708-598-5999

It is never easy to file bankruptcy but once the decision is made, you then must decide whether to file under Chapter 7 or Chapter 13.  Seeking the advice of a qualified bankruptcy attorney is often the best way to decide what chapter of bankruptcy to file. However, if you are searching for a few basic pros and cons related to filing Chapter 7, FindLaw has put them in a nice little box for you to compare. You can find this on their website at “Pros and Cons of Declaring Bankruptcy under … [Read more...]

Before the Affordable Health Care Act, college students did not have many choices when it came to healthcare.  While most college students remain healthy, there are many that need health insurance coverage for emergencies or other health issues.  Now they can decide to remain on their parent’s plan, sign up for health plans through their college, purchase subsidized coverage through Obamacare, purchase a catastrophic insurance policy or apply for insurance through Medicaid.  Of course, they can … [Read more...]

Do you have enough money in your retirement account to last well into your 90s?  If not, you may need to rethink your investment strategy.  Many couples are finding themselves in a race to increase retirement money before they quit work.  Some strategies that seem to work are changing your lifestyle to live on less income to increase savings.  Another reason why your retirement accounts may not be as healthy as they should be is you are paying for the living expenses of your adult children - - … [Read more...]

Once upon a time, before the housing market collapsed, this was a fairly easy question for most people to answer.  However, now there are many more factors to consider before deciding whether to rent or buy a home.  If you are looking to make an investment, buying a home when you only have a few years until retirement may not be the best way to invest your money. Furthermore, you must consider if you are ready for the responsibility that homeownership entails - - you cannot call the landlord for … [Read more...]

If you have completed your bankruptcy case or if you are just entering the bankruptcy process, you may be wondering when and how you will ever be able to regain control over your finances when your bankruptcy case is closed.  U.S. News has published an article with 25 ways that you can overhaul, improve and gain more control of your finances in 2014.  Some of the best ideas include using Web-based tools that help you track, control and manage your money rather that it managing you. Another is … [Read more...]

It appears that the 92-year old discount clothing company will finally give up the retail ghost as it prepares to wind down and liquidate its assets.  The company filed its third bankruptcy case last week under Chapter 11 so that it could have time to pursue “a wind-down and liquidation process” through the bankruptcy courts.  The retailer tried to sell itself as an ongoing business concern last month but none of the 39 prospective buyers were interested.  A bankruptcy auction will be scheduled … [Read more...]

If you are searching for a home to purchase, you are probably already working with a lender or mortgage company to obtain pre-approval for a home loan (if not, you should be).  You will be asking your loan officer many questions; however, some questions are more important than others are.  You should always ask about the annual percentage rate you will pay and whether or not your mortgage payments will include an escrow account for taxes and insurance.  Another important question to ask is … [Read more...]

If you received notice that you were being relocated in the New Year, you may be thinking how you will find a new home so far away.  The internet is an extremely useful tool for helping buyers find a home in a new city.  You can research homes for sale in the area, school districts and other useful information about your new city.  You can also research realtors through Angie’s List and check websites before hiring a realtor.  If you have a short list, plan a quick trip to look at each … [Read more...]

Before deciding whether to purchase a new health insurance plan under the Affordable Healthcare Act or to keep your current insurance plan, you should compare several factors to determine which choice is in your best interest.  First, compare the monthly premiums. The premiums in the Marketplace vary and you may qualify for premium assistance if you choose a new policy.  Second, compare your out-of-pocket expenses under you current plan to those under a new Marketplace plan.  These costs will … [Read more...]

A new study by Avvo.com shows that 32% of the people in the study claimed credit card debt as the reason they filed bankruptcy.  Only 12% claimed bankruptcy was due to job loss and 13% claimed filing bankruptcy was because of home foreclosure.  A problem with carrying credit card debt is that interest, late fees and penalties will quickly increase the balance owed if the consumer fails to make the payments on time.  This results in a debt that is almost impossible to pay off within a reasonable … [Read more...]