In his Smart Money column, Bruce Williams answers
readers' questions on personal finance, covering concerns such
as collecting debts, investing inherited money, starting a
business and getting a loan.
The feature is distributed three
times each week by Newspaper Enterprise Association.
Williams
is the host of a financial radio talk show, "The Bruce
Williams Show," broadcast to more than 400 stations on
NBC Radio Network's "Talknet." Seven nights each
week, Williams answers questions about money matters. He has
been with "Talknet" since 1981.
Williams gained his
financial expertise in a variety of businesses. He has sold
insurance, driven a beer truck, worked in a brewery and bought
and sold real estate. He has founded and owned numerous businesses,
including a private school and a wholesale and retail florist.
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He also served two four-year terms on the city council (including
one term as mayor) of Franklin Township, N.J. "Smart Money
has a light touch," Williams says. "It's not meant
to be professional or reproachful, but rather direct and straightforward.
I'll tell people when they've made a mistake, because I've
been there."
Williams also shares his business experiences with readers
in his book In Business for Yourself (Scarborough House), a
practical guide to starting and running a business. He has
also published America Asks Bruce (Main Street Productions),
a book containing questions and answers from Williams' radio
show. Williams lives in Port Richey, Fla. He has five grown
children. |
RECENT SAMPLES:
March 3rd, 2009
Will my deadbeat dad's debt derail my life?
By Bruce Williams
DEAR BRUCE: I am a sophomore in college. My mother and stepfather
are paying for my expenses so I can get a degree. The problem is
my birth father. He is an alcoholic who is in and out of jobs.
He has taken all the equity out of his home to pay for his bills;
has emptied out his 401(k); and is currently living off credit
cards. He's only 50 years old and continues to rack up more and
more debt. When he dies, will I be responsible for his debt? --
P.C., via e-mail
DEAR P.C.: You're fortunate that your mother found a spouse who
seems much more responsible than your birth father. You will have
absolutely NO responsibility for your dad's debt, unless you voluntarily
co-signed a loan or credit card for him. No matter how much debt
he leaves behind, it will not affect you, your life or your credit
rating. Do well in school to reward your mom and her new husband.
Can I sue my ex-boss to pay for my credit card bill?
By Bruce Williams
DEAR BRUCE: I had a credit card limit of $34,700. I have a credit
rating of 790, down from 896 in 2005. I allowed my former employer
to use my card (up to a limit) to help launch a promising new business.
He intended to pay it off when the business was successfully up
and running. At one point, the card had charges well over the credit
limit, up to $39,000, (hence the drop in my credit score). I repeatedly
asked him to stop charging on it when it got to $20,000. At the
$39,000 mark, I had to close the account to stop the charges. To
make a long story short, you guessed it, the business never got
off the ground. My former employer is now filing for bankruptcy,
after paying back approximately $4,000 through monthly payments
to me in my paychecks. I no longer work for this employer, and
thus, I have been making $800-a-month payments regularly, to keep
my credit rati ...
February 24th, 2009
Jilted sis must make motor-home payments
By Bruce Williams
DEAR BRUCE: After 25 years of being together, my sister and her
same-sex partner split up one year ago. Her partner refinanced
their home, taking my sister off the mortgage, which was a good
move. My sister has moved on and purchased another home in her
own name in a nearby town. However, there is a very expensive motor
home they both still own, and each pays half of the monthly payment
(my sister is listed as co-owner). The motor home is in the possession
of my sister's ex-partner, and the ex recently took a "new
guest" on a trip, which emotionally crushed my sister. My
sister contacted the ex and threatened to cut off payments on the
motor home (which she is legally bound to for another several years
on payments), if the situation reoccurred. Her ex-partner did go
for "round two" with the new guest, so now my sister
feels totally disrespected and refuses to make any mo ...
February
24th, 2009
Can I wangle a second home as a first-time buyer?
By Bruce Williams
DEAR BRUCE: I will be purchasing a home, and my husband and I
have another house where I am not on the title or the loan. I
was wondering
if I would be able to qualify as a first-time homebuyer? We do
file our taxes jointly but still, I am not the owner. -- L.H.,
via e-mail
DEAR L.H.: Most first-time buyer programs exist to encourage
someone who is financially weak to get a mortgage. It's unlikely
that you'd
be able to get the mortgage on your own, and, if you tried to
qualify for the mortgage with your husband and his income as
well as your
own, then the first-time buyer program, which varies from state
to state, would go out the window. I doubt seriously if it's
an avenue that will be available to you.
DEAR BRUCE: I am set to inherit a third of a half of a home that
is valued at $227,000. Am I liable to pay tax on the third that
I will inherit or are th ...
February 24th, 2009
Will creditors take my elderly parents' possessions?
By Bruce Williams
DEAR BRUCE: My mother has dementia. She and her credit cards
have been taken advantage of by a family member whom she does
not want
to press charges against. All the cards are now overdue. The
creditors are calling and I am trying to settle with them.
The problem is
my parents are on a fixed income, they own two old cars, and
their home is paid off. Their ages are 90 and 80, so we're
really not
worried about their credit. If these cards are not paid off,
can they come after their house, or cars? I have power of attorney,
and after they are gone I will be given the house and cars.
Can they expect me to sell the house and pay? We also went to
a bankruptcy
lawyer and he said they have too much equity, and suggested
that I put the house in my name now. Thank you for your assistance.
-- P.S., via e-mail
DEAR P.S.: Since your mother has dementia, it may be too lat
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