A new law, signed by Gov. Quinn, provides help for tenants who are living in residential property that has been foreclosed. The law states that the new owner must either give the tenants adequate time to move or honor the existing lease at the time of foreclosure. The law will help prevent those who rent their home from being displaced and homeless just because the owner failed to pay the mortgage and the bank foreclosed. It strengthens tenant rights and provides more stability for … [Read more...]
Tax break for moving expenses
September 4, 2013 by Leave a Comment
As unemployment continues to be a problem in many American communities, more and more people are finding it necessary to move in order to find another job. If you have found a new job is at lest 50 miles farther from your home that your previous job and you are moving, you may be able to deduct some or all of your moving expenses on your tax return. You may even be able to deduct expenses related to your job search. You must be able to document the expenses and fill out the appropriate IRS … [Read more...]
Medical bills cause more bankruptcies
September 4, 2013 by Leave a Comment
A study by CNBC estimates that 2 million bankruptcies will be filed this year because of medical debts. The rising health costs are forcing people to file bankruptcy due to financial burdens placed on them because of medical bills. Even with insurance, many face high deductibles that they cannot afford to pay out of pocket. Some turn to credit cards to pay the medical bills while others are forced to deal with collection agencies and even judgments because they cannot pay the bills. Either … [Read more...]
Did your employer file bankruptcy?
September 3, 2013 by Leave a Comment
Employees may worry about what will happen to them if they have to file bankruptcy; however, most employees never think about what may happen if their employer files for bankruptcy relief. With so many companies facing financial problems, the number of companies filing for bankruptcy relief is increasing. What will happen to your employee benefits, retirement and other benefits? Will the company continue to operate or shut down? The first think you should do is contact a bankruptcy attorney … [Read more...]
Can bankruptcy improve my credit score?
September 3, 2013 by Leave a Comment
Most people are worried that if they file bankruptcy their credit score will drop even lower than it may already be. However, in some instances filing bankruptcy may actually help increase your credit score. You may see only modest increases during the first year after bankruptcy but the key to remember is that filing bankruptcy helps clean up your credit. After eliminating debts through bankruptcy, you can begin with a clean slate and start to rebuild your credit score without the baggage … [Read more...]
How to recovery after filing for bankruptcy
August 31, 2013 by Leave a Comment
Making the decision to file bankruptcy is never an easy process. It often comes with much stress, anxiety, and even feelings of guilt. Many debtors have experienced years of financial trouble before deciding to file bankruptcy. Because the road to bankruptcy is usually long, the road to recovery after bankruptcy is not quick either. However, the path to recovery begins with setting new goals and then taking steps to make sure that you achieve those goals. To learn about how you can recovery … [Read more...]
Advice for dealing with underreporting income
August 30, 2013 by Leave a Comment
If you have received a notice from the IRS that they have received information that indicates you have underreported income on your tax returns, take it very seriously. The IRS usually discovers underreported income by taxpayers from a third party such as an estranged spouse, angry family member or disgruntled employee. Once the IRS begins to act on this information, it is imperative that the taxpayer begin to defend himself. Begin by hiring an experienced tax attorney and do not discuss the … [Read more...]
How to rebuild your finances after financial disaster
August 30, 2013 by Leave a Comment
Many people believe that they will never be able to rebuild their finances after a major financial crisis such as filing for bankruptcy relief or losing their home in foreclosure. However, when you are at the bottom with nowhere to go but up, you will find that you can rebuild your finances one step at a time. Begin by learning to live without credit. It will be difficult at first but you will find that living without credit helps you move to the next step of developing good financial habits. … [Read more...]
Get ready for changing mortgage rules
August 30, 2013 by Leave a Comment
Beginning next year, lenders will have to deal with some new rules regarding mortgage loans. New borrowing limits and document requirements may have some borrowers in a panic. Do not panic – be proactive and take steps now if you plan to apply for a mortgage next year. Look for a smaller, community bank that may not be required to adhere to new mortgage rules. Do not change jobs right before applying for a mortgage – job stability is essential to qualify under the new “Ability to Pay” rule. … [Read more...]
You can survive bankruptcy
August 29, 2013 by Leave a Comment
For most consumers, filing bankruptcy is a last resort after many months or even years of trying to reorganize or pay off their debt on their own. However, even though some consumers will be able to avoid bankruptcy not all are able to work out their finances without assistance. While filing bankruptcy is not a pleasant experience, it is not as bad as people assume. You can file bankruptcy, rebuild your credit and learn how to successfully manage post-bankruptcy credit and finances. For the … [Read more...]
