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More and more people are opting to rent instead of investing in the real estate market for several reasons.  This has highlighted the question of how to protect your security deposit.  A recent survey revealed that roughly a quarter of all renters lose their security deposit when they move.  In some cases, the landlord may have been justified; however, there are ways to protect your security deposit.  The best way is to document the property’s condition when you move in - - take pictures and … [Read more...]

If you have two kids and two incomes, you are not alone.  The average family in America is four - - two parents and two kids.  And raising those kids is not cheap - - over $240,000 per child.  No wonder it takes two incomes during these tough economic times.  There are budgeting strategies for mid-size families that can help keep your funds in check.  Meal planning, prioritizing spending and planning for the worst are just a few ways families budget wisely. For more read, “The Best Budgeting … [Read more...]

There are typically two types of FSAs offered by employers - - one for dependent care expenses and one for medical expenses.  In both cases, the employer deducts pre-tax dollars from an employee’s pay to be used for approved medical or dependent care expenses.  The biggest drawback is that if you do not use the money by the end of the benefit year, you lose your money.  In recent years, changes such as claims deadline extensions and benefit “loans” have made FSAs more appealing but there are … [Read more...]

The rollout of Obamacare has been plagued with computer glitches and delays.  Illinois residents, as the rest of America, are frustrated by the problems but some still want to take advantage of the program.  Illinois state officials have advised residents who are having trouble accessing the Affordable Care Act online to pick up the phone.  Call the help center to speak directly with an enrollment counselor by telephone - - you can even schedule a telephone appointment. To read about some … [Read more...]

If you have a complaint about your mortgage company, credit card or bank, you are not alone.  Illinois residents have filed over 4,500 complaints with the U.S. Consumer Financial Protection Bureau with almost one-half of those complaints being related to mortgages.  Credit card disputes also made up a large percentage of complaints that Illinois residents filed.  Bank accounts and student loans seemed to be a bigger problem for Illinois residents as the percentage of complaints related to those … [Read more...]

If you filed bankruptcy and surrendered your home, you probably expected to be finished with the matter once your bankruptcy case was closed.  However, even though you receive a discharge and are not required to pay back the mortgage if you surrendered your home, the bank must still foreclose to obtain title to the property so it can sell it.  Bankruptcy does not automatically give title of the property back to the lender - - only a deed in lieu or a foreclosure can accomplish that. For more … [Read more...]

If you are searching for a “spooky” home in Chicago, you are in luck.  According to a recent analysis, Chicago ranked third in the number of homes for sale near cemeteries. You might think that you can save money if you buy a home next to or very close to a cemetery - - you are wrong.  Homes within feet or yards of a cemetery may take a little longer to sell (and not as long as you might think) but on average they sell for more per square foot.  Homes closest to the cemetery sold for more per … [Read more...]

The government shutdown overshadowed the rollout of the Affordable Care Act (a/k/a Obamacare); however, it rolled out nonetheless.  Many parts of the Act seem confusing but one that is clear is that families with incomes at or below 400% of the federal poverty level will receive tax subsidies to help pay for health insurance.  There are two types of assistance: premium assistance subsidy to reduce health insurance premiums and cost-sharing subsidy to reduce out of pocket health care costs. To … [Read more...]

Most consumer or personal bankruptcy cases never make national news; however, when the Debtor is Casey Anthony that is not the case. From the trustee wanting to publish her story as an asset of the case to creditors suing to keep her responsible for their debts, there is nothing usual about this bankruptcy case. EquuSearch claimed it was owed over $100,000 for expenses in the search for Anthony’s daughter who Anthony already knew was dead.  In court this week, EquuSearch agreed to drop the suit … [Read more...]

For months, both sides have been fighting a war of “words” in the media stating their position about whether Detroit’s bankruptcy should be allowed to proceed. Detroit is the largest public bankruptcy in U.S. history and it took over the bankruptcy spotlight in the news even before the city’s emergency manager and his legal team filed the bankruptcy petition.  Beginning today, Bankruptcy Judge Rhodes will hear testimony and arguments from both sides on the eligibility question.  The trial is … [Read more...]