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If someone borrows money from you but refuses to pay it back, what should you do?  Would you be willing to file a lawsuit to collect the debt or forgive the debt entirely?  It may be an awkward situation; however, if you are owed money it is only right that you are paid back in full.  You can try a written demand letter to collect an unpaid debt but you may need to file a lawsuit if the person ignores your collection attempts.  Having an attorney determine the type of loan agreement you have and … [Read more...]

One of the number one New Year’s resolutions each year is to manage personal finances better (i.e. pay bills on time, increase savings, start retirement accounts, etc.).  However, without a clear plan, many who make this resolution will lose interest quickly and allow their personal finances to suffer and falter.  Therefore, stay on track and keep your resolution by meeting with a financial planner, starting on your tax returns early, reviewing your wills and estate plan and reviewing your … [Read more...]

It is the beginning of a brand new year; however, it is not too early to be worried about the new tax laws and requirements that 2014 is bringing with it.  The rich may lose a little more money under new laws but the poor may have to wait longer to get their tax refunds due to the government shutdown during 2013.  Same-sex couples can now file joint tax returns (if they were married in a state that recognizes same-sex marriages) but it still might be better financially for them to file … [Read more...]

Each state has specific laws that govern how long a creditor has to act to collect a bad debt.  Some states have longer status of limitation than others do; however, the fact remains that the creditor must act within those time frames if it intends to enforce its rights under the law to collect a bad debt.  However, creditors will not tell you that time limits have passed if they believe they can still get you to pay the debt.  And unfortunately, in some states bill collectors and creditors have … [Read more...]

For Americans nearing retirement age, reducing their living expenses may be an important part of preparing for retirement. One of the major ways that couples can reduce their cost of living is by reducing their housing costs.  The best way is to eliminate mortgage debt completely before retirement by paying extra payments or even getting a small part-time job to pay more toward the payments.  Another way is to downsize which will not only help you with the mortgage payments but also decrease … [Read more...]

You may feel as if the holidays have already drained your bank account to the limit; however, you need to find a few dollars to start an emergency fund if you do not already have one.  Having an emergency fund is important because it allows you to pay for those unexpected emergencies without the need to dip into retirement, savings or your bill money.  It also helps you survive short periods of unemployment or lower income.  If the recession taught Americans anything, it should have taught us to … [Read more...]

If you received electronics for Christmas, you probably noticed a registration card in the box.  You are supposed to mail this little card back to the manufacturer (some registrations can be completed online) to provide the company with your personal information in order to activate or validate the warranty.  However, some companies really want your personal information for marketing purposes and some even sell your information.  It might be worthwhile to send in the warranty card for some … [Read more...]

Same-sex couples who are legally married (married in a state that legally recognizes same-sex marriages) can now file joint federal tax returns.  However, filing a joint tax return simply because a couple can do so is not necessarily the best tax move for any married couple.  Just as with any other married couple, same-sex couples should consider whether it is best for them to file individual returns or to file a joint return. There will be instances when filing individual returns will decrease … [Read more...]

In many areas around the country, the housing market now favors sellers much more than buyers.  As buyers re-enter the real estate market again, they are outnumber sellers giving sellers more control of the housing market.  Buyers must now do their homework and be prepared to deal with competing bids and sellers who are not as motivated for a quick sale as they were this time last year.  Cleaning up any credit problems and obtaining pre-approval from a mortgage lender can help buyers who find … [Read more...]

You may be familiar with the term prenuptial agreement but have you ever heard of a postnuptial agreement?  A postnuptial agreement is exactly what the name implies - -an agreement signed after you are married that works out all of the financial details should the marriage end in divorce or if the couple separates.  Because money is often one of the top reasons why couples fight, having a postnuptial agreement may help couples work through problems as they mediate the agreement. For more … [Read more...]