Oak Park Real Estate & Estate Planning Blog

Were you counting on receiving your 2017 tax refund check almost immediately after filing your taxes? According to a recent article in the Peoria Journal Star , many Illinois consumers plan to file taxes as soon as their W-2s become available, assuming that they will be able to rely upon a tax refund soon thereafter. However, tax refunds will be delayed in 2017 for “taxpayers who file returns claiming two credits available for low-income workers and families,” according to the article. In other words, the people who will be impacted are likely to be among the group of Illinois residents most in need of their tax refund check. Why are certain federal income tax refunds being delayed? In brief, this delay for certain refunds concerns a “change in federal law aimed at detecting fraudulent returns .” If this change in the law will impact you, what else do you need to know? Using Tax Refunds to Help Pay Down Debt From the Recent Holiday Season One of the primary issu

If you are a consumer in the Chicago area, it is important to understand your rights when it comes to deceptive lending practices and the risks associated with certain types of loans. What rights do you have as a consumer? And what kinds of lending services can put consumers at risk ? Recent Report Indicates that Installment Loans May Be as Harmful as Payday Loans According to an article in the Chicago Tribune , a study conducted by Pew Charitable Trusts has warned the public that payday loans are not the only path along which deceptive lending practices can occur. Installment loans, the study suggests, also can put consumers at risk of harm. As the article explains, “as the federal government clamps down on traditional payday loans that cripple low- and moderate-income borrowers with unaffordable payments, lenders are shifting their businesses to installment loans that can be just as harsh on struggling people.” Installment loans, the article argues, similarly

When the Federal Trade Commission (FTC) files lawsuits against companies offering payday loans or other debt relief or assistance programs, do consumers in Chicago ever see any of the funds that come from the settlements? According to a recent report from Legal News Line , the FTC recently indicated that it plans to provide more than 145,000 consumers with almost $20 million in compensation from the company One Technologies LP and two of its partner companies. FTC Lawsuit for Fraudulent Debt and Credit Assistance Programs Why is the FTC returning more than $20 million to hundreds of thousands of consumers that had a connection to One Technologies LP? As the article explains, the organization and its partner companies “ran an online scheme that attempted to convince consumers that it provided ‘free’ credit score access.” The FTC indicated that the defendants not only took an initial fee from consumers who signed up for those services, but the defendants also charged consu

When it comes to applying for employment, certain federal laws such as Title VII of the Civil Rights Act of 1964 and the Americans with Disabilities Act (1990) prohibit employers from discriminating against potential workers on the basis of race, sex, and other immutable characteristics. But what about a history of personal bankruptcy ? Can a potential employer discriminate against you on the basis of your financial background? According to a recent article in the Huffington Post , this is a somewhat murky area in many states, especially when the employee will be responsible for handling financial transactions or managing other financial aspects of a business. What else do you need to know about the potential link between consumer bankruptcy and employment discrimination? In brief, Illinois has a specific law about when an employee may be able to obtain information about your financial background (and whether you have filed for bankruptcy protection). Keep in mind, howeve

As many Chicago-area residents know, the Consumer Financial Protection Bureau (CFPB), which was created six years go, provides numerous protections to consumers who have been victimized by debt collection companies practicing fraudulent or unfair debt collection practices . Yet, according to a recent article in USA Today , a recent lawsuit has in some ways proven to be a win for the banking industry. In brief, the ruling resulted from a lawsuit brought by a mortgage lender that previously had been fined $109 million by the CFPB “argued that the bureau’s structure placed unconstitutional power in the single director.” Commentators have suggested that the mortgage lender aimed to shut down the CFPB altogether. Instead, the D.C. Circuit Court of Appeals, where the case was heard, made a change to the way the directorship of the CFPB works. CFPB Has Helped Millions of Consumers Over the Last Several Years While articles in Forbes and other news sources that often favor