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Student loans are a huge problem for many people in America.  Student loans are non-dischargeable through bankruptcy making them almost impossible to get rid of short of paying off the loan in full.  Student loan companies are not willing to accept mere pennies on the dollar to settle a loan like some credit card companies and medical providers do.  If you do try to settle a student loan, you may have to offer up to 80% of the loan balance to settle in full. If you cannot settle your student … [Read more...]

With the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 set to go into effect on January 1, 2014, consumers may find it more difficult to get a mortgage next year.  According to the provisions of the Act, lenders may have to deny customers for a mortgage next year who would otherwise qualify for a mortgage this year.  An estimated 48% of individuals who would qualify for a mortgage today will not quality in 2014. For reasons why and tips you can use read, “Qualifying for a … [Read more...]

The Affordable Care Act has been in the news almost non-stop since it rolled out; however, few people understand all of the details of how this law affects them.  For example, the administration promised individuals could keep their current insurance plan under the Act.  In fact, only individuals that have policies dating back to March 2010, when the Act became a law, will be allowed to keep their current policy if the policy has not been changed by the insurance company. For more of the true … [Read more...]

There has been a lot of talk recently about income taxes.  This is probably because as the end of the year ends, there are only a few more weeks to take advantage of ways to lower the amount of taxes you will owe for 2013.  For example, if you are receiving a year-end bonus, defer the bonus to January so that you will not be taxed on it for 2013.  If you are self-employed or an independent contractor, you may want to mail your November and December invoices in January to avoid paying more taxes … [Read more...]

Some lenders allow customers to skip a payment once a year – and the offers roll in especially around the holidays.  If you are skipping a payment to spend money that you really cannot afford, this may be a poor choice on your part.  However, if you are in a bind it is better to take advantage of the skip payment rather than not make a payment at all.  The problem arises when you skip a payment on a very high interest, low monthly payment loan as that one skipped payment could add more than a … [Read more...]

With the housing market picking up or for homeowners that need to move but cannot sell their current home, it may be tempting to become a landlord. Before jumping in, you should investigate the laws regarding landlords and tenants, have an attorney draft a rental agreement to protect you and consider what rules and conditions you want to stipulate for your tenants.  Background checks on tenants and rental deposits are great first steps to protect you and to protect your property. For more … [Read more...]

It is not even the end of the year yet; however, tax professionals are already warning taxpayers about inviting an IRS audit.  The IRS processes billions of documents each year but they, or their computers, will flag your return if you do certain things to invite red flags.  Common ways to invite an audit include claiming large charitable contributions, having a home-based business and claiming a loss on a hobby.  Being too wealthy can invite an IRS audit just like being a tax protestor … [Read more...]

In the ongoing Detroit bankruptcy battle, the appointment of an emergency manager for Detroit was again in the spotlight this week. Bankruptcy Judge Steven Rhodes denied a motion by the NAACP to pursue a lawsuit involving the constitutionality of the law that allows for the appointment of emergency managers.  The NAACP alleged in court that the emergency manager law violates equal protection and voting rights.  Judge Rhodes questioned whether this suit was truly about the law or only about the … [Read more...]

When you file bankruptcy, your mortgage is considered a secured debt that must be dealt with even after the bankruptcy is complete.  If you intend to keep the house, you will need to continue the payments.  If you file a Chapter 7 and are behind in your payments, the bank may chose to foreclose after the bankruptcy case is complete or it may work with you to catch up the arrearage.  Many factors impact what will happen with your mortgage after your bankruptcy is complete. For more information … [Read more...]

Citing a decrease in the popularity of golf during the recession, Edwin Watts Golf Shops, LLC filed for bankruptcy relief under Chapter 11 this week.  Some stores are expected to continue to operate but the exact number is not known.  The exact total owed by the company is not yet known but court documents reflect liabilities between $100 and $500 million.  An auction is expected to be held by December 6 with an initial stalking horse bid already in place. For more details about this … [Read more...]