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Blog Posts in August, 2011

Small Businesses May Opt for Chapter 11

Filing for business bankruptcy can be a nightmare if you do not know which Chapter to file under. Based on U.S. bankruptcy law, most small businesses will benefit from filing under Chapter 11 ...
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Mortgage Surplus Fund Reported in Cook County

Did you know that you could regain some money from the sale of your foreclosed home? While it is not a certainty, it can happen when a home is sold for more than what was owed to the bank. This came ...
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Chapter 7 and the Bankruptcy Trustee

When you file for Chapter 7 bankruptcy, you will be assigned a court-appointed trustee. This person will be vital to the success of your bankruptcy filing, so it is important to understand their role ...
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Mayor Announces Plan to Confront Foreclosure Epidemic

In Chicago, Illinois, the city's new mayor surprised everyone by unveiling a $50 million plan that is meant to address the current foreclosure epidemic. According to reports, the plan will be ...
Continue reading "Mayor Announces Plan to Confront Foreclosure Epidemic" »

Company Takes Break from Bankruptcy Case to Address Lawsuit

After fighting with creditors for months now, a major newspaper publisher has taken a break from its business bankruptcy proceedings to settle a lawsuit. The suit, filed in 2008 by former employees of ...
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The Chapter 13 Process

When you file for Chapter 13 bankruptcy, the process may not be that easy or quick. Since you will be asking a judge to allow you to repay your debt over the course of three to five years, you will ...
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Bankruptcy and the 341 Meeting

Have you recently filed for Chapter 13 bankruptcy ? If so, you need to start preparing for your 341 meeting of creditors. While the title may sound imposing, this is a regular part of Chapter 13 ...
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You Can Improve Your Credit Post Chapter 7

Did you know that filing for bankruptcy can actually improve your credit history if you are responsible with your credit and debt post-filing? When you file for Chapter 7 bankruptcy, you can do so ...
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Paper Company Decides to File for Business Bankruptcy

After nearly 100 years in the business, a paper company announced this week its intentions to file for business bankruptcy. Based out of Michigan, the company formed in 1914. Since then, it has ...
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Debt Consolidation vs. Chapter 13

When you have serious debts, you may feel that debt consolidation is an option. However, did you know that Chapter 13 bankruptcy also allows you to restructure your debts? Rather than go to a debt ...
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Bank Moves Forward with Chapter 7 Bankruptcy

In the state of Nevada, it has been reported that a local bank decided to file its Chapter 7 bankruptcy petition in court this week. According to the documents filed with the U.S. Bankruptcy Court in ...
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Rate of Foreclosure Falls in July

Great news for homeowners across the country: foreclosure rates have fallen to an all-time low in July, giving many people hope that there is an end in sight for the foreclosure epidemic. Based on the ...
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Company Hopes to Get Operations Running Post-Bankruptcy

Just in time for the holidays, a famous fruit gift box company hopes to get back up and running after winning approval of its business bankruptcy. The company, which has been in operation since 1930, ...
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Dealing with Collection Phone Calls

When you are in serious credit card debt, you may receive phone calls from creditors on a daily basis. While you may be irked by the constant ringing of your phone, you may be surprised to learn that ...
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Lawmaker Unsuccessful with Chapter 13

Just because you have been approved for bankruptcy doesn't mean that you have an easy road ahead of you. One former Virginia lawmaker and his wife learned this lesson the hard way after their ...
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High Foreclosure Rates Alarm County

Like many other cities across America, Chicago has not been immune from the high rates of foreclosure. However, with over 70,000 foreclosure cases outstanding in one county, area officials are ...
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Franchises Anger Disrupts Pizzeria's Bankruptcy

While the recipes behind a Chicago pizzeria's famous pies have long been secret, they are becoming a serious issue in the company's bankruptcy case. While all of the franchises are supposed to ...
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Chapter 7 and Your Credit Report

While Chapter 7 bankruptcy has gained a reputation as a great way to get out of personal debt, you must be certain that this is the best solution for you. While this type of bankruptcy can change your ...
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Mobile Home Subjected to Foreclosure

Residents of a mobile home park in Illinois found out they may be losing their homes forever due to foreclosure after the park's owner unsuccessful with his Chapter 11 filing. The owner of the ...
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Bankruptcy Filings Fall 8.8% in Illinois

Although it is small right now, there is hope that the economy will turn itself around, leading to less bankruptcy filings over time. According to a well-known bankruptcy research center that operates ...
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Decrease in Bankruptcies Reported in June

Over the past several years, people have heard that more and more Americans are filing for bankruptcy protection. However, recent trends show the beginning of a decline in bankruptcy filings, although ...
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Racetrack Moves Forward with Chapter 7

After several years of discouraging returns, a racetrack has decided to shut down its stables permanently. The decision was announced last week when the owners filed for Chapter 7 bankruptcy, which ...
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The Impact of Chapter 13 on Your Finances

Once you have decided to file for Chapter 13 bankruptcy, there are many aspects of your life that will change. Of course, the circumstances of your bankruptcy filing will dictate exactly what will ...
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