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No one borrows money or goes into debt with the intention of filing bankruptcy.  Most people borrow money when emergencies arise or things come up.  However, there are circumstances that happen to prevent people from paying their bills as they intended. This is when bankruptcy may be the best option to alleviate the debt burden.  If you are struggling to pay your debts but the balances do not go down or you find yourself borrowing money to pay back money, you need to consider bankruptcy. For … [Read more...]

According to financial guru Suze Orman, filing bankruptcy is a better option than sticking your head in the sand and ignoring the problem.  Clients may not like the idea of filing bankruptcy; however, it is a stark reality for many.  By not paying your bills and ignoring the situation, you are still coming to the same result as if you file a bankruptcy - - you bills are not paid. The difference is that your creditors can sue you and obtain judgments without a bankruptcy but with a bankruptcy, … [Read more...]

Most sellers avoid the holidays because the days are shorter, people are busy with holiday activities and the weather may not permit potential buyers from seeing the curb appeal of a home.  However, sellers that are marketing their home during the holidays are usually very motivated to work out a deal to sell the home as quickly as possible. Potential buyers can use this motivation to their advantage to find some great deals on homes during the holidays. To find out why you should buy a home … [Read more...]

A 79-year old widow was forced into bankruptcy when she could not pay her creditors and, in her words, they “threatened to take me to court.”  What should have been a simple no-asset Chapter 7 bankruptcy case has turned into a two-year battle that is now waiting to be heard by a federal appeals court. At issue, the debtor’s rent-controlled apartment.  Her landlord, not a creditor as she has remained current on rent, offered to buy the lease.  The bankruptcy trustee agreed that this lease is an … [Read more...]

Senior citizens are often the targets of financial scams for several reasons.  Seniors typically have some type of retirement money or savings account built up and they usually own their home and other assets.  They are less likely to report the fraud because they are unfamiliar the system or do not even realize they have been scammed.  Con artists often use products or services that appeal to senior citizens such as products that will make them healthier or more secure physically as well as … [Read more...]

On Tuesday, attorneys representing city unions, retirees and creditors argued in bankruptcy court that Detroit’s bankruptcy violated Michigan’s constitution.  They argued that ceding control of the city’s finance to the federal government, through bankruptcy, was unconstitutional.  On Wednesday, they argued the legality surrounding the appointment of the emergency manager for Detroit - - the state Legislature and the Governor to enacted a law permitting the appointment even after a failed … [Read more...]

The IRS may be closed due to the government shutdown but it will reopen and resume sending taxpayers those dreaded notices that it is questioning something on a tax return.  Before you panic, take time to read the notice thoroughly. It may be something very simple that can be taken care of quickly and without a lot of stress.  If you do not understand the notice, call the IRS and ask as many questions as necessary so that you understand the notice.  If all else fails, schedule an appointment … [Read more...]

If you are looking for ways to decrease your 2013 tax obligation, you may want to take advantage of some tax breaks that are scheduled to end this year if Congress does not take action to extend them.  You could make some much-needed repairs or improvements to your home and, if they make your home more energy efficient, you could get a tax credit of up to $500.  Are you searching for a new vehicle?  Consider an electric vehicle to save energy and to get a tax credit. For six more tax credits … [Read more...]

The fight continues over Obamacare.  One of the many elements that the parties cannot agree upon is the excise tax on medical devices.  There is some confusion as to what a medical device is and who will be paying this tax.  For example, bandages and tongue depressors are considered medical devices and will be taxed if sold to a hospital or other medical provider.  However, the average consumer purchasing those items for personal use at a store would not pay the tax.  There are also exemptions … [Read more...]

In many areas, the value of your home determines the about of property tax that you will pay to your local taxing authority.  While you want your home to be worth as much as possible when you list it for sale, having a high value for tax purposes means you pay more each year in property taxes.  If you feel that your home is over-valued for tax purposes, you can appeal.  However, it may turn into a long process that will require, at the very least, a current appraisal.  You may even need the … [Read more...]