If you are a Chicago business owner you know that an IRS audit could easily happen to you. A significant number of audits are totally random while others occur because you have raised a red flag for the IRS. While this is rare, it does happen. When a business is being audited it is important to seek the legal services of an IRS tax attorney.

Your IRS tax attorney will review your case and determine how best to proceed. They will be able to speak about your case in an educated manor and they can confidentially represent you in front of the IRS.

Audits can be very overwhelming and stressful. The more support you have in your corner the more smoothly the process will go. It is also important to understand the difference between a IRS tax attorney and a certified public accountant that you hire to do your taxes. Not only does a tax attorney have more experience around the subject but your conversations with them are also safe thanks to attorney/client privilege. The same is not true for CPA's.

Most audits go smoothly and will be completed shortly after they start however, sometimes however your audit will necessitate a post-audit litigation. If the IRS is concerned about your actions and takes you to post audit litigation you absolutely need a qualified IRS tax attorney in your corner. Tax lawyers in Chicago are trained to handle your case against the IRS and fight for your rights.

When your business is going through an audit it is not the time to try and save money on legal representation. The offices of most tax lawyers in Chicago offer free legal evaluations. The beauty is that you can use this time to help determine if your attorney believes they can help you win your case.

The most important thing is not to go into an audit without the legal support that you deserve. Save your business and save yourself aggravation by getting the help of a legal professional from the beginning.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

The economy has had an impact on all businesses. One service that is considered a staple in most households is cable television and up until now they have not seen a decrease in subscribers as a result of the recent economic downturn. While most of us can't imagine our life without a television it has been reported by the Chicago Sun Times that cable subscribers have seen a decrease of 380,000 subscribers in the last quarter. This is the equilivant to one of every 300 people canceling their cable service.

Some of this customer loss can be attributed to the fact that people are trying to save money anyway they can. Your Chicago bankruptcy lawyers will tell you that when debt begins to mount it is necessary to re-evaluate your monthly expenses and trim where you can. Additionally, with an increase in foreclosures more and more people are leaving their individual homes to go live with family or share a home with friends. By moving multiple families into one space they can all share one cable service.

Some of the people who have gotten rid of their cable service for budget reasons are finding that the internet provides all the television entertainment they need at no additional cost. Full episodes of most television programs are available online at the network's website and other services like hulu.com and netflix offer countless viewing options at anytime of day.

According to the Chicago cable company Comcast the internet is not taking away their customers. This may be true but they have definitely seen a decrease in customers. While locals strive to stop foreclosure and avoid chapter 7 Chicago they may find that turning off the cable and focusing on the internet may save them some money. Every cost saving measure can make a difference.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

Your FICO (credit) score is your key to getting a loan.  When your FICO score is pulled for a home or car loan the score determines if you are qualified to borrow the requested amount and then what interest rate you will pay on your loan. The FICO score alone could disqualify you from the loan or increase the interest rate you will pay for your purchase. If you have filed for chapter 7 Chicago or foreclosed on your home, your credit score is going to need some work before you can get a loan.

We are all familiar with what a credit score is but very few know what goes in to the number.

35% of the score comes from how much debt you have compared to how much credit you have. This is called your debt-to-credit ratio.

10% of your score comes from what kind of loans you have. For example, credit card debt is also known as unsecured debt and is a less stable form of a loan. When you have a mortgage or loan out on a car or house it's considered a secure loan. That is because there is an actual item backing the debt. Secure debt is better received in your credit score.

10% of the score depends on the number of credit applications you have recently filled out. Every time you apply for a credit card (including store cards), car loan, mortgage etc. your credit report is pulled. To differentiate, if you are asked for your social security number on an application, they are going to pull your credit.

35% of your score is dependent on your track record for making on-time payments. This is an easy habit to get into that will improve your FICO score.

15% of your FICO score is based on how long you have been building up your credit history. Blemishes on your credit record stay for as long as 7 years and will continue effect your credit score.

Your Chicago bankruptcy lawyers will tell you that the better you understand your FICO score the easier it will be to increase it. If you have filed for bankruptcy in Chicago or if you are trying to get back on your feet financially for another reason rebuilding your credit is the first place to start.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

Yahoo! News reported that Alabama's Jefferson County is drowning in $4.1 billion in debt. This is more money than most of us will ever see in our lifetime. The county has tried to avoid bankruptcy since 2008 and according to Yahoo! News they are currently working with Wall Street to settle the debt and avoid bankruptcy for good.

Jefferson County is hoping that by negotiating the debt they will be able to reduce what they owe by $1 billion. If they received this reduction they would ensure that the remainder of the debt would be paid back in installments. The extra revenue would come from small increases to the sewer costs to Jefferson County residents.

Besides being able to reduce their debt through negotiation, another reason to avoid bankruptcy is the extraordinary cost of going to bankruptcy court. With all the costs considered included Yahoo! News suggested it would cost approximately $1 million a month to go through bankruptcy court and the trial could last for as long as 18 months.

