Some people may think it is better to withdraw all of their savings before filing bankruptcy. However, if you attempt to hide money you are committing bankruptcy fraud. It is better to leave the money where it is until you talk to an attorney. There are federal exemptions, and most states have their own exemptions, that protect certain assets from creditors in bankruptcy. A bankruptcy attorney can advise you the best way to protect your assets by utilizing the exemptions provided by state … [Read more...]
IRS allows married gay couples to file joint returns
September 7, 2013 by
Last week the Obama administration announced that married gay couples do not need to live in a state that recognizes gay marries to file joint tax returns. This will not apply to state tax returns or Social Security. The new rules take effect on September 16 and apply to all federal taxes as well as gift and estate taxes. The new rules only apply to legal marriages and not to civil unions or domestic partnerships. For more read the full story at, “IRS: Married gay couples can file joint … [Read more...]
Unions want answers from Gov. Rick Snyder
September 6, 2013 by
As the Detroit bankruptcy case continues, unions objecting to the case want to put Gov. Rick Snyder in the hot seat to answer questions about how they decided to put the city into Chapter 9. They are also seeking to depose several key state officials and advisors including the state’s treasurer, auditor and the legal advisor for the state Department of Treasury. The unions want answers but attorneys for the Michigan Attorney General’s Office want the subpoenas quashed. Both parties hope the … [Read more...]
Steps for filing bankruptcy
September 6, 2013 by
Before filing bankruptcy, you want to consider all of your options. Some financial situations are best handled through the filing of a bankruptcy; however, there are a few instances when filing a bankruptcy might not be in your best interest. Meeting with an experienced bankruptcy attorney is your first step in preparing to file a bankruptcy. You will need to be able to discuss your income, expenses, debts and assets with your attorney. A bankruptcy attorney will help you decide what chapter … [Read more...]
How to get more money out of your paycheck
September 4, 2013 by Leave a Comment
If you need money now and you anticipate receiving a tax refund next year, you do not need to wait until you file your tax returns to get your money. By changing your withholding on your W-4, you can tap into some of that hard-earned cash right now. Most Americans receive tax refunds each year which means that they are over-withholding during the year. By changing your deductions, you can tap into that extra cash right now. This will mean that you will receive less money back when you file … [Read more...]
Help for Illinois renters fighting foreclosure
September 4, 2013 by
A new law, signed by Gov. Quinn, provides help for tenants who are living in residential property that has been foreclosed. The law states that the new owner must either give the tenants adequate time to move or honor the existing lease at the time of foreclosure. The law will help prevent those who rent their home from being displaced and homeless just because the owner failed to pay the mortgage and the bank foreclosed. It strengthens tenant rights and provides more stability for … [Read more...]
Tax break for moving expenses
September 4, 2013 by Leave a Comment
As unemployment continues to be a problem in many American communities, more and more people are finding it necessary to move in order to find another job. If you have found a new job is at lest 50 miles farther from your home that your previous job and you are moving, you may be able to deduct some or all of your moving expenses on your tax return. You may even be able to deduct expenses related to your job search. You must be able to document the expenses and fill out the appropriate IRS … [Read more...]
Medical bills cause more bankruptcies
September 4, 2013 by Leave a Comment
A study by CNBC estimates that 2 million bankruptcies will be filed this year because of medical debts. The rising health costs are forcing people to file bankruptcy due to financial burdens placed on them because of medical bills. Even with insurance, many face high deductibles that they cannot afford to pay out of pocket. Some turn to credit cards to pay the medical bills while others are forced to deal with collection agencies and even judgments because they cannot pay the bills. Either … [Read more...]
Did your employer file bankruptcy?
September 3, 2013 by Leave a Comment
Employees may worry about what will happen to them if they have to file bankruptcy; however, most employees never think about what may happen if their employer files for bankruptcy relief. With so many companies facing financial problems, the number of companies filing for bankruptcy relief is increasing. What will happen to your employee benefits, retirement and other benefits? Will the company continue to operate or shut down? The first think you should do is contact a bankruptcy attorney … [Read more...]
Can bankruptcy improve my credit score?
September 3, 2013 by Leave a Comment
Most people are worried that if they file bankruptcy their credit score will drop even lower than it may already be. However, in some instances filing bankruptcy may actually help increase your credit score. You may see only modest increases during the first year after bankruptcy but the key to remember is that filing bankruptcy helps clean up your credit. After eliminating debts through bankruptcy, you can begin with a clean slate and start to rebuild your credit score without the baggage … [Read more...]
