Why More and More Retailers are Filing for Bankruptcy

From family-owned businesses to national chain stores, more and more retailers are filing for bankruptcy. Statistics show that retail bankruptcy filings were up more than 30 percent in 2017 from the year prior. 

So, what’s driving this change in the retail landscape, and what can retail business owners do to protect themselves?

The Transition from Offline to Online Shopping

Several factors play a role in the increasing number of retail closings, one of which is the trend of online shopping. It turns out that 51 percent of US Consumers prefer to shop online. Buying goods over the internet is often easier, more convenient and even cheaper. 

As a result, consumers have shifted their shopping habits from local shopping centers and malls to the internet.

Another issue is that supply, in many cases, outweighs demand. Retailers continue to open new stores in hopes of increasing revenue. With consumer demand stagnant, however, this doesn’t happen. 



Instead, retailers are left with a surplus of goods and high overhead costs. Retail business owners who want to survive must learn to adapt to market changes while providing a valuable service for consumers.

Major Retailers Filing for Bankruptcy

Even major retailers aren’t immune from these market changes. In September 2017, just months away from the holiday shopping season, Toys ‘R’ Us filed for Chapter 11 bankruptcy protection. This prompted the national kids’ toy retailer to close some 200 stores.

Payless ShoeSource also fell into hard times last year. In April, the shoe store filed for Chapter 11 bankruptcy protection, announcing the closure of approximately 800 stores.

Other retailers that have filed for bankruptcy protection in recent months include HHGregg, RadioShack, Eastern Outfitters, Gander Mountain, Gormans, Wet Seal and Aéropostale.

How Bankruptcy Protection Can Help

Filing bankruptcy doesn’t necessarily mean the retail business will close. On the contrary, many retailers file it to keep their business alive during periods of financial hardship. 

When a retail business owner cannot pay his or her bills, bankruptcy offers a second change. As a business owner, you can keep a bankruptcy lawyer like the Law Office of Barbara B. Braziel on call.

There are several different types of bankruptcy, including Chapter 7, Chapter 11 and Chapter 13. With Chapter 7, the business’s assets are handed over to a trustee who oversees its liquidation for the purpose of paying off debts. 

Chapter 11 and Chapter 13, however, typically provide retailers with an opportunity to continue their business. The retailer may arrange a reorganize their business structure, liquidating assets and closing stores, and he or she may agree to a repayment plan with creditors.

There’s an undeniable change happening in the retail landscape. However, retailers can overcome financial hardship by consolidating their operations and filing for bankruptcy protection.

Feeling Frugal? 4 Tips to Save Money on Home Repairs

Being a homeowner certainly has its benefits, but one downside of owning compared to renting is that you’ll be responsible for any repairs your home needs. That’s why financial experts recommend that homeowners leave room in their budgets for repair costs each year. 

Still, it’s natural to want the best deal on home repairs, especially when you have several repairs to do. Here are four helpful tips on how you can save some cash on home repairs.

See What You Can Do Yourself

The best way to cut your home repair costs is to do everything you can yourself. Now, whether this is worthwhile for you will depend on how handy you are and how much time it takes you to do the repairs. 

You don’t want to spend days on a simple repair or end up making your problem worse. But with all the tutorial videos out there, you can absolutely learn how to do some basic repairs online.

Find Deals on Materials

Even if you hire contractors for repairs, that doesn’t mean you need them buying the materials. You’re typically better off doing this yourself, because then you can shop for deals. 



Try visiting home improvement stores during their sales or looking for salvage materials. With a little luck and a good eye, you can get materials for much less than they’d usually cost.

Shop around for Contractors

When you know what you need done, it’s easy to call around and get estimates from different contractors like AAA Garage Door, Inc. and similar companies. Then you can compare them all to see who’s offering the best price. 

Just make sure that you look at their reviews, as well. You don’t want to go with the cheapest contractor if they have a bad reputation.

Look up What Labor Should Cost

It’s good to have an idea of how much labor would typically cost on the repair jobs you have, even if you looked around to get the best price on a contractor. 

You want to be knowledgeable of repair costs in case your contractor tells you that it’s actually going to cost more or if they determine that more work needs to be done. 

Understanding what everything should cost helps you avoid getting hustled. It’s smart to anticipate potential home repair costs by setting some money aside whenever you can. But when you do need repairs done, you should also do what you can to get the best bargain.

What are the Best Ways to Maximize Your Insurance Choices?

Auto insurance is more than just a legal requirement. It is your saving grace if you cause an accident. Here are some tips for making the most of it.

Choose the Coverage Amount that Is Right for Your Financial Situation

Every state has a required minimum coverage level. While the minimum level keeps you in legal compliance, it may leave you on the hook if you are at fault in an accident where damages exceed your limits. 

Many states have coverage limits which can easily be exceeded, such as a $5,000 property damage limit and a $20,000 per person bodily injury limit. It’s not hard to imagine one somewhat serious auto accident exceeding these amounts.

In that situation, you can be found personally liable for all damages above what your insurance pays. 

