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With the housing market picking up or for homeowners that need to move but cannot sell their current home, it may be tempting to become a landlord. Before jumping in, you should investigate the laws regarding landlords and tenants, have an attorney draft a rental agreement to protect you and consider what rules and conditions you want to stipulate for your tenants.  Background checks on tenants and rental deposits are great first steps to protect you and to protect your property. For more … [Read more...]

It is not even the end of the year yet; however, tax professionals are already warning taxpayers about inviting an IRS audit.  The IRS processes billions of documents each year but they, or their computers, will flag your return if you do certain things to invite red flags.  Common ways to invite an audit include claiming large charitable contributions, having a home-based business and claiming a loss on a hobby.  Being too wealthy can invite an IRS audit just like being a tax protestor … [Read more...]

In the ongoing Detroit bankruptcy battle, the appointment of an emergency manager for Detroit was again in the spotlight this week. Bankruptcy Judge Steven Rhodes denied a motion by the NAACP to pursue a lawsuit involving the constitutionality of the law that allows for the appointment of emergency managers.  The NAACP alleged in court that the emergency manager law violates equal protection and voting rights.  Judge Rhodes questioned whether this suit was truly about the law or only about the … [Read more...]

When you file bankruptcy, your mortgage is considered a secured debt that must be dealt with even after the bankruptcy is complete.  If you intend to keep the house, you will need to continue the payments.  If you file a Chapter 7 and are behind in your payments, the bank may chose to foreclose after the bankruptcy case is complete or it may work with you to catch up the arrearage.  Many factors impact what will happen with your mortgage after your bankruptcy is complete. For more information … [Read more...]

Citing a decrease in the popularity of golf during the recession, Edwin Watts Golf Shops, LLC filed for bankruptcy relief under Chapter 11 this week.  Some stores are expected to continue to operate but the exact number is not known.  The exact total owed by the company is not yet known but court documents reflect liabilities between $100 and $500 million.  An auction is expected to be held by December 6 with an initial stalking horse bid already in place. For more details about this … [Read more...]

There is a lot to think about when you are shopping for a new home.  Whether it is a dream home in the suburbs or a condominium in the middle of Chicago, you have many decisions to make.  One decision is the type of kitchen that you want.  Things to consider include how much counter space you need and what type of material do you want to use for countertops.  Another element of a great kitchen is the cabinet and pantry storage as well as the appliances and the overall layout and design. For … [Read more...]

When you buy a home, a 30-year mortgage sounds like forever.  However, if you make a plan to pay your mortgage off faster you can save money by cutting the interest you pay over the life of the loan.  Committing certain funds for the express purpose of paying down your mortgage will help you reach your goal faster.  For example, use your tax refunds each year to pay down the principal.  Instead of thinking of tax refunds as “free money” think of them as a way of getting out from under your … [Read more...]

The U.S. Bankruptcy Code requires that all debtors complete a mandatory bankruptcy credit counseling course within 180 days prior to filing for bankruptcy protection.  Counseling agencies must be approved by the U. S. Trustee’s Office for their services to be accepted by the Bankruptcy Court.  After a bankruptcy case has been filed, a debtor is required to attend a mandatory debtor education course designed to educate the debtor on issues such as budgets, savings, credit cards, etc.  Debtors who … [Read more...]

A secured debt is a debt that you owe that is secured by collateral such as a car loan, mortgage or boat loan.  The debt can be tied to a specific item that can be seized or repossessed if you do not pay the debt.  An unsecured debt is not linked to an asset and they include credit cards and medical bills.  Both debts are included in bankruptcy; however, the debts are handled differently depending on the chapter of bankruptcy filed and if you want to retain the asset. For more information … [Read more...]

In today’s world, if you want get ahead, you must start early.  Twenty-somethings are facing student loan debt, business start-up costs and very little emergency savings as they try to enter the business world.  Then they must worry about long-term goals and retirement while they try to balance their present financial situation. Many are tempted by credit cards as a way to fund expensive lifestyles.  Good financial advice is the key to starting down the road to financial success. Read, “The … [Read more...]