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Blog Posts in March, 2011

Credit Counseling and Chapter 13 Repayment Plans

Unsure of the difference between debt counseling and Chapter 13 repayment plans? It can be confusing to many who are deciding how to handle their poor finances. If you do not want to file for ...
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Understanding the FDCPA

Are you considering bankruptcy ? If so, then you will be relieved to hear about the federal Fair Debt Collection Practices Act which prevents collectors from calling you in an aggressive manner. ...
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What Can You Expect Once You File for Bankruptcy?

Besides mountains of paperwork and documents to fill out, you need to be prepared for the incredible amount of time and effort that goes into filing for bankruptcy. For example, everyone who files for ...
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Borders Tries to Get Rid of Merchandise during Bankruptcy Proceedings

Everything is for sale at many Borders across the country as the country continues its bankruptcy proceedings. Some locations, like those in Waukegan and Lake Cook Roads, is even advertising sale of ...
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Banking Industry Faces Questions from Lawmakers

State Rep. Karen Yarbrough (D-Broadview) held a legislative hearing in Chicago earlier this week where she took questions leaders in the banking industry took questions from lawmakers. Several items ...
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Differences Between Chapter 13 and Chapter 7

Are you considering filing for bankruptcy? If so, you need to understand the differences between different types of bankruptcy filings. Many people who file for bankruptcy will be eligible for Chapter ...
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Tribune Co. Bankruptcy Case Deadlocked

Despite hours spent over the past two weeks listening to confirmation hearings the Tribune Co. bankruptcy case is back to where is started: deadlocked. According to the U.S. Bankruptcy Judge Kevin ...
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Understanding New Bankruptcy Bill Changes

Have you heard about the possible changes to existing bankruptcy law but aren't sure what they could mean for you? Here are the main points that you should be familiar with: Under current law it is up ...
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New Bill May Make Filing for Bankruptcy More Difficult

A new bill up for a vote this week in the Senate could make it more difficult to file for bankruptcy and could give creditors more recourse in some cases. At this time most consumers file for ...
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Discharging Debt: Appealing Benefit of Chapter 7

While there are several benefits to filing for Chapter 7 bankruptcy, discharge of debt is arguably the most appealing. Since the primary function of bankruptcy is to disperse the debtors assets to pay ...
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Illinois Foreclosures Decrease by 33% Last Month

According to RealtyTrac.com, a website that shows foreclosed properties around the country, the state of Illinois enjoyed a 33 percent decrease in new foreclosure filings last month. However, even ...
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Non-Profit BEHIV Files for Chapter 7

Another non-profit agency has fallen victim to bankruptcy, this time in the heart of Chicago. Better Existence with HIV is a Chicago-based organization that helps those with HIV and the AIDS virus. ...
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Restaurants Hit Hard by Economy and Bankruptcy

Restaurants have been especially hit by the downtrodden economy as the cost of food continues to rise. As evidence of this problem several restaurant chains have had to file for bankruptcy in 2010, ...
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Borders May Get Approval for Bankruptcy Financing

Once it makes some changes to its initial bankruptcy agreement, Borders Group Inc. could get the final approval it needs to get bankruptcy financing. In the "omnibus hearing" held last week in the ...
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Chapter 13 and Your Vehicle

If you are in danger of losing your car it is possible to prevent this loss by applying for Chapter 13 bankruptcy. In most cases of Chapter 13 bankruptcy you are able to keep your property, but you ...
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$850 Bankruptcy Special

Our Chicago-based bankruptcy law firm is offering a bankruptcy special now through April 15, so act quickly to take advantage of our seasoned bankruptcy lawyers before time runs out! The Chicago ...
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Community Leaders Join Forces to Purchase Foreclosed Homes

In an effort to revitalize their neighborhoods community leaders, area residents and the new owner of a bank are joining forces. In an announcement made in front outside of U.S. Bank, located at 4932 ...
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Former Mayor Robert Pastrick Qualifies for Chapter 7

The former East Chicago Mayor Robert Pastrick received good news this week that his income is not too high to qualify for Chapter 7 bankruptcy. A few months back the trustee overseeing his case ...
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Investment Bank Approved for Tribune Co.'s Reorganization Plan

A proposed legal settlement has been given a green light by the investment bank that is behind the Tribune Co.'s Chapter 11 reorganization plan. This settlement will allow the conglomerate to emerge ...
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General Motors Bankruptcy Coming to an End

The 21-month long Chapter 11 bankruptcy case filed by General Motors estate could be finally coming to an end this month. The bankruptcy judge overseeing their case has given a tentative approval to ...
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Repaying Debt After Chapter 13

If you would like to file for Chapter 13 bankruptcy then you might be wondering how much you will have to pay. In short, you must create a repayment plan to pay certain debts in full. A Chicago ...
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What Will Bankruptcy do to Your Credit Score?

Are you considering bankruptcy and wondering what it will do to your credit score? While there are varying views of whether it will hurt or help your score, most financial experts believe that your ...
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Can You Hold Onto Credit Cards When Filing for Chapter 7?

If you are filing for Chapter 7, you may be wondering if it is possible to keep one credit card for later use? However, you should know that this is not possible. If you have a credit card that you ...
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YMCA to Shut Down after March 17

A YMCA camp will shut it's down for the final time on March 17 after the local YMCA was forced to file for bankruptcy. Camp Algonquin, operated by the McHenry County YMCA, has been in operation for ...
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