Chicago Bankruptcy Lawyer Blog

So you're fed up with your finances and you've made a New Year's resolution to get out of debt. Making that commitment is the first step towards financial freedom, say Chicago bankruptcy attorneys. Unfortunately, it's not the only step.

Millions of Americans vow to change their lives for the better every Jan. 1, yet many of us don't follow through. So what sets the successful apart from the failures? Simple - a solid plan. If you want to make your dream of a debt-free future a reality, it helps to craft a plan that follows the "three Rs," according to CreditCards.com.

Continue reading "New Year, New Finances Part II: Keeping Your Financial New Year's Resolution" »

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" »

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 " »

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" »

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" »

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 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" »

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" »

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" »