Recent Blog Posts

Maryland Faces Huge Foreclosure Backlog

Bizar & Doyle, LLC — Sat, 10 Dec 2011 05:55:00 GMT

The past few years have seen so many foreclosures logged on court records that some states anticipate going through them for decades. One popular blog in Baltimore noted that with the slow rate of turnover in Maryland courts, it could easily take 21 years for courts to get through the current backlog.

While this figure may seem crazy, Maryland is not the worst state for foreclosure proceedings. There are two more states that have even lower rates of foreclosure turnover: New York, New Jersey as well as the District of Columbia. All three had backlog rates of over 50 years each.

Are you in danger of losing your home to foreclosure? If so, there is no time to waste in contacting Bizar & Doyle, LLC . Schedule an appointment with a Chicago bankruptcy attorney from our law office this week to start working on your case. It is possible to save your home from foreclosure and fix your finances when you take immediate action.

Developer Files for Chapter 7 due to Belly Up Projects

Bizar & Doyle, LLC — Fri, 09 Dec 2011 00:10:00 GMT

As the housing economy across the country is struggling to regain its former grandeur, developers left and right have been filing for bankruptcy.

One such developer in Wichita was forced to file for Chapter 7 bankruptcy this week after several of his projects went belly up. In the papers filed at the Wichita bankruptcy court, he claimed liabilities of $500,000 to $1 million with assets of $500,000 to $1 million. Under this type of bankruptcy, the filer must show the court that he will liquidate his assets in order to pay off debts.

In most cases, Chapter 7 bankruptcy cases that are tied to business endeavors will force the business to shut its doors forever. The liquidation of assets will be handled by a court-appointed trustee that collects any profits and gives them to a list of creditors. Once the secured creditors have received their share of the profits, the rest of the debts, usually unsecured debts, will be dropped completely.

Going through Chapter 7 in Illinois? Get legal help now by contacting Bizar & Doyle, LLC to enlist the guidance and services of one of our Chicago bankruptcy lawyers.

Rennovator Moves Forward with Chapter 7

Bizar & Doyle, LLC — Wed, 07 Dec 2011 18:20:00 GMT

A man known for working to renovate the downtown area has filed for Chapter 7 bankruptcy this month.

Rather than build on the fringes of the city like many other developers do, this man has made it his passion to renovate existing homes downtown. Having worked in the city since 1992 restoring old homes, the man developed quite a name for himself. He even sits on the Housing Authority board of commissioners. It was with this position of power that he was able to obtain a prestigious project, the renovation of a historic school into lofts and condos.

What turned out as a brilliant idea ended in financial disaster for the developer. In his bankruptcy filing, he listed assets of $50,001 to 1 million and debts of $1,000,000 to $10 million. Under this chapter of bankruptcy, the debtor is generally asked to liquidate assets in order to pay off debts.

If you need assistance with filing for Chapter 7, take the time to contact Bizar & Doyle, LLC to arrange a time to meet with one of our knowledgeable Chicago bankruptcy attorneys about your options.

Businessman Takes Life after Filing for Chapter 11

Bizar & Doyle, LLC — Wed, 07 Dec 2011 03:30:00 GMT

Police are investigating the case of a businessman who took his own life last week in Aspen.

The restaurateur moved from Las Vegas to Aspen last year in 2008 to open up a restaurant and club. Just a few years later, he was millions of dollars in debt. At the end of September he decided to file for Chapter 11 bankruptcy. At that time, he listed assets and debts between $10 million and $50 million.

While his enterprise enjoyed success when it first opened, even landing him an award in Aspen, but it was short-lived. By the end of that ski season that same year, he was forced to shut down both the restaurant and the bar. He was slapped with several liens and lawsuits for alleged non-payment of bills. In a public statement, he said that he had intentions of paying back his debts but was unable to since his funds were tied up with former investors.

Are you facing Chapter 11 in Illinois? If so, contact Bizar & Doyle, LLC as soon as possible to discuss your business finances with an experienced Chicago bankruptcy lawyer from our law office.

Manhattan Judge Issues Surprise Ruling

Bizar & Doyle, LLC — Mon, 05 Dec 2011 23:15:00 GMT

A Manhattan judge issued a surprising ruling this week regarding the bankruptcy case of a brokerage firm.

The New York based firm filed for business bankruptcy earlier this year, prompting an outcry from existing clients. These clients wanted to band together to form a committee, but the judge ruled that this would not be permissible. Even though these clients have a total of $4.54 billion in frozen accounts, they will not be allowed to form their own committee. This ruling came shortly after some additional shocking news went public: of these funds, as much as $1.2 billion is currently missing.

