Chicago Bankruptcy Lawyer Blog

Living in fear is no way to spend your life, but living in denial can be just as bad. Yet that's what millions of Americans are doing in today's unstable job market.

Despite the fact that one out of every 10 workers is unemployed and 55 percent of Americans fear they could soon lose their job, we're doing almost nothing to prepare for a possible layoff, according to MSNBC.com. Almost half of workers say they don't have enough money to pay the bills for just one month without a paycheck.

No one likes to think about the worst case scenario. But facing your fears and preparing for the worst today can ease your pain - and pad your wallet - just in case your luck runs out tomorrow.

Continue reading "Saving Money Today Can Help Chicago Workers Deal With Unemployment Tomorrow" »

You might not be in school anymore, but retailers are doing their darndest to get you back to school shopping.

After several years of slumping sales, stores are using aggressive new tactics to move their merchandise. And they're focusing all their efforts on the fall season and - before you know it - the holidays. So how are retailers getting customers to buy things they don't need with money they don't have?

By putting on the pressure, say Chicago bankruptcy attorneys.

Continue reading "How to Save Money on Back to School Shopping This Fall" »

When you're out of work and without a paycheck, finding a new job can feel like it's taking forever - especially when you're also struggling to pay your credit card bills and the mortgage. But all that legwork can pay off in more ways than one.

Of course, the best case scenario is that you find a well-paying job quickly. But even if you don't, you can get a financial break in the meantime by deducting money you spent on your job search, say Chicago bankruptcy attorneys.

Despite the debate over if or when the economy will recover, millions of Americans remain jobless. Those who have been out of work for six months or more were recently cut off from jobless benefits for seven weeks during a congressional standoff that ended last week. But what didn't get cut off is a series of tax deductions for job searches.

Continue reading "Tax Breaks Help Unemployed Chicago Workers Pay for Job Search" »

When it comes to consumer spending, our country suffers from short-term memory loss.

Sure, the recession has most of us balancing a budget, pinching pennies and generally thinking more about how we spend our hard-earned dollars. But when the economy picks up, many folks will go back to our old, sometimes irresponsible ways. Case in point: buying new cars.

Back a few years ago, it seemed that everyone had to have a brand new vehicle. It was a status symbol. If we couldn't afford to buy a car, we leased one. But not surprisingly, those new cars proved to be bad investments when the economy took a nosedive.

Continue reading "Used Cars Get the Job Done Without the Debt and Depreciation" »

You know the thrill you get when you discover a $5 bill hiding in your pants pocket? Imagine how you'd feel if you found $500 in there.

OK, so you're not likely to stumble on half a grand in your jeans. But believe it or not, it's not uncommon for folks to forget about similar sized chunks of money hidden in old bank accounts, safe-deposit boxes or insurance policies, say Chicago bankruptcy attorneys. And there's a new way to help you turn up buried treasure - money you might be able to use to pay the bills.

Continue reading "Finding Missing Money Is One Way Chicago Residents Can Help Pay Off Debt" »

Sometimes the most important thing we learn about in college isn't in our textbooks: debt.

With college tuitions at an all-time high, more students than ever are taking out loans - and now, they're defaulting in record rates. Over 30 percent of community college students defaulted on loans, according to The Chronicle of Higher Education. That number climbs to 40 percent for loans made to students at for-profit universities.

It's hard to make ends meet when you're going to school and working - heck, even when you're finished with school and working. But having thousands of dollars in unpaid student loans can haunt your finances well into the future, say Chicago bankruptcy attorneys. And while discharging student loan debt isn't as simple as it used to be, there are options available.

Continue reading "Record Number of Chicago College Students Default on Student Loans" »

If you can't beat 'em, join 'em - at least, that's what big banks are doing.

After their effort to stop the financial reform bill failed with the overhaul's passage Thursday, banks have no choice but to play along - but they're playing on their own terms, according to Chicago bankruptcy laywers. That's bad news for the many folks struggling with large debts.

For instance, new debit rules in the legislation decrease the interchange fee - the amount that retailers must pay to banks for debit card transactions. So while more retailers might start accepting debit - a benefit for consumers who want more payment options - banks plan to make us pay elsewhere.

Continue reading "Banks Are Back to Old Tricks and New Fees after Financial Reform Bill Passes" »

It looks like the financial reform bill will pass - though just barely. But what does it mean for you - and specifically, for that debt you're carrying around?

If all goes according to plan, the overhaul will do more than aim to avert another financial crisis, say Chicago bankruptcy attorneys. It will alter the way we use our credit and debit cards and qualify for a home loan. What it won't do, however, is automatically solve all our debt problems. That's still up to us.

Continue reading "Pros and Cons of Financial Overhaul Bill for Chicago Consumers" »

Worried you have a bad credit score? You're definitely not alone.

More than a quarter of Americans now have a credit score of 599 or less, which categorizes them as a poor risk to lenders - that's 2.4 million more people than before the Great Recession, according to a recent report by FICO, Inc. That means more folks than ever will have trouble securing car loans, getting a good mortgage rate and qualifying for new credit cards.

But there's hope.

Continue reading "Bankruptcy Can Help Improve Decreasing Chicago Credit Scores " »

There's a big difference between debt relief and debt relief. And no, that's not a typo.

You've probably heard the advertisements on the radio and read them on the Internet - so-called debt relief companies claim they can negotiate with your creditors in order to get your debt paid off. They promise you'll have a low monthly payment and freedom from debt in just a few years, or even a few months. How can you go wrong, right?

But just because a company has "debt relief" in its name or slogan, that doesn't mean they can get the job done.

Continue reading "Bankruptcy Can Sometimes Lower Debt When Chicago Debt Relief Companies Can't" »

By now most of us are savvy to the most popular phishing scams - you know, those phony e-mails we get claiming to be from some rich person overseas who wants to wire money to our account.

But scams are always evolving. It's not enough simply to watch out for a name we don't recognize or a suspicious e-mail. In fact, we even need to be vigilant when dealing with e-mails that look legit, according to Chicago bankruptcy attorneys. Scammers are increasingly posing as familiar institutions - for instance, our bank, credit card company or online brokerage account. And many customers are falling for it - and losing money in the process.

Continue reading "New Scams Aim to Steal Money From Accounts of Chicago Bank Customers" »

One day we're discussing the end of the economic downturn - the next, we're speculating about whether we're in a double-dip recession.

What's the moral of the story? You just can't trust the economy - so you've got to trust yourself.

Sure, things seem bad right now. But if you look at the past, you'll see that economic history is punctuated by a series of ups and downs. Some say we're experiencing a double-dip now, others say we're not. The truth is, it doesn't matter, say Chicago bankruptcy attorneys. What matters is the state of our finances. Because if they're prepared to weather any economic storm, we'll be prepared as well. And if the storm never comes? Look at is as free financial insurance.

Continue reading "Chicago Residents Prepare Finances for a Possible Double-Dip Recession" »

You know that you should get help when debt has taken over your life. But what if you're too embarrassed to ask?

Many folks are so afraid they'll be judged by friends and family that they keep their financial problems secret. Unfortunately, not taking action usually means sinking deeper and deeper into debt.

Considering that millions of Americans are either without a job, facing foreclosure or thousands of dollars in debt - or all of the above - there's nothing to be ashamed about. But if you truly feel you can't talk to your loved ones, there's another way to find free financial advice - the power of the Internet.

Continue reading "Free Financial Websites Get More Sophisticated About Lowering Debt" »