123

It looks to me like this is a 'call an attorney' situation, which is always a good idea in situations like this (family legal disputes). But, some information. First off, if your family is going to take the car, you certainly won't need to make payments on it any more at that point, in my opinion. If the will goes through probate (which is the only way ...


60

"Can't declare bankruptcy" isn't the same as "can't default". Bankruptcy is a specific legal process for discharging or restructuring debts. If Illinois can't declare bankruptcy, that means it will still owe you the money for the bonds no matter what, but it doesn't guarantee that it will actually pay you what it owes. If Illinois should run out of money ...


36

If Illinois cannot go bankruptcy This is missing a few, very important words, "...under current law." The United States changed the law so as to allow Puerto Rico to go into a form of bankruptcy. So you cannot rely on a lack of legal support for bankruptcy to protect any bond investments you might make in Illinois. It is entirely possible for the ...


27

If you've been paying on the car for three years, it's possible that your credit is in a place where you don't need a co-signer any more. See if your bank will re-fi with you as the sole debtor. If they won't do it, find another institution who will. The re-fi will take your grandpa off the loan, and whichever institution that does the re-fi will still ...


13

If you give money to a person or entity, and they don't have the ability to pay you back, it doesn't matter if they are legally required to pay you.


13

You're driving a car worth about $6000 which has a $12,000 loan against it. You're driving around in a nett debt of $6000. The best thing your grandfather could do for you, if possible, is to take your name off both the title and the loan, refinancing the car in his name only. If possible while still letting you drive the car. When he dies, you will be out ...


11

Sovereign immunity is the state's ultimate "get out of bankruptcy free" card. After all, the state has a hand in defining what bankruptcy even is in their state. Federal law is a framework, states customize it from there. The state's simplest tactic is to simply not pay you. And leave you scrambling to the courthouse for redress. Is that an automatic ...


7

The legal department at the Bank left me a message telling me that the bank check was paid & the recipient got the funds. Call up the bank and find out who the recipient was. Generally it can only be cashed by the person whose name is on it - the original business partner to whom it was intended. It is unlikely to be cashed by the attorney, unless he ...


6

For estimating your take home salary, I suggest using one of the many free salary calculators available over the Internet. I personally use PaycheckCity.com, but there are plenty of others available. To calculate your allowances for the US Federal tax, you can use the worksheet attached to the form W-4. Similar form (with a similar worksheet) is available ...


6

I had experience working for a company that manufactures stuff and giving products to the employees. The condition was to stay employed for a year after the gift for the company to cover its cost (I think they imputed the tax), otherwise they'd add the cost to the last paycheck (which they did when I left). But they were straight-forward about it and I ...


5

My grandmother passed away earlier this year. When I got my car 3 years ago, I did not have good enough credit to do it on my own or have her as a co-signer. We had arranged so that my grandmother was buying the car and I was co-signing. A similar situation was happening and I went to my bank and took out a re-finance loan prior to her passing. I explained ...


4

There are online tax prep sites, H&R Block among them. You'll be able to enter your projected details, and do a 'what-if' type scenario by adding things that impact the return. You don't mention any Schedule A deductions. No mortgage? Planning to have money taken off the top to a 401(k)?


4

For property tax, you deduct the tax in the year that you actually pay it. So if you paid property tax during the year in 2015, and then you paid property tax again in November 2015 at closing (even if it was just to your buyer), you can deduct the total amount on your 2015 taxes. When your buyer does his taxes, he will have to subtract the $5,000 that you ...


4

I think Joe is right, it seems that you will get the car once grandpa passes. It clearly states that on the DMV page. I would work like crazy to get this car paid off ASAP. Work extra and see if you can get it paid off in less than a year. Once paid off, have grandpa sign it over to you. This is a really toxic situation that you can reduce somewhat by ...


4

Typically, companies have 3-4 year vesting schedules, which are orthogonal to why you separated from the company. Given that and the numbers you showed, I'd say that you are only fractionally vested in the company match. (Of course, all of your contributions are, and have always been 100% yours.)


