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Blog Posts in February, 2011

15,000 Properties Remain Vacant in Chicago

According to recent figures there are nearly 15,000 vacant properties in Chicago, 85% of which are in the foreclosure process. Yet Chicago is not the only area of the country dealing with an ...
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Questions Asked during 341 Meetings

If you have recently filed for bankruptcy then you need to start preparing for the questions that will be asked during a 341 meeting. At this time a trustee will ask your name, social security number ...
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Understanding the 341 Meeting Process

When you file for Chapter 7 bankruptcy, you will be asked to attend a 341 meeting which is vital to whether or not your bankruptcy is granted. This is essentially a meeting between you and your ...
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Chicago Couple Charged with Defrauding Foreclosure Clients

It never pays to lie and defraud as one high-powered couple in Chicago have learned the hard way this month. Philip Igoe, 61, is an attorney in Chicago that has been charged with defrauding clients to ...
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Chapter 11 In Store for Giordano's Pizza Chain

Giordano's, the popular pizza chain based out of Chicago, has announced that it will file for Chapter 11 bankruptcy this month. However, it has been given court approval to continue operating its ...
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Dave Duerson Filed for Bankruptcy in September

Although the news of Dave Duerson's suicide was tragic enough for the football community, their surprise at the incident may be lessened after learning that he filed for bankruptcy in September of ...
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How Can a Chapter 13 Lawyer Help You?

If you are filing for bankruptcy, you may be wondering how a bankruptcy lawyer can help you file for Chapter 13. You should know that there are several ways in which he or she can be useful. To begin ...
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Top Bankruptcy Myths

If you are considering bankruptcy then there are three popular myths that you should dispel beforehand. First is the myth that you cannot file for bankruptcy if you have a job. While there is a new " ...
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Foreclosures Expected to Trend Upwards in 2011

Foreclosures in Chicago have increased 14% between 2009 and 2010 and are expected to trend upwards in 2011 according to a local non-profit group Woodstock Institute. Of the six counties that comprise ...
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Things You Should Know Before Filing for Chapter 13

If you are a debtor seeking debt freedom there are several things you need to know before filing for Chapter 13 bankruptcy. You will need to prove to the court that you are able to make monthly ...
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Borders Announces Chapter 11 bankruptcy

Another one bites the financial dust, this time it is the big name bookseller Borders. The company announced its decision to file for Chapter 11 bankruptcy this week as its efforts to refinance its ...
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Foreclosures Continue to Increase Throughout the Country

Things are not looking good for the American financial landscape as foreclosures increased across the country, adding to the already high levels of unemployment. According to a monthly analysis ...
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Bankruptcy: Top Reasons for Filing

Ever wonder what the top reasons are for filing for bankruptcy? There are several and they have affected thousands of people in 2010 alone. To start, many people want a clean slate and can only ...
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Will Your Spouse Be Affected by Your Bankruptcy

If you are filing for Chapter 7 bankruptcy you might be concerned as to whether your spouse will also be affected by your decision. In short the answer is no but only if they did not sign any ...
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The Costs Associated with Bankruptcy

When you first decide to file for bankruptcy you will undoubtedly have a list of questions. For example, you might be wondering if it actually costs anything to file. There are indeed payments that ...
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Former Chicago Mayor Files for Bankruptcy

Former East Chicago Mayor Robert Pastrick received bad news this week when a federal trustee said that he would be denied for Chapter 7 bankruptcy. Pastrick, 83, was told that his income is too high ...
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Repayment Plan Information for Chapter 13 Bankruptcies

When people decide to file for Chapter 13 Bankruptcy, they must submit necessary paperwork and their petitions must be approved of by the bankruptcy court. Along with paperwork, people will submit a ...
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What is an Automatic Stay?

When you are filing for bankruptcy you will often hear the term "automatic stay." You should become familiar with this term even if it does not apply to your situation. This is an important form of ...
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Understanding Recent Chapter 7 Laws

If you are considering filing for Chapter 7 bankruptcy then you need to familiarize yourself with the most recent laws concerning this type of bankruptcy. The most recent changes were made in 2005 and ...
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YMCA of McHenry County Facing Bankruptcy

Even your local YMCA could be considering filing for bankruptcy, like the YMCA of McHenry County in Illinois. It is now considering selling its assets to the YMCA of Metropolitan Chicago. This came as ...
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