Yahoo! News also stated that Jefferson County let go 1/4 of their workforce due to a decrease in government funding. With the 550 jobs lost that is a significant number of households in Jefferson County that may not be able to afford to pay if sewer costs increased.

The cost of going to court is much higher for a County than it would be for an individual but this is a great example of exploring your options with a Chicago bankruptcy attorney before making a decision. Your lenders may consider loan modification in order to continue receiving payments from you towards your debts. Most creditors do not benefit if you file for bankruptcy. They stand to make more money if you continue to make payments, even if the payment amounts have decreased because of the loan modification.

If you are suffering with more debt than you can afford meet with Chicago bankruptcy lawyers to discuss your options. Many bankruptcy attorneys offer free legal evaluations so you can find out if they can help you before you have to pay them any legal fees. Some even offer flexible payment plans for the legal fees owed.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

Mobile home parks offer a nice, affordable place for people to live without the aggravations that go along with apartment life. There is no one living above or below you and you might even have your own yard depending on the layout of the park.

But for residents of Sunset Village in Glenview Illinois their mobile home life is in jeopardy and they may not have ever missed a mortgage payment. The way mobile home parks are set us is that you buy or rent a mobile home and then you pay a monthly rent for the land on which your home is sitting. For the residents of Sunset Village, the owner of the park is going in foreclosure in Chicago. This means that all the mobile home owners may have to find somewhere else to move their homes to.

Unfortunately this is easier said than done. It can cost $10k to move a mobile home and there are no other mobile home parks in the Glenview area which means that the proximity of children to their schools and adults to their jobs may be too far if they moved to another park. For some the only solution would be to find an apartment to rent in Glenview but if they have a mortgage on a mobile home they will still be responsible for it even if they are unable to live there.

That means monthly mortgage and rent payments which could be more than some people can afford. It doesn't take long when you're over extended financially to need to file for bankruptcy in Chicago. Those filing chapter 7 in Chicago could potentially lose their homes and cars before being discharged of their debt.

For the residents of Sunset Village it would be a shame if they were forced to file bankruptcy all because the owner of their mobile home park foreclosed on the land. They can hope that if the property is auctioned off an investor will buy it and keep it a mobile home park but according to a report in the Chicago Tribune the park needs a lot of work to the water system and the roads. This may make it less desirable to investors.

Speaking to a bankruptcy attorney in Schaumburg Illinois or in Chicago is something the residents of Sunset Village may want to do immediately.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

In today's job market there is no doubt that many former students are having difficulty making their student loan payments. College is expensive and loan payments can be as much as a mortgage in some cases.

It is important that former students figure out how to make those student loan payments because if you file for bankruptcy in Chicago your student loans will not be included in the debts that are discharged. Debts owed for back taxes, alimony and child support are other forms of debt that cannot be discharged through chapter 7 or chapter 13 bankruptcy in Chicago Illinois.

This makes it more important than ever to evaluate your finances before student loans kick in. Far too many former students do not realize how much they have in loans or who they will owe money to. Some loans are private, others are from the government. These loans will all carry different interest rates.

The first step a recent college graduate should take is to look at their student loan debt and research their options for consolidating their loans. Loan consolidation will sometimes carry a higher interest rate because of the various lenders you could have used. However if you have never consolidated before, you may be eligible for a special low interest rate.

Most importantly, if you are unable to make payments and feel like chapter 7 Chicago is your only option, don't just stop making payments to your student loan creditor. Contact your lender and see if you can defer the loan payments to help you get back on your feet. There are a lot of resources available to those that take action when they feel they are getting into trouble financially.

Organizing your student loan payments and making on time payments is a great way to avoid chapter 7 bankruptcy and build your credit.

Loan consolidation makes it easier to make payments, helps make sure you won't miss a payment and can often save you money in the long run.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

Recording artist R. Kelly is reportedly about to lose his Chicago property to foreclosure. The huge 11,000+ square foot home boasts 13 bathrooms and a four car garage.

According to the Chicago Sun Times the value of the home has decreased $1.2 million from is estimated worth of $5 million in 2009. Kelly owes over $2.9 million on the home.

The news of Kelly's potential comes shortly after recording artist Prince narrowly escaped foreclosure on his home. Prince saved his home by making a large lump sum payment to satisfy creditors. Prince's property was not the current home of his residence but a property that he had torn down the main house to build a new one. The project is not complete.

In other financial news Giordano's recently filed for chapter 11 Chicago and the Los Angeles Dodgers have also filed chapter 11. Chapter 11 bankruptcy does for businesses what chapter 13 bankruptcy does for individuals. It is often referred to as "restructuring" because the business or individual assets are not liquidated.