For example, if your insurance paid $5,000 in property damage to another driver and their car was worth $20,000, you could receive a judgement against you for $15,000.

One of the main points of auto insurance is to prevent you from having to pay ruinous sums out of pocket. 

If you have assets, such as a house or cash savings, always protect them by carrying enough insurance to cover the full cost of an accident.

Carry the Coverages You Need

Though you never want to be caught short, it is also important to avoid over insuring property. For example, if you have a paid off vehicle, the law only requires you to have liability insurance. 

Collision and comprehensive insurance are optional. Collision insurance covers your car in and accident and comprehensive covers your car if it is stolen.

It is important to consider how much you would receive in reimbursement after your deductible if your car was totaled or stolen. 

If you would only get $800, it may not be worth the premium costs to carry collision and comprehensive coverage, though if you would get $10,000, it certainly would be worth covering.

Protect Yourself from the Uninsured

For very little additional cost, you can opt for uninsured and underinsured motorist protection. 

This coverage means that if you are hit by someone without insurance and they are at fault, your insurance company steps in to cover your losses. They also pay you for any shortfall if the other driver’s insurance policy limits are inadequate.

Though the other driver is legally responsible, chances are good that if they have no insurance, they have no ability to pay.

Calculate What You Need

LA Insurance of Denver, Colorado recommends calculating your insurance needs based on your existing assets, the value of your vehicle, and your willingness to risk paying out-of-pocket expenses. Each individual has different insurance needs and budgets, so a good financial workup is needed before selecting coverage.

With the right coverages in place, you can drive the roads of Colorado with piece of mind.

Tops Tips for The Over-50s Buying Their Retirement Property

Over the course of your life you will have bought, sold and rented properties, which means you’ll know your way around the process. Where this differs, however, is that when it comes to your retirement home or your final home you’ll buy, you need to get it right.

As much as the current family home offers in cherished memories, the sentiment doesn’t pay the bills and sometimes a large family property simply becomes hard to for the occupants to keep up with as they get older. 

As you may have guessed, there is a whole host of reasons why the over 50s homeowners may want to move house so there is never a typical last time buyer. Some want to move to be closer to family, some want to downsize, some want to upgrade to their dream home, others may want to move to a quieter location. 

Many downsize to release equity to help fund retirement, while others are motivated by the lower running costs of a smaller home. For older homeowners with mobility issues, bungalows become attractive as do small retirement flats in buildings with lifts.

Of course, it is situation dependent but for whatever reason you may want to re-locate, make sure you consider all of your options first. 

Below we’ve outlined some of the top things to take into consideration, but remember to take independent and professional advice if you want to be clear how your home could affect your inheritance, cost of care and eligibility for State benefits.

1. Don’t Get Above Your Means

A simple enough sounding point but one that often gets overlooked. Many over 50s overstretch themselves on their final purchase cause they may want that final, really special retreat and just go for it. 

Whilst you shouldn’t ever back down from your dream home, at this time you need to be practical and cost effective. Ill health sadly becomes more common after 60 so whilst you may plan to work well into your 70s, your body might have other ideas. 



A well-paid job you may have now, may be lost and if you struggle to find another, it could leave you vulnerable financially if you’ve just bought a big home. 

Mortgage lenders will also restrict your ability to borrow into your old age, with most limiting mortgage terms to finish by your 75th birthday, and of course you must prove that your income stacks up. 

But it's up to you to be cautious too, because if you get it wrong you may have to sell your dream home, and there are no guarantees that you will get the price you want for it.

2. Consider Downsizing

If you’re in your 50s or 60s you may not feel like you’re ready for this, as most empty nesters don’t. However, you need to be practical and think of the bigger picture. Say you have a large house that was filled with your children before they all moved out. 

Now gone, you must upkeep this large home, when in reality most of the space is unneeded. You could downsize, cash in and find a smaller place that meets your needs. By doing this is gives you a greater nest egg to treat yourself or your children. 

A step often dismissed, this in fact is one of the best moves you can make as an over 50’s adult. If you want to use your retire time to travel, this gives you the freedom to do so. 

We all know how poor pensions are these days so why not consider it as it could give you that money you need now! Furthermore, retirement is a great time to invest in property as a whole, you could put some of the gained money into rentable properties that give you consistent income whilst you enjoy your retirement. 

The bonus is that there are loads of properties to invest in, whether they are commercial or residential. If you don’t know where to start, it may be best to seek professional help from local estate agents or commercial property agents.

3. It’s All About Location

You may picture yourself spending your later years in an idyllic rural retreat, and that's ideal for some. No doubt you currently drive a car and can easily get to where you need to be. 

There is no reason you can't drive a car until the day you die, but in practice, many people do stop driving in their later years or cut down the number of longer journeys they need to make. 

Because of this, it's important to consider access to public transport when you think about the location of your last-time buy.

4. Get Advice

If you’re considering your last property purchase, then don’t forget to think about your inheritance. Maybe you’re considering the release of equity to gift your loved ones now or maybe you want to buy a bigger family home to pass on in the future. 