Instead of forming a committee, the commodity customers' will be able to work with a court-appointed trustee regarding their frozen funds.

Do you have questions about business bankruptcy? If so, don't hesitate to contact Bizar & Doyle, LLC today to discuss your options with one of our Chicago bankruptcy lawyers.

American Comsumers' Debt Increases Every Year

Bizar & Doyle, LLC — Sat, 03 Dec 2011 01:00:00 GMT

The average American consumer's debt is on the rise every year and statistics show that the average low to middle-income family owes $8,650 in credit card debts alone.

Based on research conducted by one institution, we now know that bankruptcy filings increased 40% in 2007 when compared to the year before. During that year there were 801,840 consumer bankruptcy filings. While this figure may seem high, it pales when compared to the figures just a few years later. In 2009, there were almost 1.5 million bankruptcy filings, the highest figure recorded since 2005.

Rather than be intimidated by these numbers, you can gain encouragement for your own financial situation. Filing for Chapter 7 bankruptcy is not the social taboo that it was once. With the economy and housing market still lagging, more and more people are opting to file for bankruptcy.

If you are in debt and want to take more serious steps towards fixing your finances, it is time to contact a Chicago Chapter 7 bankruptcy lawyer. Speak with a Chicago bankruptcy attorney from our firm about your legal rights and learn how you can confront your debt once and for all.

Retirement Community Goes Bankrupt

Bizar & Doyle, LLC — Thu, 01 Dec 2011 23:35:00 GMT

A decline in the housing economy thwarted the success of an upscale retirement community in Chicago.

The retirement home, located in popular yet wealthy section of the city, was expected to draw a more upscale community. While it is currently open and providing a home to many senior citizens, the revenue is not enough to continue operations without help.

The company is now asking for court approval to borrow $12.5 million from a private financing company. This amount will tide the company over until it has decided on a reorganization plan for Chapter 11 bankruptcy.

If the property is successful in obtaining debtor-in-possession financing, the community will be able to service its current residents. The business was the brainchild of a group of Franciscan sisters that run similar homes across the country. While it was started with much enthusiasm, thirteen months after it opened its doors to potential clients, just 80 condominiums had been sold.

Facing business bankruptcy due to this challenging economy? Contact Bizar & Doyle, LLC today to receive assistance from a Chicago bankruptcy lawyer who can review your finances and inform you of your options.

Real Estate Slows in Illinois

Bizar & Doyle, LLC — Thu, 01 Dec 2011 04:35:00 GMT

According to one Illinois association, the sale of homes and condominiums in the state showed a decline in October. However, this figure is still higher than it was compared to the same period last year.

In total, 8,536 properties were sold in Illinois during October. When compared to the 7,402 homes sold during the same month in 2010, the figure is inspiring. Yet, when compared to just the month before when 9,182 homes were sold, the figure is not as exciting. In addition to a drop in the sale of homes, the homes that were purchased were done so at an average 5 percent. The average price in October was $130,000. The current media average price is $145,000.

Several counties enjoyed an increase in year-over-year home prices as reported by the AIR. These include Macon County, Iroquois County and Boone County. In the Chicagoland area alone 5,778 homes were sold in October. This figure represents a 4.3 percent decrease from the month before but was still higher than the same month last year.

Many people are facing foreclosure in Illinois due to the tough economy. If you are one of the many people, contact Bizar & Doyle, LLC now to enlist the help and guidance of our Chicago bankruptcy attorneys.

Foreclosures Escalate Nationally

Bizar & Doyle, LLC — Tue, 29 Nov 2011 16:00:00 GMT

Last quarter saw an increase in national foreclosures when compared to the two quarters preceding it.

While this increase is certainly not wanted, it was not a surprise to most in the financial industry. It was only a matter of time before mortgage providers were given the approval to resume filings after the robo-signing scandal of last year. According to one statistics provider, new foreclosures comprised 1.08 percent of all new loans over the past quarter.

While the increase was slight, from 0.96 to 1.08 percent, it is enough to get homeowner associations nervous. With declines lasting from September 2010 to May, the lowest recorded month in five years, it was inevitable that rates would start to rise again once banks were approved by the government to move ahead.

Are you in danger of losing your home to foreclosure in Illinois? Find out what solutions are available to you by contacting Bizar & Doyle, LLC and setting up a time to speak with one of our Chicago bankruptcy lawyers.

Postal Service Faces Bankruptcy

Bizar & Doyle, LLC — Mon, 28 Nov 2011 20:00:00 GMT

One of the greatest institutions of our nation, the postal service, is in danger of filing for bankruptcy.

