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Blog Posts in May, 2011

Website for Sale after Owner Files for Bankruptcy

A website that has no plans for advertising, no advertising whatsoever, and looks like a old bulletin board, is now for sale for $40,000. LTH Forum gained popularity in the Chicago area as an online ...
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Woodstock Institute of Chicago Releases Bankruptcy Study

The Woodstock Institute of Chicago released a study this month showing that bankruptcy filers in predominately black neighborhoods were more likely to choose Chapter 13 bankruptcy over other types. ...
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Short Sales and Your Credit

Do you want to save your credit by holding a short sale? If so, you need to be aware that this may or may not be successful. A short sale can help you revive your credit by simply removing the need to ...
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Liquidation & Chapter 7 Bankruptcy

If you are curious about Chapter 7 bankruptcy, you will want to familiarize yourself with the concept of liquidation. Chapter 7 bankruptcy, also known as bankruptcy liquidation, allows you to sell ...
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Dealing with Creditor Harassment

If you are behind on some payments, you may already have become a victim of creditor harassment. There are ways that you can end or avoid any further harassment, but they will take some effort on your ...
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Foreclosure Sales Increase in Illinois

During the first quarter of 2011, sales of foreclosed homes in Illinois made up 29% of all sales in the state. While this number is impressive, it does represent a decline from the year before. ...
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Debt Consolidation Can Address Late Payments

Do you have piles of bills and late payments? If so, you should consider debt consolidation. It is a valid way to work on paying off your debts, on a schedule that you can afford. When you decide to ...
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Foreclosures Drop in the Chciago Area

According to a report released by the Mortgage Bankers Association last week, mortgages in foreclosure dropped in Chicago during the first quarter. The National Delinquency Survey released by the MBA ...
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Filing for CHapter 7 as a Corporation Owner

Do you own a corporation but want to file for personal bankruptcy? If you are a stockholder in a corporation and are considering filing for personal bankruptcy, this will not affect your relationship ...
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Understanding Your Rights as a Consumer

If you believe that you have become a victim of creditor harassment, you should be aware of what your rights are. By law, your creditor cannot release personal information about your debts to anyone. ...
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Many Consumers Don't Understand Purpose of Their Credit Score

According to a survey conducted by the Consumer Federation of America and Fair Isaac Corporation, almost half of consumers do not understand the purpose of their own credit score. The basic function ...
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Sbarro Seeks Buyer Instead of Pursuing Bankruptcy

Rather than go ahead with bankruptcy, Sbarro Inc. hopes to find a buyer to help the financially-floundering company. In order to seek a buyer, Sbarro ended its plan-support agreement with MidOcean ...
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Paying Off Your Debt via Chapter 13

If you are considering Chapter 13 bankruptcy, you may be wondering how long it will take to pay off your debts. While there is no exact formula for determining the length of time required to pay off ...
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Knowing the Benefits of Bankruptcy

Although bankruptcy is often viewed in a negative light, it can be of serious help to those experiencing financial difficulty. Depending on what type you file for, the benefits of bankruptcy are vast ...
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Home Foreclosures Drop in Illinois

Good news for homeowners in Illinois: home foreclosure rates dropped 16.6 percent over the past month. According to RealtyTrac, Illinois posted 10,055 foreclosure filings last month. This figure ...
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ALT Hotel LLC Files for Bankruptcy

Even though they have filed for Chapter 11 bankruptcy, the owners of ALT Hotel LLC continue to act as though it were business as usual. The Chicago-based hotel listed $50 to $100 million in ...
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Creditors Harass Debtor on Social Networking Site

When Melanie Beacham fell behind on her car payments, her auto loan account was sent to a collections company. This happens to thousands of people every year who are unable to make payments; however, ...
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Chapter 7 and Your Home

If you are considering Chapter 7 bankruptcy then you might be worried about losing your home. If all of the equity in your home is exempt, you will not lose your home even if you are making mortgage ...
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What Collection Behavior is Acceptable?

Have you been harassed by collections agencies recently? You should be aware of what normal behavior is and what type of negative behavior to watch out for. For example, they may pressure you to ...
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Tips That May Prevent Bankruptcy

If you want to prevent bankruptcy, there are certain tips that you should follow. At all costs, try to avoid impulse spending. Only purchase what you absolutely need, and know that you can pay off ...
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Foreclosure Delays Cease in Cook County

Any delays related to stalled foreclosure filings appear to be completed in Cook County, Illinois. During the last quarter of 2010 and the first three months of this year, completed foreclosures ...
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Sexual Abuse Claims force Religious Order into Bankruptcy

Sexual abuse claims have forced a Catholic religious order to file for bankruptcy this year. The Christian Brothers runs schools in Seattle and across the country has been charged with sexual abuse in ...
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Avoid Bankruptcy Mistakes by Hiring a Lawyer

If you take the time to find a Chicago bankruptcy attorney now, you can save yourself from the most common mistakes made by those who file for bankruptcy without help. You will learn key tricks to be ...
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