In a case that is more than just strange from the very beginning through the very end, including a unanimous Supreme Court opinion written by Justice Scalia himself, the land’s highest court held that debtor’s exemptions under the Bankruptcy Code are protected from surcharge. In layman’s terms, the debtor is entitled to these exemptions even, as in this case, when the debtor’s conduct is boldly and clearly fraudulent. Read more about this case and the facts surrounding 10-year battle at … [Read more...]
Healthcare deadline approaching fast – – what you need to know
March 7, 2014 by
If you are one of the millions of Americans that are still uninsured, you need to get the facts straight before the March 31 deadline under Obamacare. By March 31, most Americans will be required to have health insurance that meets or exceeds the government’s standards for health insurance. If you have not taken The Affordable Healthcare Act serious, now might be the time to take action to avoid penalties for failing to have health insurance. For more about the March 31 health insurance … [Read more...]
How long does it take to file bankruptcy?
March 6, 2014 by
If you are considering filing a bankruptcy case, you may be wondering how long the entire process will take. How long does it take from the time I hire my bankruptcy attorney until my case is filed and I go to court? You may wonder how long it will take after your court hearing until your case is closed. The answers to those questions depend on the chapter of bankruptcy that you file as well as your individual case. While most Chapter 7 bankruptcies are completed in 4 to 6 months, some make … [Read more...]
Can you manage your expenses better to have more money?
March 5, 2014 by
If you have filed bankruptcy, you probably have already taken your required credit counseling and financial management classes. Through those classes, you learned to manage your expenses better so that you would have more money and less debt. If you have not filed bankruptcy, learning how to manage your expenses better may keep you out of debt and help you save money. One of the best ways to manage expenses is to create and live by a weekly or monthly budget. For more ways to manage … [Read more...]
Bankruptcy petition preparer goes to prison
March 4, 2014 by
After violating numerous bankruptcy court orders related to preparing bankruptcy petitions for compensation and working without the supervision of an attorney, Derrick Hills was convicted of five counts of criminal contempt and sentenced to four years in prison. Hills is not an attorney but prepared bankruptcy petitions and was involved in bankruptcy casework in violation of court orders dating back to 2007. While non-attorneys may perform some work, it is very limited and has … [Read more...]
Decrease in mall traffic takes a bite out of the pizza business
March 3, 2014 by
If you love the Italian cuisine served up by Sbarro, the popular Italian restaurant chain that is in many of the malls across the United States, you may not be happy about this story. Sbarro is preparing to file for bankruptcy protection citing slower mall traffic as one of the reasons for lost revenues. This will be the second bankruptcy filing for the piazza giant since 2011. As part of the current restructuring plan, Sbarro plans to close about 155 locations across North America. For … [Read more...]
Can you be debt free in 2014?
February 28, 2014 by
If you made a New Year’s resolution to pay off your debt in 2014, you are probably not alone. Over one-half of all New Year’s resolutions have something to do with finances. You can pay down or even pay off your debt if you are smart about the way you allocate your funds. For example, learning how to prioritize your living expenses and debts reduces the amount of interest you must pay to creditors so that you can be debt free in less time. To learn how to pay off your debt in 2014 read … [Read more...]
Is there anything good about taxes in 2014?
February 27, 2014 by
It seems as if everyone is focused on what is bad about the changes to the tax code for 2014. From the tax penalty under Obamacare to the loss of some major tax credits and deductions, it does not appear that taxpayers have much to be happy about looking forward into 2014. However, some of the new tax changes will make a few taxpayers very happy. For example, if you have a home office you will find that the new rules make it easier to qualify for the home office tax deduction beginning with … [Read more...]
Mortgage interest equals huge tax deduction for some homeowners
February 26, 2014 by
With the tax filing deadline getting closer each day, taxpayers are scrambling to find ways to lower their tax bills and increase their tax refunds. One of the biggest tax breaks for homeowners in America is the mortgage interest deduction. Homeowners can claim this deduction on their main home and even on a second home. Interest from a purchase money mortgage, second mortgage, line of credit and home equity loan may all qualify for the tax deduction. Read the full story at “5 States Where … [Read more...]
Closing on a home without putting 20% down
February 25, 2014 by
Most mortgage brokers and realtors will tell you that to qualify for a conventional home loan, be prepared to have a 20% down payment. However, the housing market has changed drastically during the past decade and this is not necessarily the case any longer. Today, homebuyers may be able to purchase a home and qualify for a home loan with as little as three to five percent down while some may even be able to finance the entire sales price. Read “Smart alternatives to putting 20 percent … [Read more...]
