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Debtors with student loans will be interested to see how this piece of legislation comes through the grinding process of Congress. Rhode Island Senator Sheldon Whitehouse has proposed that debtors who have paid at least $10,000 in medical bills during the three years prior to filing bankruptcy be defined as “medically distressed debtors.” Any debtor falling into this category would be allowed to discharge his or her student loans through a bankruptcy. However, must agree that the legislation has … [Read more...]

Last month, the U.S. Consumer Financial Protection Bureau filed a lawsuit against a Georgia-based law firm for violating federal consumer protection laws.  The law firm has filed more than 350,000 lawsuits attempting to collect past due credit card balances. The complaint against the law firm alleges that the attorneys spend less than a minute reviewing the lawsuits before they are filed and that some consumers actually owe less than is claimed in the lawsuit and some owe nothing at all. For … [Read more...]

If you have not started your back to school checklist, you are probably not alone. Some parents already have their kids packed and ready to head back to school while others are waiting until the last moment.  However, most parents fail to remember that there are some legal to-do’s that need to be considered when getting the kids ready to head back to school. For a handy checklist of legal issues that parents should read see, “A Back-to-School Legal Checklist for Parents.” Image credit: US … [Read more...]

As more Americans are living longer, children have facing the situation of having elderly parents who need assistance with their finances.  People are outliving their retirement accounts and finding themselves in a tough financial situation.  Children who may also be struggling with their own finances now have the added responsibility of helping their parents.  Planning and communication can make this situation easier and less stressful for everyone. For more about this subject read, “When … [Read more...]

Most people are not thinking about their tax returns in the middle of the summer (unless they filed for an extension and they are scrambling to get their returns completed from last year).  However, summer is the perfect time to make some important tax moves that could save you money next April.  For example, check to ensure that you are withholding enough taxes to cover your tax liability this year.  If in doubt, increase your tax withholding now and you still have five months to catch … [Read more...]

If you are dealing with debtor collectors, you are not alone.  According to a recent report, over 35% of Americans have unpaid bills and debts that have been turned over to collection agencies.  The bills range from medical bills and credit card accounts to mortgages and student loans.  As a result, the collections industry has grown dramatically and now employs roughly 140,000 people who recover approximately $50 billion each year. For more read, “Study: 35 Percent in US Facing Debt … [Read more...]

As everyone is search for ways to lower their expenses, the cost of health care seems to always raise an issue for most people.  Health care costs continue to rise and for many people, medical bills are a leading cause of financial stress and one of the top three reasons why people seek bankruptcy relief for their debts.  However, there are ways that you can lower your health care costs to make them more manageable with your budget. For more read, “Try these 30 simple tricks to shave your … [Read more...]

Sellers are thrilled that the real estate market has rebounded because it means that they can sell their home for a profit once again.  However, sellers must still put forth some extra effort to earn a larger return on their investment.  Learning the secrets of selling your home for the best price can help you put more money into your pocket at the closing table. For five tips on how to increase your profits when selling your home read, “5 Tips for Selling Your Home for the Best … [Read more...]

Girls Gone Wild filed bankruptcy in February 2013 and the assets went on the bankruptcy auction block.  The founder, Joe Francis, was ordered to return two luxury vehicles; however, he claims that a Mexican strip club owner took the vehicles and that is why he has been unable to turn the vehicles over to the bankruptcy court.  Bankruptcy Judge Sandra Klein has ordered a $5,000 per day fine until Francis turns over the vehicles. For the full story read, “Bankruptcy Judge Sanctions Girls Gone … [Read more...]

When you are house hunting, you are probably focused on the features of the house - - how many bedrooms, the number of bathrooms, was the kitchen recently updated, etc.  However, you should be as equally interested in the type of neighborhood that you will be moving into as well.  Are there good schools and parks or are there vacant homes and a huge mall in your back yard? Learning how to assess a neighborhood can save you lots of trouble after you move into your dream home.  For tips read, … [Read more...]