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Over the past decade, Grammy Award winning singer Lauryn Hill failed to pay about $1 million in taxes and that error caught up with her this week. Hill reported to a federal prison in Danbury this week to begin serving a three-month prison term for tax evasion. The prison is a minimum-security facility but inmates are expected to perform duties such as food service, landscaping or maintenance. After her release, she will be confined to her home for three months of her one-year probation. … [Read more...]

Casey Anthony and the bankruptcy trustee have reached a settlement regarding the trustee’s motion to sell the rights to Anthony’s life story to help pay the nearly $800,000 that she owes. The trustee argued that the rights to her life story was an asset of the bankruptcy estate and should be sold to pay her debts but Anthony’s attorneys objected. The trustee and attorneys for Anthony have filed a joint motion request the court approve a settlement wherein Anthony will pay $25,000 to settle the … [Read more...]

Toni Braxton filed Chapter 7 bankruptcy in 2010 claiming she owed debts topping out at $50 million. Issues such as buying back some of her personal property from the bankruptcy estate and arguing over overseas income has kept the bankruptcy case open for almost three years. Last week, Braxton reached a settlement with the trustee whereby she will pay a total of $150,000 to the bankruptcy estate. She may also be able to get back some of the copyrights to songs provided that someone does not … [Read more...]

Sacred Heart Hospital filed for bankruptcy protection under Chapter 11 of the US Bankruptcy Code last week. The hospital was closed on July 1 amid a federal investigation into alleged illegal kickbacks and Medicare suspended payments to the facility. The hospital could have continued to operate; however, the owner walked away from a deal to sell the hospital and an agreement that would have kept it operating until the sale was final. For more on this story read, “Sacred Heart owner rejected … [Read more...]

The key to selling your home quickly is to turn potential buyers into offers. You can have multiple views; however, if none of those views turn into offers you will not sell your home quickly. Learning how to get multiple offers on your home will help you sell your home quickly and make the most profit. For example, if you want multiple offers then hire a realtor that has a lot of experience selling homes in your area and in your price range. For more tips read, “How To Get Multiple … [Read more...]

Unfortunately, floods and other weather related disasters often teach us a lesson about maintaining adequate books and records. When a home floods, you can lose valuable tax records that support the claims you made on your tax returns. Since the IRS does not maintain copies of supporting documents, if you are audited you are in the position of trying to “prove” to the IRS that your deductions and claims are valid without the proof to back them up. For tips on keeping tax records safe read, … [Read more...]

Your credit history can get you a better interest rate, allow you to borrow more money and save on car insurance. It can also cause you to pay more in interest or cause you not to be able to borrow money at all. You credit history is an important part of your financial health. Learning how to build a good credit history will help you maintain healthy finances. To learn about the do’s and don’ts for building a good credit history read, “Do's and Don'ts for Building a Solid Credit History.” … [Read more...]

Mercantile Bancorp Inc. field for protection under Chapter 11 of the United States Bankruptcy code citing a “decline in the financial markets” as a reason for the filing. The bank holding company, based in Quincy, reported assets worth less than $50 million and debts of more than $50 million. A deal to sell almost all of the company’s assets to United Community Bancorp Inc. for a little over $22 million is on the table but first must be approved by the bankruptcy court. For more details … [Read more...]

It can be heartbreaking to find your dream home and then the real estate appraisal comes in lower than the purchase price you agreed to in the contract for sale. When this happens, it can create multiple problems for your closing. Your mortgage company could reduce the amount it is willing to loan for the property or the seller could also refuse to lower the sales price. It may be difficult to know what to do when this happens. For what you can do in this situation read, “Low appraisal … [Read more...]

Reporting just over $3 million in assets and almost $4.5 million in debts, Cable Ready Corp. filed for protection under Chapter 11 of the US Bankruptcy Code. It is set to have its first court appearance this week when it will ask for court permission to use cash resources that are secured by lender’s claims. Cable Ready claims that without the cash it will be unable to continue to operate. Probably most famous for “Inside the Actors Studio,” Cable Ready sells TV programs to networks, airlines … [Read more...]