Chicago Bankruptcy Lawyer Blog

Ultimately the holiday season is just one big juggling act. We strive to find a balance between work and home, between friends and family and - maybe most importantly this year - between spending and saving money.

Fortunately there are simple ways to counteract all that spending we seem to be doing, say Chicago bankruptcy attorneys. And if you can find a way to limit your purchases this year, you won't only come out even when January rolls around - you might actually come out ahead. How? By lowering the costs of some everyday expenses.

Continue reading "Ways Chicago Consumers Can Save Money on Everyday Expenses" »

Move over Black Friday. Small Business Saturday is here. And the timing couldn't be better.

American Express is hoping to encourage shoppers to spend locally this season, starting today. In fact, the credit issuer is offering $25 in spending credit to the first 200,000 people who register American Express cards today on the Small Business Saturday website, according to Chicago bankruptcy attorneys. But before you write the whole thing off as an expensive marketing campaign, think about this - it makes financial sense.

Continue reading "Small Business Saturday's Strategy Is Good for the Economy and Chicago Shoppers" »

What's the easiest way to save money this holiday season? It might be as simple as treating the holidays like, well, holidays - and you can start today.

Think about it. Today was once a day to spend with loved ones, giving thanks for food and family. Just like Christmas was once a time to celebrate the birth of Jesus - a time to focus on faith and, once again, family. But this year, it seems like the holidays have become one big excuse to go shopping. Apparently we can't even wait until Black Friday - for the first time ever, many major retailers are open on Thanksgiving, according to Chicago bankruptcy attorneys. We all know businesses need a boost - the problem is, most of us have bills to pay.

Continue reading "How Chicago Families Can Save Money By Relaxing On Thanksgiving" »

If you're more worried about turkey, pies and grocery bills than your taxes this week, you're not alone. But there's a reason you might want to take time out from your hectic holiday schedule to check on your tax situation - especially if you're looking for ways to help lower debt, say Chicago bankruptcy attorneys.

Turns out that more than 100,000 Americans are eligible for a piece of a $164 million pie that the IRS is hoping to serve up this fall. That's the amount of tax refunds that couldn't be delivered this year due to incorrect addresses.

Continue reading "Didn't Get a Tax Refund This Year? Uncle Sam Might Be Looking For You" »

Some Chicago homeowners will have a lot more to give thanks for than the food on their Thanksgiving table, according to recent foreclosure statistics.

Delinquency rates on house payments recently fell to their lowest point nationwide since the beginning of last year. Experts are pointing to a couple of reasons. First the good news: between the economy improving and more people saving, the number of borrowers missing their first mortgage payment has dropped. Now, the not so good news: when it comes to homeowners that are seriously delinquent (i.e., have missed three or more payments in a row) banks are either modifying mortgages or kicking homeowners out of their homes - both of which show up in the data as fewer delinquencies.

Continue reading "Mortgage Delinquency Rates Fall Slightly for Chicago and Nationwide Homeowners" »

Maybe it's our fascination with Mad Men. Maybe we're longing for a simpler time. Or perhaps we finally realized the cost of credit card debt.

Whatever the reason, statistics show that more Americans are buying the things on our holiday shopping lists with a retro form of payment known as layaway. And we might be saving big bucks - not to mention major stress - in the process, say Chicago bankruptcy attorneys.

Continue reading "More Chicago Consumers Choosing Layaway Over Credit Card Debt This Year" »

It wasn't long ago that Americans worried about keeping up with the Joneses. But those days might finally be behind us, according to the Associated Press.

This holiday season, more middle-class folks are doing what they once vowed they'd never do - shopping at thrift stores for gifts, buying generic brands for the Thanksgiving table, using layaway rather than credit cards and even - gasp! - eating the occasional fast food meal. In other words, we've gone frugal. And it's paying off, say Chicago bankruptcy attorneys.

Continue reading "More Chicago Shoppers Making Frugal Choices to Lower Debt" »

Score another one for the consumer. Debt settlement companies are no longer allowed to charge upfront fees, thanks to the Federal Trade Commission's attempt to clean up shady debt relief practices.

That must make debt settlement a good deal, right? Unfortunately, that's not the case. There's a reason that debt relief companies - or scams, as some might call them - may make your debt problems worse rather than better, say Chicago bankruptcy attorneys.

Continue reading "Why Chicago Debt Settlement Companies May Not Solve Your Debt Problems" »

When do folks turn down a discount? Apparently when it involves filling out rebate paperwork.

Along with other sales and specials meant to get us to open up our wallets over the next six weeks, retailers are rolling out holiday rebates. The the idea behind a rebate is pretty straightforward, according to Chicago bankruptcy attorneys. You pay the sticker price with the understanding that, once you're home, you can apply to get money back - a delayed discount of sorts. But stores know something that we don't - in reality, many of us are too lazy or forgetful to redeem those rebates.

Continue reading "Why Holiday Rebates Might Not Be Such a Good Deal for Chicago Shoppers" »

How do you manage debt when the only steady thing in your life is, well, your debt?

It's a question many Americans are asking themselves this season. Just when we're gearing up to buy all the trimmings for a Thanksgiving dinner and Christmas gifts for friends and family, our employers are cutting our hours and paychecks. If you've been able to scrape enough money together to make the minimum payment on your bills - but nothing more - the rest of the year, the holiday season threatens to finally derail your finances. But there's still time to fight back, say Chicago bankruptcy lawyers.

Continue reading "Why Ignoring Debt Doesn't Make the Holidays Happier for Chicago Consumers" »

By now you've probably already heard that the Fed plans to plunge $600 billion into U.S. banks. But what does that mean for the average American?

That depends on where you're at financially, say Chicago bankruptcy attorneys. By printing more money, the Fed hopes to lower already-low interest rates. And as we all know, low interest rates are good for borrowers, like those of us taking out a home loan, but bad for savers - like the millions of Americans saving up to pay off debt or weather a rough economy.

Continue reading "Low Interest Rates Might Help Chicago Homebuyers, But Could Hurt Others" »

Once upon a time, the day after Thanksgiving marked the official start of the holiday shopping season. Lately, it seems more like the day after Halloween. And as for this year? Red and green goods were pushing black and orange merch off the shelves by the beginning of October.

Welcome to holiday shopping in an economic downturn. At a time when folks have less money in their pockets and more debt looming overhead, retailers are pulling out all the stops to keep our minds wandering to material things. But we don't have to take the bait.

Continue reading "Early Start to Holiday Shopping Season Leaves Chicago Spenders in Debt" »

Paying taxes is tough enough as it is. But now popular tax credits could disappear thanks to Uncle Sam's overspending.

According to MSNBC.com, there's a federal commission currently looking at ways to lower the government deficit - including doing away with breaks like the child tax credit or mortgage interest deduction. Eliminating those credits could save $1 trillion annually, but would be a slap in the face to taxpayers already struggling to afford the mortgage and put food on the table, say Chicago bankruptcy attorneys.

Continue reading "Government Debt Could Mean Disappearing Tax Breaks for Struggling Chicago Residents" »