Chicago Bankruptcy Lawyer Blog

Holidays are all fun and games - until you have to pay for them.

Halloween seems to kick off a spending spree that doesn't stop until January. Between candy, food, parties, and gifts, it might seem like you only have two choices - partake and wind up with a mountain of debt, or save money but go without. But you might be able to have the best of both worlds thanks to an abundance of holiday - and year-round - deals and freebies, say Chicago bankruptcy attorneys.

Continue reading "Chicago Shoppers Take Advantage of Free Offers Over the Holidays" »

Something scary is on its way to your door, and I'm not talking about trick-or-treaters.

It's property tax season. And if it isn't bad enough that many of us have to pay a property tax bill on top of credit card bills and an expensive mortgage, it looks like that tax bill might be unfairly overpriced. As much as 60 percent of properties in the U.S. may be overtaxed, according to the National Taxpayers Union. Fortunately, there may be a way to lower your tax obligation, say Chicago bankruptcy attorneys.

Continue reading "Chicago Homeowners May Be Able to Lower Property Tax Bill" »

Being a responsible credit user might do more than just boost your credit score. According to Smart Money, it can help free you from paying interest.

Back before the recession, it was common for people with decent credit scores to receive pre-approvals for the much sought-after 0% APR credit cards - in other words, cards that didn't charge interest on new purchases or balance transfers for a certain period of time. Those offers all but evaporated for everyone, good credit or not, in the past few years. But now it appears they're back - and you might be able to take advantage by cleaning up your credit, say Chicago bankruptcy attorneys.

Continue reading "Comeback of 0% Introductory Rate Credit Cards Can Help Chicago Consumers" »

Imagine that you could set a spending limit for your credit card - when you reach the limit, it simply stops working. Sounds like a great way to stick to your budget, right?

Many consumers are doing just that with prepaid debit cards, the reloadable Visa, MasterCard, American Express, or Discover cards you can buy at the grocery store or drugstore, according to a story on MSNBC.com. Shoppers trying to save money like how the cards help control spending, can't harm their credit, require no minimum balance and come with no bank fees. Unfortunately, that doesn't mean they come without any fees - quite the contrary, say Chicago bankruptcy attorneys.

Continue reading "Are Prepaid Debit Cards a Budget Tool or a Bust for Chicago Consumers?" »

As if you need another excuse not to use debit and credit cards, now it looks as if paying with plastic can sabotage your health.

According to the Journal of Consumer Research, people are more likely to splurge on unhealthy, impulse buys - think potato chips, candy and super-sweet coffee drinks - when we pay with a card. That's the bad news. The good news is that you have the power to clean up your debt and your diet by changing your mindset, say Chicago bankruptcy attorneys.

Continue reading "Paying With Credit or Debit Can Lead Chicago Consumers to Make Impulse Buys" »

The way your credit card issuer and cable company tell it, you can save a fortune - not to mention the environment - by switching to paperless billing. But while there are certainly benefits to paying your bills online, it's the businesses billing you who stand to do most of the saving by cutting down on paper and postal costs, say Chicago bankruptcy attorneys.

What these companies don't tell you is that there are some potentially pricey problems that can crop up with going paperless, especially if you're in debt. Fortunately, if you take the time to make a careful transition to online bill pay, you can join in the savings.

Continue reading "Going Paperless Can Have Pros and Cons for Chicago Bill Payers" »

There's a reason the old saying goes "fool me once, shame on you, fool me twice, shame on me."

Mistakes aren't always so bad - if we learn from them. At least, that's the gist of a recent column on Money Talks News. Author Stacy Johnson, a CPA and stock broker, cops to making many of the most common money mistakes - including buying high and selling low. It's what most folks instinctively do when they're struggling to pay the bills during a recession. But as Johnson says, it's not the logical thing to do. By ignoring investor panic and focusing on logic, she finally learned how to turn lemons into lemonade - and hopes to help others do the same.

Continue reading "Learning From Money Mistakes Can Help Chicago Debtors Find Financial Freedom" »

It's still a shot in the dark, but there's a possibility that some foreclosed homes could be returned to their owners, according to Chicago bankruptcy attorneys.

Officials in every state across the U.S. - including Washington D.C. - are investigating improperly handled documents and illegal activities that may have allowed lenders to foreclose on thousands of homeowners who should not have lost their properties, according to the AP Press - things like signing documentation without a required witness, having signatures given by employees who didn't know anything about the material in the documents or - even worse - by people who hadn't even read the papers.

Continue reading "State Officials Across the U.S. Investigate Legality of Foreclosures" »

Once upon a time, ghouls, goblins and guys in hockey masks with chainsaws were the scariest part of Halloween. Unfortunately, the frightening characters haunting us this year are a lot more real.

If you've got a lot of debt, you know what I'm talking about - bill collectors. With the economy in the dumps, debt collection agencies are getting even more aggressive than usual. The FTC receives tens of thousands of complaints each year about bill collectors that overstep their bounds, harassing folks over the phone at work, name calling and threatening to seize property and wages or even throw us in jail. These kinds of strong-arm tactics are illegal, and there's a way to put a stop to them, according to Chicago bankruptcy attorneys.

Continue reading "Aggressive Bill Collectors Use Illegal Scare Tactics to Intimidate Chicago Debtors" »

It's not news that using credit cards has some drawbacks - namely, the risk of accumulating overwhelming debt.

But credit also comes with some conveniences, such as a quick way to make purchases, an organized monthly statement and (assuming you're using your card wisely) the ability to build credit. So how do Chicago consumers strike a balance between the good and the bad? According to CreditCards.com, there are some universal cues that will warn you when it's best to keep your card safely in your wallet. Here's our summarized version.

Continue reading "Best and Worst Times for Chicago Credit Card Carriers to Use Plastic" »

Getting money for stuff you don't even use is a good feeling. As someone who regularly digs through her closet for old clothes and unwanted gifts to pawn on eBay or Craigslist, I know from experience. But there are some things that even I won't sell - including gold.

As I'm sure you've heard, gold prices have been on a remarkable upward climb - the metal was at more than $1,300 per ounce as of yesterday. But you may not want to go dumping your family's golden heirlooms to pay the bills just yet, say Chicago bankruptcy attorneys. According to a recent TODAY Show investigation, scams and rip-offs abound for consumers in today's gold market.

Continue reading "Why Cashing In On Gold's High Price May Not Be Such a Golden Opportunity" »

It's enough that we have to worry about our IRAs and 401ks. But what about these new HSAs?

Believe or not, insurance companies aren't trying to make our heads spin. Health Savings Accounts - savings funds where we can stash money for potential medical-related expenses - might be the ticket to affordable health insurance for many Americans, according to Chicago bankruptcy attorneys. Just how much you'll benefit from an HSA depends on your unique financial situation.

Continue reading "Health Savings Accounts Have Pros and Cons for Chicago Insurance Customers" »

By now, most of us know that applying for credit cards left and right will have a negative effect our credit score. But not all credit inquiries are created equal.

Lots of folks today are paranoid that any kind of credit inquiry will hurt their credit - including a potential employer's request to see a credit report, or even a request to view our own credit history. It makes sense that we're skittish, considering how many Americans are overwhelmed by debt and barely able to make ends meet, say Chicago bankruptcy attorneys. But by avoiding our credit report completely, we could be doing more harm than good.

Continue reading "How Credit Inquiries Really Affect Your Credit Report" »