Chicago Bankruptcy Lawyer Blog

So you lost your job last year and picked up some unemployment benefits. Once you find employment, you're out of the woods, right?

Not necessarily, say Chicago bankruptcy attorneys. Unemployment benefits sure come in handy when you need to put food on the table. But they can also cost you. As it turns out, unemployment benefits are taxable after the first $2,400 - or $4,800 per married couple. After that amount, you'd better start treating those payments as income, because they'll be taxed that way. Not sure how much you received last year? You should receive a Form 1099-G in the mail, which you'll need to report on your 1040.

Fortunately, there are ways to offset some of the damage - and not just of unemployment benefits, but of any surprise tax.

Continue reading "Chicago Bankruptcy Attorneys Recommend Cash Cushion For Tax Season" »

Bad news for married women (or good news for men): wives are no longer seeing the economic returns that they once did from marriage, Chicago bankruptcy attorneys say.

On the upside, women have come a lot way since 1970 and earlier, back when marriage meant a significant boost in income courtesy of their husband. We've surpassed our male counterparts in both education and salary over the past four decades. More men than ever are married to women who earn more than they do and, vice versa, more women are married to men who earn less. In fact, nearly one-quarter of women earn more than their husbands today, compared to a measly 4 percent in 1970, according to the Associated Press.

But there's still a major inequity. Though we've been increasing our earning power, women are still earning just 78 cents for every dollar a man takes home. And much of that hard-earned income is going to bills for debt.

Continue reading "Chicago Bankruptcy Attorneys Say Marriage No Longer Means Economic Benefits for Women" »

Good news on the job front. With the economy picking up steam, employers are again warming up to the idea of raises, bonuses and 401k matches, according to USA Today.

It's a welcome change going into the new year. But it also brings up a couple good points.

First, getting a boost from your boss is not a given. As the article pointed out, 40 percent of employers said they plan to review salaries based on employee performance next year, according to a Towers Perrin survey. You might already know this, but a poor economy is no time to be slacking off. Nor is an improving economy, as businesses might be preparing to hire again - and there are plenty of experienced, educated and job-hungry candidates flooding the market.

Second, and maybe most important, a raise doesn't necessarily mean more money. As a wise old man once said, it's not the size of your wallet that counts, but the way you spend it.

Continue reading "Chicago Bankruptcy Lawyers Say Workers Could See Rise in Raises and Benefits" »

It's official. For the first time since maybe the Great Depression, a generation is making less than our parents.

People 54 and younger have seen their incomes decline since 2000, leaving the age group the poorest it's been since the 1970s, according to a report by USA Today. And it's not fresh-faced college grads facing the worst of the pay hurdle. Surprisingly, the hardest hit seem to be folks in their late 20s, early 30s, and 40s - people who have a little to a lot of experience under their belts.

Older workers are actually seeing an increase in earnings, but not because they've somehow managed to escape the effects of the recession. Instead, it's assumed that hard times are forcing older generations to put a hold on retirement. So they continue working into their golden years, and push us younger folks out of the workplace while they're at it.

Combine all this with the latest unemployment rates and you get a pretty depressing picture. But there are two sides to every story.

Continue reading "Younger Generation Sees Smaller Paychecks" »

Become a mystery shopper and earn $7,000 a month! Work from home doing data entry for $10,000 a month! If you believed everything you read in the classifieds, you'd think that our economy has more jobs that it can fill. Not only that, but we'd all be stinkin' rich because everything pays so well.

Unfortunately, what sounds too good to be true usually is. Most work-from-home advertisements are actually scams set to take advantage of a workforce already reeling from furloughs and layoffs, lost retirement funds, rising prices and decreasing home values. These tricksters know you're looking for ways to make ends meet and they're betting that your desperation will outweigh your good judgment.

So how can you tell the legit offers from the fishy ones? Watch out for any job that requires money or personal information upfront.

Continue reading "Illinois Bankruptcy Lawyers Caution Against Work From Home Scams" »

Hoping that your boss might recognize your hard work with a little more money this year? Waiting for your paycheck to catch up with the cost of living? Well, you might be out of luck.

Many employers are forgoing raises for the second year in a row thanks to economic concerns, according to an Associated Press story circulating the Internet. So most workers are getting hit hard by the recession on two fronts - not only are they struggling to pay upside-down mortgages and outrageous credit card bills, but the price of most consumer goods - gas, milk, fresh produce, clothing, even pet food - are still rising as steadily as ever.

But I'm going to let you in on a little secret. You don't have to wait for you boss to give you a raise - you can give yourself one. It just takes a little effort and creativity.

Continue reading "Chicago Bankruptcy Attorneys Recommend Giving Yourself a Raise" »

An air of fear has permeated workplaces across the country in recent months as rumors of downsizing and layoffs put workers on edge. It's hard not to question your job stability when you see the jobs of family, friends and maybe even co-workers falling like dominoes all around you.

But if you're worried about losing your job, this isn't the time to cower in your cubicle. Layoffs might be likely, but they are not inevitable. While you should still be prepared for the worst-case scenario, don't give up and expect it. If you want your job, be prepared to fight for it.

Get noticed...in a good way
Some of us - maybe women especially - are masters at flying under the radar. We do our job - and we do it well - but we don't shine. I'm guilty as anyone. Left to my natural instincts, I'll share credit with my co-workers, stay quiet in meetings and let my self-consciousness get in the way of asking for a raise. It's something that I've worked hard to overcome my entire career. I think awareness is key. Remind yourself that your boss manages more than just you. If you want her to realize you're an asset, you might have to hit her over the head (figuratively speaking, of course).

Continue reading "Illinois Bankruptcy Lawyers Offer Tips for Keeping Your Job in a Recession" »