Chicago Bankruptcy Lawyer Blog

Maybe your New Year's resolution is to get organized. Maybe it's to reduce stress and become a happier person. Or, if you're like the many folks hit hard by today's economy, maybe it's to make more money in 2011.

What if I told you that you could actually accomplish all those things - at least to some degree -by making one simple change to your life? It's not a pipedream, say Chicago bankruptcy attorneys. It's what can happen when you take back the reins to your financial future and get out of debt.

Continue reading "New Year, New Finances Part I: Setting Goals for a Better 2011" »

You've heard of spring cleaning, but did you know switching to winter cleaning can save you some money?

With just days to go until the New Year, there's still time to make some charitable donations that can increase the size of the tax refund you receive next year. If you're like most Chicago residents, you're probably feeling a little tapped out financially. But you can still deduct donations from your taxes, even if they aren't monetary.

Continue reading "Clearing the Clutter Helps Chicago Savers Get Organized for 2011" »

What if you could stretch the Christmas magic beyond December 25? It's possible with gift cards.

Not that gift cards are anything new, of course. Americans requested plastic cards more than any other present this year, according to the National Retail Federation. Not surprisingly, when money is tight, most of us would rather have the ability to choose gifts we actually need rather than receive things we may have no use for. But you can get more bang for your buck by using those gift cards strategically, according to Chicago bankruptcy attorneys.

Continue reading "How Chicago Residents Can Improve Finances With Gift Cards This Christmas " »

Chances are there's a surprise from your employer on its way to your mailbox, and it's not a Christmas card.

As they seem to do every year, health care premiums are going up in January, note Chicago bankruptcy attorneys. And employers are passing those costs on to us. Sometimes insurers will include a vague reference to costs associated with the federal healthcare reform as explanation for the hike, and sometimes they'll provide no reason at all. But while insurance companies can play it off like no big deal, a 20 percent increase in monthly payments presents a real problem for Americans hoping to get their spending on track for 2011.

Continue reading "Employer Health Insurance Premiums Rise for Chicago Workers" »

What better way to cheer yourself up while slogging away at work this week than by clicking on a cute holiday e-card from a dear friend? Just make sure you recognize the e-mail address, say Chicago bankruptcy attorneys.

Identity thieves have caught on to the popular e-card phenomenon. But instead of spreading holiday happiness, they're sending cards containing viruses and malware. So when you click on a card to download a snow scene, you might actually be installing malicious material on your computer - and risking the state of your finances and credit.

Continue reading "New Holiday Card Scam Targets Chicago Computer Users" »

We're struggling to scrape together the funds to pay the mortgage, buy groceries and put gas in our tank - so why are so many of us spending money on exercise machines, household cleaners and Snuggies?

Chalk it up to the infomercial phenomenon, say Chicago bankruptcy attorneys. Sales of "As Seen On TV" products are skyrocketing just as families are cutting back everywhere else. Why? Maybe because the products are pitched as a way to buy happiness. You might not be able to afford a nice vacation or new clothes, but for three small payments of $14.95, according to infomercial hosts, you can get rock-hard abs.

Continue reading "Chicago Shoppers Falling for Infomercials Despite Debt" »

Between the red kettle outside the grocery store, mall clerks asking if you want to give a dollar to fill-in-the-blank cause and the seemingly endless requests for donations in your mailbox, Americans are being faced with charity choices every day.

You might think that we'd ignore them, what with most of us struggling to pay off our own debts and make the house payment. But we're more giving than we realize, say Chicago bankruptcy attorneys. It turns out that nearly two-thirds of Americans say they plan to donate to charity this year, regardless of the economy. And fortunately those donations can do more than make us feel warm and fuzzy inside - they can also help our finances.

Continue reading "Chicago Residents Still Donate to Charity When In Debt" »

It's a temptation many of us face every time we bring in mail from the mailbox: should we use those free 0% interest balance transfer checks that come packaged with credit card offers?

With many Americans now carrying debts of $10,000 or more on cards that charge anywhere from 20% to 35% interest, a low- to no-introductory rate can seem like a godsend - a chance to finally get those high-interest debts under control. But there's more to the story, caution Chicago bankruptcy attorneys.

Continue reading "Pros and Cons of Using Free Balance Transfer Checks to Pay Down Debt" »

Despite the constant barrage of tempting holiday sales and specials, it looks like cash-strapped Christmas shoppers are holding their own against retailers, according to Chicago bankruptcy attorneys.

Statistics show that fewer consumers used credit cards for post-Thanksgiving shopping this year than ever before. Use of several major credit cards fell by 11 percent this season from just a year earlier. It seems that we might finally be getting the picture that this year's holiday gifts aren't worth paying for next year...and the year after that, and the year after that.

Not that retailers are going to give up without a fight.

Continue reading "Smart Chicago Shoppers Sticking To Cash Rather Than Credit This Season" »

It looks like American workers could be getting a raise next year, albeit a small one.

If the tax agreement between President Obama and legislators passes, one of the provisions will reduce the Social Security payroll tax rate from 6.2 percent to 4.2 percent. For someone making $60,000 a year, that's an extra $1,200 in annual take home pay - or the equivalent of another $25 a week. It might not seem like much, but if you're looking for ways to make ends meet, any little bit can help, say Chicago bankruptcy attorneys.

Continue reading "How Bush Tax Cut Extension Could Affect Chicago Workers With Debts" »

What exactly does Christmas shopping have to do with energy efficiency? A lot, if you want to get a soon-to-expire discount on new appliances.

For the past two years, homeowners have been eligible for an energy tax credit of up to 30 percent, or $1,500, on products from biomass stoves to storm windows to gas-burning fireplaces. With most Americans still short on cash, it's been a great way to save money when upgrading old appliances, say Chicago bankruptcy attorneys. But all that's coming to an end on Dec 31. In order to take advantage of the discount, you need to have the energy-saving device installed and ready to use by that date.

Continue reading "How Chicago Shoppers Can Save Money on New Appliances This Month " »

It looks like even mortgage companies are feeling the holiday spirit this time of year.

Freddie Mac recently announced plans to stop foreclosures from Dec. 20 to Jan. 3 - long enough for folks to stay in their homes during the Christmas season. Fannie Mae has pledged to halt evictions as well. With millions of Americans behind on mortgage payments this time of year, it's a nice gesture. Unfortunately, point out Chicago bankruptcy attorneys, it's also only putting off the inevitable.

Continue reading "Mortgage Companies Temporarily Suspend Chicago Foreclosures" »

Once upon a time, having a million dollars when you retired meant you were rich. Nowadays, it merely means you're financially secure - if you manage your money responsibly.

But while a million bucks doesn't stretch quite as far - or buy as much luxury - as it did in our parents' day, the good news is that reaching the million-dollar milestone is more within our grasp than ever before, according to Chicago bankruptcy attorneys. That is, if we stop losing money due to growing debt and start earning it through growing our savings.

Continue reading "How Chicago Savers Can End Up With One Million Dollars in Retirement Savings" »