Blog Posts in September, 2012

'Hidden Time Bomb' Could Leave Thousands of Homeowners with Hefty Tax Bill

We mentioned on Wednesday that one benefit of filing Chapter 7 bankruptcy is the elimination of tax liability on a mortgage deficiency. However, the Los Angeles Times reported on September 7, 2012, ...
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Homeowners Facing Foreclosure Should Know Three Benefits to Chapter 7

On Monday, we discussed Illinois having the highest foreclosure rate in the nation in August and talked about some of the benefits that a Chapter 13 bankruptcy offers for homeowners needing ...
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Foreclosure Filings Increase Nearly 150 Percent from Last Year

The Chicago Sun-Times reported on September 13, 2012, that Illinois had the highest foreclosure rate in the country in August as foreclosure filings going through court were up 148.6 percent from a ...
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Is Your New Job Making it Harder to Pay Bills?

On September 12, 2012, the US Census Bureau released a report that further indicated the number of American families still struggling after the Great Recession. As noted in this PBS NewsHour video, ...
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Trap Doors Being Exploited In Cards 'Designed To Be a Safety Net' For Consumers

On Monday, we noted some encouraging stories indicating that Americans were cutting back on borrowing, credit card debt was declining and the Consumer Financial Protection Bureau (CFPB) was putting ...
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Credit Card Debt, Borrowing Fall as CFPB Takes Aim at Add-On Costs

July as consumer debt declined, even as Americans boosted their spending by the most in five months. The Post said it was the first time that Americans cut back on borrowing in nearly a year, adding ...
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What Will Higher Food Prices Mean For You?

While we often write about the problems that the bigger payments like mortgages, medical bills and student loans cause for families throughout the Chicagoland area; however, the truth is that the ...
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Are You Tired of Being 'Stuck in Slow-Growth Mode'?

While Bloomberg Businessweek reported on August 31, 2012, that consumer confidence hit a three-month high in August, an update released less than a week later by the Institute of Government and Public ...
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Homeowners Over 50 Being Hit Hard by Foreclosure

Reuters reported on August 21, 2012, that a report from the AARP Public Policy Institute shows roughly 3.5 million homeowners owe more on their mortgages than their properties are worth. One troubling ...
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More than 5,000 Illinois Homeowners Receive Over $357 Million in Relief

According to a Chicago Tribune story published on August 29, 2012, more than $357 million in relief has made its way to 5,268 Illinois homeowners as of June 30, 2012. This is the result of the $25 ...
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Five Tips to Help Avoid High Medical Bills

In our post on Monday, we discussed a recent Chicago Tribune article that highlighted how many individuals often become overwhelmed with bills for medical services that they did not really need. Just ...
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With Medical Bills, 'Patients Who Can Least Afford It Often Get The Highest Bills'

As a Chicago Tribune story noted on August 29, 2012, a 2005 Harvard study found medical bills are the No. 1 cause of bankruptcy in the United States. However, the Tribune also pointed out that about ...
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