Chicago Bankruptcy Lawyer Blog

Consumer spending in February increased at the quickest rate in four months, the first time the economy has showed signs of life in some time. But as it turns out, most of the spending was on one thing - gas.

With gas prices hitting new highs of $4 a gallon in some cities, economic indicators might be a bit skewed, point out Chicago bankruptcy attorneys. And things were just starting to look up - last quarter saw the highest spending growth in years, at about 4 percent. Now economists say that thanks to rising fuel costs, that number could drop by half for the first few months of 2011. So what's a struggling consumer to do?

Continue reading "Chicago Consumer Spending Is On the Rise - Or Is It?" »

Remember last decade's adjustable-rate mortgages? You know, the subprime loans that led to millions of mortgage defaults across the country - and pretty much launched the whole recession? Well, they're back.

But this time around, lenders say they're different - and depending on your financial situation, they may be able to help you afford a home. In the past, ARMs came with risky gimmicks, like rates that adjusted every six months (seriously, how can you keep up with that?) and an option that allowed people to put off paying interest - leading to a huge bill later down the line.

Today's ARMs are far more conservative, explain Chicago bankruptcy attorneys.

Continue reading "Should Chicago Homebuyers Opt For New Adjustable Rate Mortgages?" »

You might think making more phone calls would cost you more money - at least on your phone bill. But placing a few selective calls can actually help your finances, say Chicago bankruptcy attorneys.

Though they might not mention it, many common service providers are willing to negotiate a price - especially in today's economy. According to Yahoo Finance, consumers can save on everything from utilities to Internet service to that telephone bill by simply picking up the phone. Here's how it works.

Continue reading "Chicago Consumers Save Money With Phone Negotiations" »

You can combat rising gas prices by carpooling, and you can counteract an expensive mortgage payment by downsizing to a smaller place. But you can't exactly fight rising food prices by not eating.

No, when the price of milk, produce, and coffee goes up due to weather and high fuel prices, we have to suck it up and pay more at the grocery store. A bigger price tag is never fun, but for the many Americans already on a tight budget because of growing debt, it can feel like the last straw. But there's good news - we still have some say over our supermarket bill, say Chicago bankruptcy attorneys.

Continue reading "How Chicago Consumers Can Fight Rising Food Prices" »

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" »

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 still a shot in the dark, but there's a possibility that some foreclosed homes could be returned to their owners, according to Chicago bankruptcy attorneys.

Officials in every state across the U.S. - including Washington D.C. - are investigating improperly handled documents and illegal activities that may have allowed lenders to foreclose on thousands of homeowners who should not have lost their properties, according to the AP Press - things like signing documentation without a required witness, having signatures given by employees who didn't know anything about the material in the documents or - even worse - by people who hadn't even read the papers.

Continue reading "State Officials Across the U.S. Investigate Legality of Foreclosures" »

It's all over, folks. At least, that's what the National Bureau of Economic Research has to say about the Great Recession.

But for many of us, it's not so clear-cut. Whether we really are on our way out of the latest recession as some experts speculate, or headed into a so-called double-dip recession as others suggest, doesn't really matter, say Chicago bankruptcy lawyers. What does matter is what's going on with our own finances.

Continue reading "Recession Still Being Felt by Chicago Residents Dealing With Debt" »

If you're going to go through an economic downturn, it looks like you're better off doing it as a woman.

For years, women have earned less than men for doing the same work - the infamous wage gap. Now it appears that young, single females are actually pulling in bigger paychecks than their male counterparts. On average, women between the ages of 22 and 30 are earning 8 percent more than men, according to data by Reach Advisors. And with many women looking for extra money to pay down debt, the timing couldn't be better, say Chicago bankruptcy attorneys.

Continue reading "Young Chicago Women Earning More at Work Than Men" »

As if it isn't hard enough on our finances to be headed for a possible double-dip recession, now we have to watch out for new recession-related scams, too.

The longer our economy is stalled, the more likely we are to face financial difficulties - from unemployment to foreclosure to inability to pay the bills. Unfortunately, scammers are acutely aware of this, say Chicago bankruptcy attorneys. And they're increasingly preying on our desperation for a quick fix to our money woes.

But there's good news. It's possible to identify nearly any scam , once you realize what most frauds have in common.

Continue reading "How Chicago Consumers Can Watch Out for Recession Related Scams " »

Most of us consider the recession a bad thing, and for many good reasons. But for Chicago workers lucky enough to still be employed, today's economy might actually have some benefits, too.

According to the New York Times, wages are on the rise, inflation is on the decline and the rate of layoffs is stabilizing. So what does it all mean? If you can manage your money and keep your job, you just might make it out of the recession in better shape than you entered it.

Continue reading "How the Great Recession May Have Benefits for Chicago Workers" »

How often do you think, "If I just had a little more money, I would be so much happier?" If you're like most folks, you do it quite frequently.

But there's a new theory floating around these days, say Chicago bankruptcy attorneys. Money can help you pay the bills and it can help you put more in your shopping cart. But apparently, the old adage is true - money can't buy happiness

Continue reading "How Less Money Can Equal Greater Happiness for Chicago Consumers" »

Worried you have a bad credit score? You're definitely not alone.

More than a quarter of Americans now have a credit score of 599 or less, which categorizes them as a poor risk to lenders - that's 2.4 million more people than before the Great Recession, according to a recent report by FICO, Inc. That means more folks than ever will have trouble securing car loans, getting a good mortgage rate and qualifying for new credit cards.

But there's hope.

Continue reading "Bankruptcy Can Help Improve Decreasing Chicago Credit Scores " »

One day we're discussing the end of the economic downturn - the next, we're speculating about whether we're in a double-dip recession.

What's the moral of the story? You just can't trust the economy - so you've got to trust yourself.

Sure, things seem bad right now. But if you look at the past, you'll see that economic history is punctuated by a series of ups and downs. Some say we're experiencing a double-dip now, others say we're not. The truth is, it doesn't matter, say Chicago bankruptcy attorneys. What matters is the state of our finances. Because if they're prepared to weather any economic storm, we'll be prepared as well. And if the storm never comes? Look at is as free financial insurance.

Continue reading "Chicago Residents Prepare Finances for a Possible Double-Dip Recession" »