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Struggling with the same fate as several other national women’s retailers, Frederick’s of Hollywood has filed for Chapter 11 bankruptcy protection this week. According to court documents, the lingerie retailer has a $22.5 million offer from Authentic Brands Group, LLC that would allow it to continue operating strictly as an online store. At the height of its success, Frederick’s had 200 stores nationwide. In February, the company liquidated a third of those locations. Last week, all remaining … [Read more...]

With this year’s tax filing deadline in your rearview mirror, next year’s taxes are likely the last thing on your mind. But by taking a few smart steps now you can actually make filing easier come this time next spring. A recent U.S. News & World Report article offers eight smart tips to help you get a jump-start on the 2016 tax filing season. One smart piece of advice is to set up your records system now. There are a number of smartphone apps, tax prep software and old-fashioned filing … [Read more...]

If potential homebuyers fall in love with your home but still fail to make an offer, there may be some external forces working against closing the deal. A new Trulia article takes a look at six common reasons homebuyers walk away from properties they love. While many of these problems are outside of the home sellers’ control, there are smart approaches home sellers and realtors can take to assuage homebuyer fears. For example, the proximity of your home to an undesirable element like an … [Read more...]

With a minimum salary of $435,000 per year for a rookie NFL player, it seems hard to believe that one in every six NFL players eventually files himself bankrupt. But that is the finding of a new study published by researchers at Cal Tech, George Washington University and the University of Washington. This week, CNN Money reported the highlights of the study revealing that 16 percent of NFL players drafted between 1996 and 2003 filed for bankruptcy less than 12 years after retirement from the … [Read more...]

Illinois Governor Bruce Rauner vocalized his support this week for Illinois municipalities to have the option to file for bankruptcy. During a series of one-on-one interviews with the media, Rauner said, “Bankruptcy law exists for a reason. It’s allowed in business so that businesses can get back on their feet and prosper again by restructuring their debts. It’s very important for governments to be able to do that, too.” Illinois State Representative Ron Sandack (R) introduced HB0298 in January. … [Read more...]

Fewer than two weeks are left for homeowners over the age of 62 to qualify for a reverse mortgage under the current, more relaxed qualification standards. Beginning April 27, the FHA will make it more difficult for homeowners to qualify for this alternative mortgage. By requiring applicants to complete a series of extensive financial assessments, the new qualification process will be similar to applying for a standard mortgage. For decades, homeowners simply needed to meet age and equity … [Read more...]

Real estate website Move.com and the National Association of REALTORS® are suing Zillow alleging the company is using data stolen from Move’s databases. Their claims are based in part on a letter they received from an anonymous Zillow whistleblower. That letter validates both organizations’ belief that Errol Samuelson, who is currently the chief industry development officer at Zillow, stole “multiple documents and entire databases” while he worked as chief strategy officer for Move. Samuelson … [Read more...]

Sprint is making good on a previously reported plan to expand its presence in Chicago by partnering with bankrupt RadioShack. Today, the nation’s third largest wireless carrier will open the first Sprint-RadioShack hybrid stores—adding 27 retail locations in total throughout Chicagoland. Sprint is expected to open 54 co-branded stores throughout Illinois. The move comes as a relief to many Chicago landlords who previously feared they would have to find new tenants in light of RadioShack’s … [Read more...]

A recent WalletHub report is confirming what many Illinois homeowners have long suspected—they are paying a lot in property tax. In fact, only New Jersey surpasses Illinois in property taxes. Just $32 keeps Illinois from tying for that top spot. The average real estate tax in Illinois is $3,939. The rate seems excessive when compared with Hawaii’s average of $482, which is the lowest average tax rate in the country. Indiana hovers in the middle at No. 23 with an average tax of $1,507. Overall, … [Read more...]

First-time homebuyers often get inundated with house-hunting advice from friends and family members. They often mean well, but sometimes the advice they give applies to how the housing market was when they bought. A recent Trulia article examined the most common advice given to house hunters and discovered six recommendations that home buyers can take with a grain of salt today. One of those recommendations is that you shouldn’t buy the first house you look at. According to Trulia, that may have … [Read more...]