It is surprising to hear that well known businesses and celebrities are suffering financially and may go bankrupt or foreclose on their homes. This just proves how difficult of an economic time it is right now and how important it is to make good financial decisions.

If you are struggling with debts or mortgage payments seek out a credit counselor and if that doesn't work find Illinois bankruptcy lawyers or a foreclosure attorney in Chicago that offers a free legal consultation. Use this meeting to get the answers you need about bankruptcy and foreclosure. You may find a solution that suits your situation and you will be free of the stress of debt.

If nothing else you can rest easy knowing that you are in very good company as far as other people and businesses that are struggling financially.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

We all know the importance of putting aside some money to be used when you retire. Some people have jobs that offer very generous retirement systems or pensions. Others rely on personal 401k's and other retirement savings accounts as well as the knowledge that they will be able to collect Social Security.

No one wants to find themselves at retirement age facing a mountain of debt and considering chapter 13 or chapter 7 bankruptcy in Chicago Illinois.

Social Security has always been a system in place that you can count on. There was no risk of changes and the money you put into social security is safe.

This is why it surprised some Americans to hear that there has been some discussions about making some changes to the social security system. The Chicago Sun Times reported that the proposed changes would involve an increase to income tax as well as a decrease in benefits. The changes would not decrease the benefits that current retired people receive but it could change the amount their benefits are increased as time goes by.

The whole point of these cuts is to save money and reduce the nation's deficit. The changes listed above would save $200 billion.

For people who are counting on Social Security benefits to survive through their retirement should feel nervous about this. Potentially the changes will be minor however if Social Security is your only plan for retirement you might find yourself looking at a future filled with debt and possibly chapter 13 or chapter 7 bankruptcy in Chicago.

When you reach retirement age you want to be living comfortably, not worried about what type of bankruptcy to file for. Set extra money aside now for your retirement and put a plan in place to help you be financially prepared for retirement.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

It is a surprise to most of us when a well known business files for bankruptcy in Chicago. But it happens to businesses all over the country. The most recent victim of bankruptcy is MLB team the Dodgers.

Businesses will file for bankruptcy in Chicago for all different reasons. Not long ago famous Chicago pizza chain Giordanos filed for chapter 11 bankruptcy. Chapter 11 is what the Dodgers are trying to file as well.

Filing chapter 11 bankruptcy is similar to filing chapter 13 in Chicago. Chapter 11 is for businesses but chapter 13 is for individuals. The idea behind these two forms of bankruptcy is that they allow you to restructure your finances and get back on your feet.

Major league baseball is still very popular in our country and there are lots of opportunities for earning money and increasing sales. It is anticipated that Dodgers owner Frank McCourt will try to show how he can restructure the team to make money and survive on it's own after the help of chapter 11. However if the judge does not see the validity of his claims then the Dodgers will be forced to liquidate their assets (sell the team) in order to pay off creditors. It was reported by the NBC Sports HardBallTalk that the team filed for bankruptcy and was unable to make payroll that was due in three days.

Similar to chapter 11, if an individual was filing for chapter 13 Chicago they would have to prove that they have a reliable and steady income coming in. If they have income but are overwhelmed by debts they would be put on a payment plan to pay off creditors. If the plan is kept for 3-5 years then debts would be discharged and the debtor would receive the benefit of a clean slate that comes with bankruptcy.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

There has been some positive reporting lately that home sales are up slightly and foreclosures are down. But there are still some major problems facing the real estate market today.

First of all there is an excess of homes for sale. When the market was booming more homes were built to meet the need and now that the buying market has slowed there are more houses then there is a need for. The solution to this problem is time. Eventually the growing demand will even back out with the inventory.

Another big issue is a loss of equity. When housing prices fell and people borrowed against their home equity they were left with a debt on their home that was equal to or greater than the value. This also slows the real estate market because without equity people cannot sell their home and upgrade to a new home. A foreclosure attorney in Chicago will tell you that negative equity can quickly lead to foreclosure because homeowners feel like they are in a hopeless situation.

According to Bloomberg there are approximately 3 million foreclosures in this nation with a couple million more in danger of foreclosure. These numbers are estimates and while alarming, they are actually better than what the numbers recently have been.

When someone forecloses on their home they still need to find another place to live. The major effect of this has been seen in the rental market. Rentals are doing very well in this country despite the recent economic decline.

The Attorney General of Illinois is one of many Attorneys General who are in discussion with mortgage servicers about their foreclosure practices and what changes need to be made to help homeowners.

Christoper Thornberg of Beacon Economics was interviewed on Bloomberg Television's "In the Loop". In this interview he expressed concern that the Attorneys General weren't actually helping the economy by targeting foreclosure practices. According to Thornberg the real estate market would be better helped if debtors that have foreclosed on their homes were helped in buying new homes.

The benefit of this solution would be that home inventory would be used and homeowners would get out of their negative equity homes and into a more manageable financial situation.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.