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Unfortunately, floods and other weather related disasters often teach us a lesson about maintaining adequate books and records. When a home floods, you can lose valuable tax records that support the claims you made on your tax returns. Since the IRS does not maintain copies of supporting documents, if you are audited you are in the position of trying to “prove” to the IRS that your deductions and claims are valid without the proof to back them up. For tips on keeping tax records safe read, … [Read more...]

Your credit history can get you a better interest rate, allow you to borrow more money and save on car insurance. It can also cause you to pay more in interest or cause you not to be able to borrow money at all. You credit history is an important part of your financial health. Learning how to build a good credit history will help you maintain healthy finances. To learn about the do’s and don’ts for building a good credit history read, “Do's and Don'ts for Building a Solid Credit History.” … [Read more...]

Mercantile Bancorp Inc. field for protection under Chapter 11 of the United States Bankruptcy code citing a “decline in the financial markets” as a reason for the filing. The bank holding company, based in Quincy, reported assets worth less than $50 million and debts of more than $50 million. A deal to sell almost all of the company’s assets to United Community Bancorp Inc. for a little over $22 million is on the table but first must be approved by the bankruptcy court. For more details … [Read more...]

It can be heartbreaking to find your dream home and then the real estate appraisal comes in lower than the purchase price you agreed to in the contract for sale. When this happens, it can create multiple problems for your closing. Your mortgage company could reduce the amount it is willing to loan for the property or the seller could also refuse to lower the sales price. It may be difficult to know what to do when this happens. For what you can do in this situation read, “Low appraisal … [Read more...]

Reporting just over $3 million in assets and almost $4.5 million in debts, Cable Ready Corp. filed for protection under Chapter 11 of the US Bankruptcy Code. It is set to have its first court appearance this week when it will ask for court permission to use cash resources that are secured by lender’s claims. Cable Ready claims that without the cash it will be unable to continue to operate. Probably most famous for “Inside the Actors Studio,” Cable Ready sells TV programs to networks, airlines … [Read more...]

According to a report based on current data, the biggest reasons for personal bankruptcies is rising medical bills. It is expected that 1.7 million personal bankruptcy cases will be filed this year that can be attributed to medical bills. Even those with medical insurance will face medical costs that they cannot afford to pay. The number of medical-related bankruptcy cases is lower than during the recession; however, they still represent about three of every five cases filed. For more on … [Read more...]

Kelly Rutherford, best known from “Gossip Girls,” has been fighting for her children since last year when a judge ordered that the two young children must move to France to live with their father, Daniel Giersch. With legal fees in the millions of dollars, Rutherford filed for bankruptcy relief last month. According to reports, her assets total less than $24,000 and her monthly income is now just under $1,300 per month. Her total debt is reported to be over $2 million. For more details … [Read more...]

Buying your first home is an exciding time; however, it can also be a stressful time. Dealing with lenders, realtors, closing attorneys and sellers can be overwhelming. Something a first time homebuyer can do to help decrease the stress is not worrying about things that can be easily fixed. If you do not like the color of the walls, that is easily fixed after you move in by painting them a color you like. Likewise, replacing the front door with one of your choosing is an easy fix and should … [Read more...]

AMF Bowling Worldwide filed for protection under Chapter 11 late last year with a $300 million debt load that was preventing it from making improvements to attract more customers. This week a bankruptcy judge approved a plan that will allows the merger of AMF with Bowlmor, New York based company that operates high-end bowling centers. The plan will pay first-lien holders in full and give second-lien holders an ownership in the new company. For more read, “AMF Bowling plan to emerge from … [Read more...]

The bankruptcy trustee serving in the Bernard L. Madoff Investment Securities LLC bankruptcy case has actively pursued all courses of action available to him to try to retrieve as much money for the victims of Madoff’s Ponzi scheme. This included filing actions within the bankruptcy to sue several large banks and financial institutions for billions of dollars alleging they were complicit in the Ponzi scheme. Unfortunately, the bankruptcy court disagrees with the trustee and found that he has … [Read more...]