3

I was in a similar situation about a year ago, and the expedient thing to do would be to remove your grandfather from the Title. He would probably have to agree with this, but I think he will if you approach it correctly. In my case, I was the cosigner for my son's car loan and was told by the dealer that I "had to be on the title". This is not true as ...


3

My family members, particularly my aunt (his daughter), are telling me that when my grandpa dies they are taking my car. Bring this up with Grandpa. If this is what he wants to have happen, then help him make it happen before you finish paying $12,000 on a car worth only $6,000. Let the Aunt and other relatives deal with the remaining $12,000. If that ...


3

Go to your local tax assessors office or recorder of deeds. They should be able to tell you who holds the title and give you a copy. In fact, a lot of this information is available online just by looking up your address. I don't know which county you live in, but in Cook County, the web site is here. PS... Why don't you call the mortgage company and ask ...


3

In Illinois if the landlord has more than 25-units in the same complex they must pay interest to the tenant equivalent to what would have been earned at a bank. The landlord would need a W9 in order to file a 1099 when the interest is paid to you, but even if the interest was not substantial enough to warrant a 1099, the landlord is likely utilizing a trust ...


3

You need to find the documents related to your 401(k) program. They might be available on the 401(k) site. You need to find if when they layoff an employee they accelerate the vesting schedule. Then you need to find the vesting schedule. You need to pay attention to the partial years. 2014 to 2016 could be 2 or 3 years. Your quarterly statement or the ...


2

How? Basically all banks nowadays allow online deposits from a smartphone - you take a picture from the front and back of the check, and submit it, and that's it. You still have the paper check, and it looks pristine, but it is deposited (and the paper is worthless).


2

The lead story here is you owe $12,000 on a car worth $6000!! That is an appalling situation and worth a lot to get out of it. ($6000, or a great deal more if the car is out of warranty and you are at risk of a major repair too.) I'm sorry if it feels like the payments you've made so far are wasted; often the numbers do work out like this, and you did ...


2

California and New York are very aggressive when it comes to revenue and taxes. As such, mere having an employee in these States creates a nexus and tax/filing liability for the company. @Adam Wood mentioned sales tax - that is correct. Having an employee in the State of California will require collecting sales tax for CA, and if until now your employer ...


2

Per IRS Topic 503 (http://www.irs.gov/taxtopics/tc503.html), you can only deduct the tax during the year you paid it. Since you paid the tax in 2015, you will have to wait until next year to include it on your 2015 taxes. I'm not sure what the Illinois state taxes say about the topic, but I would imagine they would be the same.


2

If you paid them via government website, mailed a check, or authorized a credit card after 11:59 PM on 31 December 2014, you have to count them as a 2015 deduction. If it was by credit card, it depends on when you authorized the transaction, not when you sent a payment to the credit card company. If you paid the taxes via monthly escrow payment, and the ...


2

In my experience, such notices are often incorrect (having received one recently from the IRS for > 20,000). This requires some work, but shouldn't be a big deal. The form itself with that comes with it should specify which line items they disagree with, typically a side-by-side of "what you wrote" and "what it should be". If it doesn't, call the state to ...


2

It appears that there is some kind of a state-sponsored program in IL, not sure about the details. It is not a tax credit, though. Read about it at the IHDA website. First-time homebuyers in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will or Winnebago counties can get $7,500 in down payment assistance with a competitive interest ...


2

would consulting an attorney be expensive? If you win a prize worth $1.3 Million USD, then getting the correct legal and tax advice would be cheap. Assuming the winner is single and that last $ of income is in the 37% federal and 5% state tax brackets; that would make the Federal tax bill around $446K and the state tax bill around $65K. I am also assuming ...


2

Nolo.com has the requirements for collecting unemployment. Some excerpts: In Illinois, as in most states, the base period is the earliest four of the five complete calendar quarters before you filed your claim for benefits. For example, if you filed your claim in October of 2012, the base period would be from June 1, 2011 through May 31, 2012. So if ...


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