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Blog Posts in July, 2011

Small Business Owner's Chapter 11 Reorganization Plan Rejected

An important step in filing for Chapter 11 bankruptcy is having your reorganization plan approved by a bankruptcy trustee, which did not happen in a case involving a small business this month. After ...
Continue reading "Small Business Owner's Chapter 11 Reorganization Plan Rejected" »

Chapter 7 and Post-Petition Debt

Are you considering filing for Chapter 7 bankruptcy but wondering what happens to any debts incurred after your filing? In general, your post-petition debts will not be covered by your Chapter 7 ...
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The Fees Associated with Consumer Bankruptcy

When you decide to file for bankruptcy, the last thing you want to worry about is incurring even more debt in the process. While filing for bankruptcy is not free, it doesn't have to be as costly ...
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73,000 People Filed for Bankruptcy in Illinois This Past Year

If you are having difficulty paying bills on time, you are not the only one. Recent studies show that one out of every 177 people in Illinois have filed for bankruptcy in the last year alone, ...
Continue reading "73,000 People Filed for Bankruptcy in Illinois This Past Year" »

Newspaper Resorts to Layoffs Amidst Business Bankruptcy

It seems that no business is immune from the lagging economy, even an organization known for a lifetime of solid news reporting. One well-known newspaper, under the Chapter 11 bankruptcy of its parent ...
Continue reading "Newspaper Resorts to Layoffs Amidst Business Bankruptcy" »

Singer Faces Foreclosure of Chicago Property

Despite all of his successes over the past years, one singer has been informed that his property may be up for foreclosure in the near future. After reviewing their records, a bank claims that the ...
Continue reading "Singer Faces Foreclosure of Chicago Property" »

Diocese Addresses Bankruptcy and Sex Abuse Claims

Not only does one diocese have to worry about their upcoming bankruptcy, but they also have sex abuse claims that must be factored in to the final amount of monies due. A press release was issued by ...
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Longest Business Bankruptcy Drags On

As the largest and longest business bankruptcy in history, it comes as no surprise that the company facing Chapter 11 has hit another bump in the road. According to a new statement released this week, ...
Continue reading "Longest Business Bankruptcy Drags On" »

Local Police Chief Files for Chapter 7 Bankruptcy

The taxpayers of a city are wondering how a police chief who, with her husband, earns $200,000 annually, could possibly be broke. Yet that is exactly what the couple is claiming as they announced the ...
Continue reading "Local Police Chief Files for Chapter 7 Bankruptcy" »

Car Manufacturer Facing Legal Challenges during Bankruptcy

Even though a leading car manufacturer filed for bankruptcy in 2009, there are still many financial and legal issues that the company has to contend with. After working with the Illinois Attorney ...
Continue reading "Car Manufacturer Facing Legal Challenges during Bankruptcy" »

How Does A Bankruptcy Affect My Eligibility For An FHA Mortgage?

A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy. Additionally, ...
Continue reading "How Does A Bankruptcy Affect My Eligibility For An FHA Mortgage?" »

Consumers Can Finally Redeem Gift Cards from Sharper Image Post Bankruptcy

Even though Sharper Image stores across the country closed their doors a good three years ago, consumers who have old gift cards may finally be able to redeem them. A class action attorney in Chicago ...
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Several More Banks Face Foreclosure in America

Three more banks been closed across the country, bringing the total number to 51 in this year alone. Even though the First Chicago Bank & Trust of Chicago reportedly holds over $960 million in ...
Continue reading "Several More Banks Face Foreclosure in America" »

90 Days Before Filing for Chapter 7

Are you in a financial crisis? If so, you may already be contemplating Chapter 7 bankruptcy. However, when you have decided to take control of your finances, there are several requirements you must ...
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River Road Hotel Partners Inc. Seeks Bankruptcy Protection

Another company in Chicago finds itself filing for Chapter 11 bankruptcy and has recently gained approval of its liquidation plan. River Road Hotel Partners Inc. filed for Chapter 11 bankruptcy when ...
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120,623 Filed in June in the U.S.

After years of escalating bankruptcy rates, it appears as though the American population is experiencing some relief. A report released by Epiq Systems reveals that while 120,623 bankruptcies were ...
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Eliminating Second Mortgage Payments

If you are like many Americans right now, you are considering bankruptcy as an option to save your home from foreclosure. If that is the case, you may need to eliminate second mortgage payments in ...
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Discharging Debt and Business Bankruptcies

You may have heard about certain types of bankruptcy that let you discharge your debts. This is true for individuals, but for businesses, it is rare. If you file your business as a corporation you ...
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Judge Asks Parties Involved in Tribune Bankruptcy to Stop Conflicts

In an attempt to speed up the process, U.S. Bankruptcy Judge Kevin Carey has asked all of the parties involved in the Tribune Co. case to stop their fighting. However, the judge went on to say that he ...
Continue reading "Judge Asks Parties Involved in Tribune Bankruptcy to Stop Conflicts" »

Infamous Bankruptcy Case Close to Resolution

The largest bankruptcy case in history is making great strides towards its resolution. According to a press release issued by the Lehman Brothers Holdings Inc. this week, the company has filed a new ...
Continue reading "Infamous Bankruptcy Case Close to Resolution" »

Whittling Down Credit Card Debt

If you are like millions of Americans, you have serious credit card debt. While it can be overwhelming to imagine paying off all of your debt at once, there are ways to whittle down your debts by ...
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Voluntary and Involuntary Bankruptcy

It is understandable that you are nervous about filing for bankruptcy. It is a big deal! That is why you need to be absolutely sure that this is the best financial avenue for you to take before filing ...
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