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Most people assume that they have adequate homeowner’s insurance coverage; however, the biggest mistake people make is failing to understand what their policy actually covers.  Your home is probably the biggest investment that you have so you need to make sure your insurance policy is adequate to protect it in case of damage. For example, most standard insurance policies do not cover damages incurred from sewer backups - - this is an extra endorsement that must be purchased in addition to … [Read more...]

Owning your own home is the American dream; however, for many it is much more than just a place to live and raise a family.  Owning a home can also help you when tax time rolls around each year.  Tax breaks for homeowners and deductions for home-related expenses can help lower your tax obligation (even in the year when you buy or sell your home).  Of course, in order to receive many of these tax advantages, you will be required to itemize your tax deductions rather than taking a standard tax … [Read more...]

You are likely to have many questions about bankruptcy and the process of filing bankruptcy when you decide to meet with a bankruptcy attorney for the first time.  It is helpful to ask the attorney whether you should file a bankruptcy at all, as there may be bankruptcy alternatives that would be better for you in your situation. You should also discuss the type of bankruptcy you should file as well as the costs and fees associated with each type of bankruptcy case.  Lastly, always ask the … [Read more...]

The list is out for the 10 worst states for taxes in 2014 - - how does your state rank?  The Tax Foundation looks at over 100 tax provisions on a state-by-state basis to determine the top 10 worst states for taxes each year.  However, living in one of these states may mean that you are doing better economically than some of your friends living in more tax-friendly states.  Furthermore, some individuals may choose to pay higher taxes for quality schools, better public transportation or job … [Read more...]

If you want to manage your finances better in 2014, you may want to start with a look at how you manage credit.  Successfully managing your credit can help you save money and improve your credit rating with lenders and others who look at credit ratings such as cell phone providers, insurance companies and potential employers.  For tips and advice from experts about how to improve your credit rating and manage credit better this year, read “Family finances: Managing credit: tips from the pros.” … [Read more...]

When you file a Chapter 13 bankruptcy case, you will be required to file a proposed repayment plan.  The repayment plan tells the court, the trustee and your creditors how you propose to reorganize your debts.  Your creditors and other parties in interest (such as the Chapter 13 trustee) have the opportunity to file objections to your plan.  A confirmation hearing is scheduled to either confirm or deny your proposed plan.  Any objections filed will be decided by a bankruptcy judge if the parties … [Read more...]

Deciding whether to sell or rent your home can be a challenge for many homeowners in the current real estate market.  The decision is not just about money but also about whether you want the added legal and personal liability of becoming a landlord.  Before deciding to rent your home, you should consider the current demand for rental properties in your neighborhood - - is the demand for rental homes higher or lower than the demand for home purchases.  You should also consider the long-term … [Read more...]

With new health insurance requirements affecting many Americans, it is a good idea to look at how we can avoid making mistakes when buying insurance whether it is health, auto, life or home insurance.  For example, shopping for insurance based on price alone may leave you without the coverage that you need because you simply picked the lowest premium.  While you should compare costs and obtain quotes from several companies, you should also take into consideration the amount of coverage being … [Read more...]

A Chapter 13 bankruptcy case allows debtors to reorganize their debts and keep their property by repaying some or all of their debts through a three or five year repayment plan.  However, debtors must meet the requirements and qualifications set forth in Chapter 13 of the U.S. Bankruptcy Code in order to qualify to file a Chapter 13 case.  For example, debtors must have income sufficient to fund a repayment plan, complete the required credit counseling course prior to filing and have less than … [Read more...]

In response to the data breach experienced by Target and then Neiman Marcus, the U.S. Senate banking panel has scheduled a subcommittee hearing for next week to discuss the safety of consumer financial data.  Michaels Stores, Inc. is currently investigating a possible breach of consumer data.  Millions of Americans have been affected and the U.S. Consumer Financial Protection Bureau has advised consumers to monitor their accounts for fraud.  Retailers and banks are left to argue who is … [Read more...]