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Blog Posts in April, 2011

Stop Foreclosure with a Short Sale

If you are in danger of losing your home to foreclosure, it is possible to put it up for a short sale instead. This can only be done through the approval of a lender, who must agree to a discounted ...
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Understanding Debt Settlement

Are you curious about debt settlement but aren't clear what it really means? Since many people are now battling with their poor financial histories, some are turning to debt settlement to fix their ...
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American Apparel CEO Gets Loan to Avoid Bankruptcy

In order to avoid filing for Chapter 11 bankruptcy, the CEO of American Apparel accepted a $45 million loan from a group of investors. This was made possible by Michael Serruya, a Canadian financier ...
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Foreclosures in Chicago

All foreclosures in the state of Illinois are judicial, meaning that it is the role of the court to complete the foreclosure process. The process begins with a judgment of foreclosure, which can be ...
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What is Considered Creditor Harassment?

If you have fallen behind on your bills, you may notice that your creditors are starting to call you to collect the debt that you owe. While creditors are allowed to contact you to make collection ...
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Which Type of Bankruptcy is Best For You?

Before you file for bankruptcy, you must first decide what type of bankruptcy will work best for you. Although many people attempt to file for Chapter 7 bankruptcy, in which your debts are pardoned, ...
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Avoiding Foreclosure Scams

As many people are struggling to keep their homes out of foreclosure, there are some who are desperate enough to fall for even the most blatant scams. In 2010 nearly $31 million in homes and/or fees ...
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Concerns Over 2011 Bankruptcies and Defaults May Be Exaggerated

A report released by the Federal Reserve Bank of Chicago shows that worries about mass defaults and bankruptcies during 2011 may be overblown. Richard Mattoon, a senior economist and author of the ...
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What does the Term "Discharge" Mean?

If you are considering Chapter 7 bankruptcy then you must become familiar with the term "discharge." Under this type of bankruptcy, as defined by the federal bankruptcy statute, a discharge releases ...
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Businesses and Chapter 13

If you own a business and are in danger of financial ruin, you could qualify for Chapter 13 bankruptcy. To begin, your attorney will file a voluntary petition, a schedule of liabilities and assets, a ...
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Key Things to Know About Chapter 7

Are you curious about Chapter 7 bankruptcy ? In order to get approved for this type of bankruptcy you must file a voluntary petition, schedule of income and expenditures, a schedule of assets and ...
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Foreclosure Filings Increase in Illinois

While a brief slowdown in foreclosure filings sparked the hopes of some, filings have increased since last month in many states like Illinois. According to RealtyTrac the month of March brought ...
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Pasquinella Homebuilding Moves Forward with Chapter 7

A small Chicago-based company that expanded to seven more states has filed for Chapter 7 bankruptcy this month. Pasquinella Homebuilding LLC, headed by Bruno Pasquinella, listed assets between ...
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Station Casinos Inc. Files for Bankruptcy

Station Casinos Inc. filed for bankruptcy protection this week to start the asset sale that is part of its parent company's reorganization plan. This includes affiliates like Fiesta Station Inc. that ...
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Discharging Tax Debt

If you are interested in discharging some of your income tax debts, you could be eligible to do so under Chapter 7 or Chapter 13 bankruptcy law. Before you apply for bankruptcy protection, however, ...
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Stop Foreclosure with Chapter 13

It is possible to stop the foreclosure of your home by filing for Chapter 13 bankruptcy. If so, how? In many cases people file for this type of bankruptcy solely to prevent the sale of their home as a ...
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Dispelling Bankruptcy Myths

Since bankruptcy has been in the news so frequently, more and more myths have started to arise regarding those who file for it. If you are considering bankruptcy then you need to understand which ...
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Sbarro Seeks Bankruptcy Protection

Whether people are losing their appetite for pizza or simply don't have the money to buy it anymore, Sbarro pizza has been forced to file for bankruptcy this month. It joins fellow pizza providers ...
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Bankruptcy Abuse Prevention and Consumer Act Makes Chapter 7 Harder

After passing through the Senate with a vote of 74-25, the Bankruptcy Abuse Prevention and Consumer Act of 2005 passed the House 302-126. The final step in its journey is the White House where it will ...
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Judge Halts 1,700 Foreclosures in Cook County

Good news for some who live in Cook County: a circuit judge has halted nearly 1,700 foreclosures temporarily. According to the Chicago Tribune one of the top three law firms used by mortgage services, ...
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