Each state has specific laws that govern how long a creditor has to act to collect a bad debt. Some states have longer status of limitation than others do; however, the fact remains that the creditor must act within those time frames if it intends to enforce its rights under the law to collect a bad debt. However, creditors will not tell you that time limits have passed if they believe they can still get you to pay the debt. And unfortunately, in some states bill collectors and creditors have … [Read more...]
Reducing Housing Costs Before Retirement
For Americans nearing retirement age, reducing their living expenses may be an important part of preparing for retirement. One of the major ways that couples can reduce their cost of living is by reducing their housing costs. The best way is to eliminate mortgage debt completely before retirement by paying extra payments or even getting a small part-time job to pay more toward the payments. Another way is to downsize which will not only help you with the mortgage payments but also decrease … [Read more...]
Set up your 2014 Emergency Fund now
You may feel as if the holidays have already drained your bank account to the limit; however, you need to find a few dollars to start an emergency fund if you do not already have one. Having an emergency fund is important because it allows you to pay for those unexpected emergencies without the need to dip into retirement, savings or your bill money. It also helps you survive short periods of unemployment or lower income. If the recession taught Americans anything, it should have taught us to … [Read more...]
Is registering for product warranties really necessary?
If you received electronics for Christmas, you probably noticed a registration card in the box. You are supposed to mail this little card back to the manufacturer (some registrations can be completed online) to provide the company with your personal information in order to activate or validate the warranty. However, some companies really want your personal information for marketing purposes and some even sell your information. It might be worthwhile to send in the warranty card for some … [Read more...]
Filing tax returns for same-sex couples
Same-sex couples who are legally married (married in a state that legally recognizes same-sex marriages) can now file joint federal tax returns. However, filing a joint tax return simply because a couple can do so is not necessarily the best tax move for any married couple. Just as with any other married couple, same-sex couples should consider whether it is best for them to file individual returns or to file a joint return. There will be instances when filing individual returns will decrease … [Read more...]
Finding a house in a seller’s market
In many areas around the country, the housing market now favors sellers much more than buyers. As buyers re-enter the real estate market again, they are outnumber sellers giving sellers more control of the housing market. Buyers must now do their homework and be prepared to deal with competing bids and sellers who are not as motivated for a quick sale as they were this time last year. Cleaning up any credit problems and obtaining pre-approval from a mortgage lender can help buyers who find … [Read more...]
Do you need a Postnup Agreement?
You may be familiar with the term prenuptial agreement but have you ever heard of a postnuptial agreement? A postnuptial agreement is exactly what the name implies - -an agreement signed after you are married that works out all of the financial details should the marriage end in divorce or if the couple separates. Because money is often one of the top reasons why couples fight, having a postnuptial agreement may help couples work through problems as they mediate the agreement. For more … [Read more...]
Colorado’s proposed tax credit for Obamacare penalty
Legislators in Colorado have proposed legislation that would create a state tax credit to offset the federal penalty for state residents who are penalized for not purchasing health insurance. The bill will be introduced in January when the state’s legislative session convenes. It is not certain whether the bill will pass; however, if it does that raises questions if other states may then follow suit with their own state tax credits. To read the full story see, “Colorado bill would use tax … [Read more...]
Looking to sell your home – – tap into the Chinese buyers market
If you have the right home, you may be able to sell it quickly if you tap into the fastest growing market of foreign buyers - - the Chinese. The Chinese looking to buy homes in the United States favor brand new or like-new homes that have extra amenities. Chinese buyers are knowledgeable about the area they are looking to buy and they are interested in investing in quality properties. Top cities include New York, Detroit and Chicago. For the full story read, “How to Sell Your House to … [Read more...]
Last minute exemption for some under Obamacare
If you are one of the roughly 500,000 Americans that meet criteria to claim the newest hardship exemption, you will be exempt from the requirement to buy insurance under the Affordable Care Act. Many Americans were shocked when their current health insurance policies were canceled after being assured they would be able to retain these policies under Obamacare. There are 14 hardship exemptions contained within the law including a recent bankruptcy filing or recent eviction. However, this newest … [Read more...]