If you joined a gym as part of your New Year’s resolution to lose weight and live healthier in 2014, you probably had to sign a liability waiver as part of the gym membership. The paperwork you sign when you join a gym is a contract and it is enforceable even if you fail to read the entire contract. Most gyms include some type of liability waiver in each of their contracts ranging from a total waiver (waiving all liability) to a waiver of negligence (preventing members from suing for injuries … [Read more...]
Legal New Year’s Resolutions that can help you financially in 2014
January 7, 2014 by
Most of us make some type of New Year’s resolution each year depending on what we believe will make us happier, healthier and more financially secure in 2014. If you made a New Year’s resolution to manage your personal finances better, five legal resolutions you should make include research estate planning, get your tax return completed early, manage student loan debt, learn more about Obamacare and begin to plan for retirement. To read more about each legal issue you should tackle in 2014 … [Read more...]
Are you looking for low mortgage interest rates in 2014?
January 6, 2014 by
If you are purchasing a home in 2014 and want to take advantage of the low mortgage interest rates before they disappear, you need to act quickly. To speed up the underwriting process, have documents to prove your income such as bank statements, tax returns, W2s and investment accounts ready to attach to your loan application. Because interest rates are expected to rise in 2014, try to lock in an interest rate as soon as possible. Review your credit reports and correct any problems or … [Read more...]
Should you deed your house to your children?
January 6, 2014 by
If you are thinking about deeding your home to your children, you should know several things before you sign over a deed. Deeding a home to a child may seem like a good way to avoid probate and inheritance taxes; however, it could also create more problems than it solves. For instance, even though your children will be on the deed to your home, they are under no legal obligation to pay the mortgage payments. Therefore, if you are unable to pay the mortgage the bank can still foreclose and sell … [Read more...]
Looking for additional tax deductions – these people found some odd ones that worked
January 3, 2014 by
While you might not be able to claim your in-laws as a deduction on your tax returns because you had to feed them at least once a week on Sundays for the entire year, there are people who successfully fought the Internal Revenue Service and claimed odd and extraordinary tax deductions. One man burned down his home while making illegal drugs because the building he purchased to make the drugs was faulty - - the tax court allowed the deduction even though it involved an illegal activity and the … [Read more...]
What happens when you cannot pay your student loans?
January 3, 2014 by
Student loan debt exceeds credit card debt in America and affects hundreds of thousands of people each day. More and more individuals are finding themselves in financial situations where they are unable to pay the minimum payments on their student loans much less pay them in full. When this happens, many turn to bankruptcy; however, it is very difficult to obtain a total discharge of your student loans through bankruptcy. There are other options available to you if you cannot pay your student … [Read more...]
Benefits of filing a Chapter 7 Bankruptcy case
January 2, 2014 by
Deciding to file a bankruptcy case is a big decision; however, for many it is the best alternative to their financial problems. If your income is not sufficient to pay your basic living needs and pay your debts, you may qualify to file for relief under Chapter 7 of the Bankruptcy Code. The main benefits are the filing of the bankruptcy case stops all collection actions and you can discharge most, if not all, of your unsecured debt. For more pros of filing a Chapter 7 bankruptcy, and a few … [Read more...]
How to collect money that is owed to you?
January 2, 2014 by
If someone borrows money from you but refuses to pay it back, what should you do? Would you be willing to file a lawsuit to collect the debt or forgive the debt entirely? It may be an awkward situation; however, if you are owed money it is only right that you are paid back in full. You can try a written demand letter to collect an unpaid debt but you may need to file a lawsuit if the person ignores your collection attempts. Having an attorney determine the type of loan agreement you have and … [Read more...]
Personal finances in the New Year
January 1, 2014 by
One of the number one New Year’s resolutions each year is to manage personal finances better (i.e. pay bills on time, increase savings, start retirement accounts, etc.). However, without a clear plan, many who make this resolution will lose interest quickly and allow their personal finances to suffer and falter. Therefore, stay on track and keep your resolution by meeting with a financial planner, starting on your tax returns early, reviewing your wills and estate plan and reviewing your … [Read more...]
Tax issues in 2014 you should be aware of right now
January 1, 2014 by
It is the beginning of a brand new year; however, it is not too early to be worried about the new tax laws and requirements that 2014 is bringing with it. The rich may lose a little more money under new laws but the poor may have to wait longer to get their tax refunds due to the government shutdown during 2013. Same-sex couples can now file joint tax returns (if they were married in a state that recognizes same-sex marriages) but it still might be better financially for them to file … [Read more...]
