting until the last moment.  However, most parents fail to remember that there are some legal to-do’s that need to be considered when getting the kids ready to head back to school. For a handy checklist of legal issues that parents should read see, “A Back-to-School Legal Checklist for Parents.” Image credit: US … [Read more...]

As more Americans are living longer, children have facing the situation of having elderly parents who need assistance with their finances.  People are outliving their retirement accounts and finding themselves in a tough financial situation.  Children who may also be struggling with their own finances now have the added responsibility of helping their parents.  Planning and communication can make this situation easier and less stressful for everyone. For more about this subject read, “When … [Read more...]

Most people are not thinking about their tax returns in the middle of the summer (unless they filed for an extension and they are scrambling to get their returns completed from last year).  However, summer is the perfect time to make some important tax moves that could save you money next April.  For example, check to ensure that you are withholding enough taxes to cover your tax liability this year.  If in doubt, increase your tax withholding now and you still have five months to catch … [Read more...]

If you are dealing with debtor collectors, you are not alone.  According to a recent report, over 35% of Americans have unpaid bills and debts that have been turned over to collection agencies.  The bills range from medical bills and credit card accounts to mortgages and student loans.  As a result, the collections industry has grown dramatically and now employs roughly 140,000 people who recover approximately $50 billion each year. For more read, “Study: 35 Percent in US Facing Debt … [Read more...]