708-598-5999

It is probably not a wise decision to base your retirement destination solely on whether or not the state has low personal income taxes or property taxes.  However, if you are considering several retirement destinations, considering the tax situation may be a good idea.  At the very least, it should be a part of the pros and cons you use to decide where you want to spend your retirement.  Some states are much more tax-friendly than others are in terms of personal taxes and property taxes. For … [Read more...]

A report from the Center for American Progress is calling for the creation of two new student loan designations.  The first designation, qualified loans, would be subject to the Bipartisan Student Loan Certainty Act of 2013 and have a “reasonable likelihood of repayment.”  However, the second designation, nonqualified loans, would be subject to discharge in Chapter 7 bankruptcy cases.  Discharge of student loans is not generally permitted under the current bankruptcy laws and has been the … [Read more...]

Rising interest rates will affect more than just those who want to borrow money.  Rising interest rates will affect people who want to invest money or place money into savings.  As interest rates creep up, borrowers will find that they are paying more for credit.  On the other hand, if you are placing more money in savings you may see that amount grow a bit faster (but not too fast) as interest rates on deposit accounts increase. To find out how rising interest rates will affect your accounts … [Read more...]

For many homeowners, a reverse mortgage is the answer to their financial problems.  Before the housing crisis, homeowners could access a large portion of the equity in their home with a reverse mortgage.  Changes in the rules decreased the amount of equity borrowers could access.  New changes set to go into effect on September 30 aims to lower that amount even more.  The new rules also lower the amount of money that the borrower can access during the first year of the reverse mortgage. For … [Read more...]

Borrowers who filed bankruptcy or have a foreclosure on their record just got a break from the Federal Housing Administration.  Borrowers do not need to wait for three years to apply for an FHA-insured loan after a bankruptcy or foreclosure.  They can now apply after only one year of making rent and credit card payments on time.  However, to qualify, their foreclosure or bankruptcy must have been due to external economic factors that reduced their income by 20% or more for six months or … [Read more...]

Some people may think it is better to withdraw all of their savings before filing bankruptcy.  However, if you attempt to hide money you are committing bankruptcy fraud.  It is better to leave the money where it is until you talk to an attorney.  There are federal exemptions, and most states have their own exemptions, that protect certain assets from creditors in bankruptcy.  A bankruptcy attorney can advise you the best way to protect your assets by utilizing the exemptions provided by state … [Read more...]

Last week the Obama administration announced that married gay couples do not need to live in a state that recognizes gay marries to file joint tax returns.  This will not apply to state tax returns or Social Security.  The new rules take effect on September 16 and apply to all federal taxes as well as gift and estate taxes.  The new rules only apply to legal marriages and not to civil unions or domestic partnerships. For more read the full story at, “IRS: Married gay couples can file joint … [Read more...]

As the Detroit bankruptcy case continues, unions objecting to the case want to put Gov. Rick Snyder in the hot seat to answer questions about how they decided to put the city into Chapter 9.  They are also seeking to depose several key state officials and advisors including the state’s treasurer, auditor and the legal advisor for the state Department of Treasury. The unions want answers but attorneys for the Michigan Attorney General’s Office want the subpoenas quashed.  Both parties hope the … [Read more...]

Before filing bankruptcy, you want to consider all of your options.  Some financial situations are best handled through the filing of a bankruptcy; however, there are a few instances when filing a bankruptcy might not be in your best interest.  Meeting with an experienced bankruptcy attorney is your first step in preparing to file a bankruptcy.  You will need to be able to discuss your income, expenses, debts and assets with your attorney.  A bankruptcy attorney will help you decide what chapter … [Read more...]