| Volume 54 Number 4 |
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The People’s Lawyer’s Tip of the Day
You probably carefully review your credit card bill each month for fraudulent charges, but do you review your phone bill? If you don't you could be paying for something you never requested and don't want. Many phone-related companies place charges on a phone bill for a service you didn't request and don't want. You must catch it and complain. Most phone service providers promptly remove the charge once you make it clear you never authorized it. Click here for more.
Health Care Costs to Spike
In five years, consumers may finally start to see a sustained slowdown of health care spending. Until then, health care experts are anticipating health care costs to spike as a result of "consumer-friendly" provisions in the new health care law. The largest increase in spending is expected to occur in the year 2014. Why? Click here for more.
Half Americans to Repay Homebuyer Credit
Nearly 1.8 million consumers took advantage of the first-time homebuyer tax credit on their 2009 tax returns. After a report from the Inspector General for Tax Administration, it appears 950,000 of the consumers will be required to return the money. Depending on the time of the purchase, homebuyers were eligible for two different credits. If the home was purchased in 2008, the homebuyer could deduct 10% of the purchase price. The deduction, however, was actually a no-interest loan that had to be repaid within 15 years. If the homebuyer waited until 2009, the deduction would be treated as a refund rather than a loan. The IRS is developing a strategy for separating the two groups. Will you owe money to the IRS? Click here for more.
Your Money
How long will it take to pay off your credit card? Click here for more.
For the Lawyers
Income of separated spouses combined in bankruptcy. The Eighth Circuit Bankruptcy Appellate Panel held that spouses who filed a joint bankruptcy petition while separated must combine their incomes for the purpose of determining the "applicable commitment period" for repaying creditors. Click here for more.