Chicago Bankruptcy Lawyer Blog

Uncle Sam is extending your tax deadline - but you might prefer to say no thank-you, say Chicago bankruptcy lawyers.

Because of a Washington D.C. holiday on April 15, the government is giving taxpayers until the following Monday - April 18 - to mail in our tax returns. But there's no reason to wait until the 15th or the 18th. The IRS officially began accepting returns this week - even for folks who plan to itemize deductions (officials previously told itemizers to hold off until new tax laws went into effect). And the sooner you file your taxes, the sooner you may be able to get that tax refund - and reap the benefits.

Continue reading "Chicago Taxpayers See Benefits of Filing Tax Return Early" »

We've all heard the classic financial advice a million times: pay down debt first, buy rather than rent, and invest as much as possible in your work's 401k.

But even the most trustworthy and time-tested tips can be wrong in the right situation - especially when it comes to debt, according to TheStreet. So how do you know what works best for you? Chicago bankruptcy attorneys have the tools to help you find out.

Continue reading "Debt Myths That Can Hurt Your Finances" »

I always thought of Grandma as the penny-pinching, coupon-clipping type. So I was more than a little surprised when, after she passed away, we learned that she'd left Grandpa with thousands of dollars in debt.

Sadly, it's becoming an even more common scenario in today's economy. Rising healthcare costs and medication prices coupled with dwindling retirement portfolios are leaving seniors with little choice but to put their everyday necessities on a credit card, ringing up debt that they may not live to pay off. And that's bad news for all of us, say Chicago bankruptcy lawyers.

Continue reading "Why More Elderly Americans Are Passing Debt On To Their Families" »

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" »

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" »

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 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" »

It seems like every time I check my bank's interest rate, it's getting lower. But while today's record low rates are bad for growing my savings, they can be good for paying down debt - a saving method in itself.

Eventually - and probably sooner rather than later - rates are going to start going up again. Who wants to lock up money in a 5-year CD at 1.5% when rates could be double that in just a couple years, right? Fortunately, as Chicago bankruptcy attorneys point out, compounding can work in reverse, too.

Continue reading "How Paying Down Debt When Rates Are Low Can Save Money" »

On the one hand, the expiring Bush tax cuts left us trillions of dollars in debt. On the other hand, they saved most of us - not just the wealthy - money in the process, say Chicago bankruptcy attorneys.

Currently, the six income tax brackets are 10%, 15%, 28%, 33% and 35%. When the cuts come to an end, those brackets jump to 15%, 28%, 31%, 36% and 39.6%. That means that even if you fall into the lowest range, your tax bill will increase by 5 percent - or about $400 more a year for someone with a $40,000 income, for example. That's no small change when you're already struggling to pay the bills and manage debt as it is.

Continue reading "How Expiring Tax Cuts Could Affect Chicago Taxpayers" »

"Sure, I'll start investing for the future - in a couple years, when I'm making more money." Sound familiar?

It's a common excuse. We've all got credit card bills, a rent or mortgage payment to manage and gas and groceries to buy, so it's easy to put off starting a savings plan until we get a little more financial breathing room. But here's the problem, say Chicago bankruptcy attorneys. When we finally do get that raise, we find new reasons to spend money - gas goes up, our credit card debt increases and somehow that breathing room never materializes.

So what's the solution? Instead of looking at saving as something you'll get to after the bills are paid, look at it as just another bill - a bill that pays off.

Continue reading "Chicago Residents Can Build Cash Cushion By Making Saving An Obligation" »