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The list is out for the 10 worst states for taxes in 2014 - - how does your state rank?  The Tax Foundation looks at over 100 tax provisions on a state-by-state basis to determine the top 10 worst states for taxes each year.  However, living in one of these states may mean that you are doing better economically than some of your friends living in more tax-friendly states.  Furthermore, some individuals may choose to pay higher taxes for quality schools, better public transportation or job … [Read more...]

If you want to manage your finances better in 2014, you may want to start with a look at how you manage credit.  Successfully managing your credit can help you save money and improve your credit rating with lenders and others who look at credit ratings such as cell phone providers, insurance companies and potential employers.  For tips and advice from experts about how to improve your credit rating and manage credit better this year, read “Family finances: Managing credit: tips from the pros.” … [Read more...]

When you file a Chapter 13 bankruptcy case, you will be required to file a proposed repayment plan.  The repayment plan tells the court, the trustee and your creditors how you propose to reorganize your debts.  Your creditors and other parties in interest (such as the Chapter 13 trustee) have the opportunity to file objections to your plan.  A confirmation hearing is scheduled to either confirm or deny your proposed plan.  Any objections filed will be decided by a bankruptcy judge if the parties … [Read more...]

Deciding whether to sell or rent your home can be a challenge for many homeowners in the current real estate market.  The decision is not just about money but also about whether you want the added legal and personal liability of becoming a landlord.  Before deciding to rent your home, you should consider the current demand for rental properties in your neighborhood - - is the demand for rental homes higher or lower than the demand for home purchases.  You should also consider the long-term … [Read more...]

With new health insurance requirements affecting many Americans, it is a good idea to look at how we can avoid making mistakes when buying insurance whether it is health, auto, life or home insurance.  For example, shopping for insurance based on price alone may leave you without the coverage that you need because you simply picked the lowest premium.  While you should compare costs and obtain quotes from several companies, you should also take into consideration the amount of coverage being … [Read more...]

A Chapter 13 bankruptcy case allows debtors to reorganize their debts and keep their property by repaying some or all of their debts through a three or five year repayment plan.  However, debtors must meet the requirements and qualifications set forth in Chapter 13 of the U.S. Bankruptcy Code in order to qualify to file a Chapter 13 case.  For example, debtors must have income sufficient to fund a repayment plan, complete the required credit counseling course prior to filing and have less than … [Read more...]

In response to the data breach experienced by Target and then Neiman Marcus, the U.S. Senate banking panel has scheduled a subcommittee hearing for next week to discuss the safety of consumer financial data.  Michaels Stores, Inc. is currently investigating a possible breach of consumer data.  Millions of Americans have been affected and the U.S. Consumer Financial Protection Bureau has advised consumers to monitor their accounts for fraud.  Retailers and banks are left to argue who is … [Read more...]

Michigan’s Attorney General Bill Schuette filed a request with the 6yh Circuit Court of Appeals this week asking for an expedited decision regarding proposed pension cuts through Detroit’s bankruptcy case.  Schuette argues that the state constitution contains a clause that prevents cuts to retiree benefits that would override a ruling by the bankruptcy judge in the Detroit case.  Schuette is not seeking to reverse the ruling that Detroit may file a Chapter 9 bankruptcy just that it cannot cut … [Read more...]

If you are thinking about buying a home in 2014, there are hundreds of articles about what you should do and how you can increase your chances of getting the home you want at the best mortgage rate.  However, there are also certain things you should not do when planning to buy a home.  For example, job-hopping can hurt your chances of being approved for the loan that you want.  Co-signing a loan for a family member may seem harmless; however, mortgage lenders do not view your willingness to be … [Read more...]

Each one of us wants to get a bigger tax refund each year by reducing the amount of money we owe Uncle Sam.  Many of us take advantage of popular tax write-offs such as the deductions for alimony payments and moving expenses as well as contributions to our IRA and health savings accounts.  We also take tax credits for dependent care and childcare costs, tuition credits and credits for the payment of student loan interest, mortgage interest and real estate taxes.  If you have run out of tax … [Read more...]