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When you decide to purchase a home, chances are that you have given the decision much thought.  You have weighed the pros and cons of buying a home verses renting a home.  You have searched for the best area for schools, work and recreation.  You may have even made a “wish list” of features you want in your new home.  However, have you given the same consideration to choosing a realtor?  You want someone who can help you turn your dream home into a reality. For help choosing the right realtor … [Read more...]

There is so much focus on how to improve credit scores these days that many people forget that little things they do every day could potentially harm their credit score.  For example, avoiding credit of any type can lower your credit rating and make you appear as a higher risk to potential lenders when you do need credit. Comparison shopping can lower your credit score if you apply for multiple loans even if you decide not to open the account. For more surprising ways you may be harming your … [Read more...]

In a much anticipated case, the Supreme Court has issued a ruling stating that inherited IRAs are not exempt from creditors in a bankruptcy proceeding.  The case in question involves a woman who filed a joint bankruptcy case with her spouse and owned an inherited IRA worth $300,000.  The trustee sought to use the money to pay the couples creditors; however, the couple maintained the account was exempt.  The Supreme Court has ruled in favor of the trustee – the ruling has far-reaching effects on … [Read more...]

The big Three in the auto world (Ford, GM and Chrysler) have pledged $26 million toward the fund to save Detroit’s artwork from being placed on the auction block.  The group working toward saving the artwork is trying to raise $800 million to prevent the city-owned Detroit Institute of Art’s sale by transferring the artwork into a trust.  The city would use the money to pay its creditors through bankruptcy. For the full story read, "Detroit Automakers Pledge $26 Million to Help Save City’s … [Read more...]

A growing legal trend is the use of social media restrictions in prenuptial agreements.  As the use of social media continues to grow, individuals are concerned with protecting their future online image, including restricting what pictures and information their spouse is able to post online.  Bitter divorces can bring out the worst in people and the temptation to lash out online is overwhelming.  Social prenups can help prevent this and other lapses in judgment from embarrassing you both on and … [Read more...]

Some are calling it a small victory as the more than 80 lawsuits against GM are being combined for the pretrial phase in a venue that GM wanted - - Manhattan.  GM has requested that all of the cases be dismissed as a violation of its bankruptcy restructuring plan.  Although the bankruptcy judge that is scheduled to hear the dismissal request will not be presiding over the combined pretrial phase of the cases, a District Court judge in the same district is overseeing those proceedings and that is … [Read more...]

A new report released by the nonpartisan Commonwealth Fund shows that the premiums for health insurance policies in Illinois were rising at a rate of 10% or more each year for the three years prior to Obamacare.  The premiums for 2015 will not be released for several months; however, it will be more difficult to judge increases in health insurance premiums for 2015, as the market is much different now from before Obamacare. For the full story read, “Illinois health insurance prices rising … [Read more...]

Even though they have a lot more money than most of us, millionaires make money mistakes too - - and surprisingly, they are often the same money mistakes we make. So how can we learn from the money mistakes millionaires make?  We can look at the same money mistakes that millionaires make and learn from their mistakes.  Such as, not diversifying a portfolio – millionaires make that mistake too even though they know that spreading money around is the best what to reduce the risk of … [Read more...]

Attorneys are asking that the 7th U.S. Court of Appeals reinstate a lawsuit filed by clergy sexual abuse victims so they could seek damages from a $55 million cemetery trust fund that is part of the Archdiocese of Milwaukee’s bankruptcy case.  The bitter debate, in part, relates to allegations that New York Cardinal Timothy Dolan created the trust in order to conceal or protect money from being paid to victims of clergy sexual abuse.  The case could answer this question as well as have an impact … [Read more...]

The Judicial Conference of the United States approved an amendment to the Miscellaneous Fee Schedule for bankruptcies.  This fee schedule went into effect on June 1, 2014.  Several filing fees increased including the filing fee for Chapter 7 and Chapter 13 cases.  The fee for a Chapter 7 bankruptcy case was increased from $306 to $335 and a Chapter 13 case will now require a filing fee of $310 as opposed to the old fee of $281. For more see, “Bankruptcy Court Fee Schedule.” Image credit: … [Read more...]