Whatever it is, you need to consider your position financially, legally and from a tax viewpoint. Not only are there issues surrounding Inheritance Tax, but increasingly people are beginning to think about the possible cost of long-term care and your property's value comes into play here, along with your other assets. 

It is key that you know the rules and regulations of gifting money or property to your children. Seek professional advice from tax professionals as they’ll be able to explain your best options available.

6 DIY Kitchen Projects to Get the Most Bang for Your Buck

Sure kitchen remodels can be pricey, but there are tons of tips and tricks to remodel your home without breaking the bank. It’s important to first figure out your budget and overall vision for your kitchen. 

Whatever your kitchen remodel budget may be, there’s a project for you. So whether you’re a new homeowner or a current owner just looking to spruce things up, these six DIY remodel projects will give you a high-end kitchen without the high-end price.

Staining Cabinets

A great way to give your kitchen a budget-friendly upgrade is to start with the cabinets. Instead of fully replacing your cabinets, staining or even painting your cabinets will do the trick. 

If you want to keep your wood cabinets looking brand new, perhaps staining (or re-staining) your cabinets yourself is the way to go. Or if you’re looking for a more modern twist, a fresh coat of white paint can give your kitchen a fresh, clean look. In addition to a face-lift, you may want to give your cabinets some love from the inside out too. 

Adding rolling drawers, shelves, stacking containers and jars are a cheap way to organize your cabinets and optimize your kitchen space.

A Fresh Paint Job

In addition to your cabinets, you may want to go ahead and give your whole kitchen a fresh coat of paint. Colors like grey, blue, yellow and green are popular since they are considered neutral colors — they are welcoming and match with a diverse range of themes and kitchen decor.

Backsplash

A stylish kitchen backsplash is a fun way to give your kitchen a new look without much effort. There are tons of backsplash options ranging from tile or stone to glass and ceramic that fit your style and remodeling budget. 

In fact, backsplash tiles can be found for less than $5 per square foot that can be mixed with stone or glass pieces for a classy look for cheap.

New Decor

Another great way to give your kitchen an easy facelift is to purchase some new kitchen decor. Sounds easy right? That’s because it is! 

Thrift stores and consignment shops can provide inexpensive and beautiful finds like cool art pieces or kitchenware at a fraction of the price of brand new items.

Add Lighting

Having the right lighting can make or break the ambiance of a room. Adding under cabinet lighting to your kitchen is a simple way to add an elegant touch and provide adequate lighting. 

You can find tap lights or LED lights at your local hardware store and don’t have to go through the hassle (and cost) of hiring someone to install or wire electrical for you.

Build an Island

Building a kitchen island is an easy way to add counter and seating space without doing a full kitchen remodel. You can can build your own island with old cabinets or wood and even add wheels for easy movement. Rolling kitchen islands are a great way to really optimize your kitchen space.

Whatever your style and budget may be, these six tips with help you design a classy-looking kitchen without burning a hole through your wallet. 

And remember renovating your home is not just another expense, it’s a investment. Investing in renovating your kitchen now can add style and value to your home in the future.

4 Financial Resources for Families Looking for a New Home

Higher home prices and the decreasing number of homes available for sale aren’t the only things keeping most families in city apartments. Most of these families, regardless of their income levels remain hooked up in rentals as they don’t know how to source for funds to buy a home. 

Here are four possible financial sources for families seeking to buy their family home.

State Down-Payment Grant

Where do you live and what is your average annual income? Those are the only questions most state, county or even state governments ask in determining whether you qualify for down payment assistance. 

To make homes affordable to all citizens, state and county governments set up the little-known down Payment Assistance Scheme. This helps low income earners raise the down payment required by most mortgage providers.

College Graduation Grant

A Bachelor’s degree in any related field can also earn you a significant grant amount that you can use as a down payment for a family home, in Indianan and Ohio at least. 

In these two localities, you qualify for up to 2.5% of your home purchase if you graduated with a bachelor’s degree here within the last two years and have a full-time job.

Mortgage Loan

Mortgages by far remain the most popular financial resources to purchasing a family home. With a stable source of income and the required down payment, you can approach any financial institution offering mortgage services for financing. 

Note that the higher your down payment you raise and shorter the repayment period, the more favorable the mortgage repayment terms.

Through Low down Payment Loans

Though they suffered a major setback in the recent housing crisis, low down payment loans are still available. For instance, the Federal Housing Authority only requires that put down as little as 3.5% of your home purchase price.

Good Neighbor Next Door

Is your career centered on community services like emergency medical technician, firefighter, an active law enforcement officer or even a veteran? That too can increase your chances of owning a family home. 

Through the Good Neighbor Next Door program, the U.S. Department of Housing and Urban Development can finance up to 50% of the home’s listing price if you seek to buy a house in regions that the institution considers revitalization areas. 

There is a catch though. You must work full-time in the designated occupation and agree to live in the home for not less three years after purchase.

Bottom Line

Real estate experts believe the only reason hindering could-be homeowners from owning a home is the fact that they aren’t familiar with the different finance resources available to them. 

If you dream of moving your family out of a rental into a decent home, research on the various financial sources available to you based on your profession, income levels, and residence.