In an effort to hold off on business bankruptcy, the U.S. Postal Service is taking measures to increase revenue over the next year. Starting January 22^nd, rates for the agency's two most profitable services will increase. Customers using express mail and priority mail will now spend a higher flat rate boxes and letters. In the past, customers were asked to pay based on the weight of the package.

In total, customers will see an estimated 5 percent increase. Although the price hikes have not yet been completely approved by the Postal Regulatory Commission, it is likely that they will go into effect next year. Without taking serious measures like these, the postal service may fold due to serious competition from private mail carriers.

Are you contemplating business bankruptcy? If so, contact Bizar & Doyle, LLC now to review your financial options with a Chicago bankruptcy lawyer from our law office today.

Two Types of Bankruptcy Available to Consumers

Bizar & Doyle, LLC — Sat, 26 Nov 2011 05:20:00 GMT

Are you thinking about pursuing bankruptcy due to your debts? If so, you have likely heard about two different types of bankruptcy offered in the U.S.: Chapter 7 and Chapter 13. Depending on your current financial circumstances and the amount of your debt, you may qualify for either one, but likely not both.

If you are lucky enough to qualify for both types of bankruptcy, you will then be given the chance to decide which type will work best for you. In most cases, individuals filing for personal bankruptcy prefer to file under Chapter 7 bankruptcy. This allows you to discharge a significant amount of your debts while repaying just a portion of the remaining amount.

Yet, with recent changes to bankruptcy law, filing for Chapter 7 bankruptcy has become more difficult. In order to qualify, you must pass several tests. If you do not qualify under these tests, you could still qualify for Chapter 13 bankruptcy. With this type of bankruptcy, you will be responsible for repaying your debt over the course of three to five years.

Anytime people are filing for consumer bankruptcy, they should contact Bizar & Doyle, LLC to enlist the services of one of our Chicago bankruptcy attorneys. If you have bankruptcy questions, we can provide answers during an initial consultation!

Tips to Relieve Debt

Bizar & Doyle, LLC — Thu, 24 Nov 2011 21:00:00 GMT

Are you in serious debt? If so, there are several ways that you can work yourself out of your financial hardships and back to more stable ground.

First, you could use your assets as leverage to get out of debt. If you have equity in something like a car or home, you could use this asset to obtain a loan to pay off all of your debts. By consolidating your debts with one large payment, you will then be responsible for just one loan payment, instead of many.

Although you may already be busy or value your free time, getting a second job can help you get out of debt faster. Use the money from this second job to pay off your debts, starting with the loans that have the highest rates.

And finally, stop using your credit cards! Use cash for as many purchases as possible, and then stick to debit cards when cash cannot be used.

Want to learn how you can address your debt by filing for Chapter 7 bankruptcy in Illinois? If so, contact Bizar & Doyle, LLC now to enlist the advice of our Chicago bankruptcy lawyers.

Foreclosures Increased in Illinois in October

Bizar & Doyle, LLC — Thu, 24 Nov 2011 01:25:00 GMT

While some homeowners enjoyed a period of relief during the robo-signing scandal of last year and early this year, foreclosure rates are back on the rise.

According to a company that watches foreclosure trends nationwide, the state of Illinois saw a 9.7 increase in October from the previous month. In total, 12,522 properties received auction-sale notices, default notices or bank repossessions.

While this figure is high, it does represent a decrease from October of last year, right before the scandal broke. This figure is 26.2 percent lower than October 2010. This places Illinois seventh in the nation for foreclosure filings.

Nevada continues to lead the nation with the highest foreclosure ratings. The only states between Nevada and Illinois are Michigan, California, Florida, Arizona and Georgia.

Want to know what alternatives you have to foreclosure in the state of Illinois? If so, contact Bizar & Doyle, LLC and set up a time to speak with a Chicago bankruptcy lawyer from as soon as possible.

Bankruptcy Statistics Show Decline

Bizar & Doyle, LLC — Wed, 23 Nov 2011 02:30:00 GMT

The state of Indiana received good news last month: it had fewer bankruptcies during the last fiscal year compared to the previous year.

According to one recent report, the state saw an 8 percent decrease overall. This accounts for bankruptcy cases filed between Oct. 1, 2010 and Sept. 30, 2011. In total, the nation saw a significant decrease in bankruptcy filings from the year before. In 2010, there were 1,596,355 bankruptcy filings. Last year, 1,467,211 cases were filed in courts nationwide.

The three most common forms of bankruptcy all saw a decline over the past year. Chapter 7 bankruptcies dropped 10 percent, Chapter 11 filings decreased by 16 percent and Chapter 13 bankruptcies dropped just four percent.

As for Indiana, the state saw 41,199 bankruptcy cases filed. The previous year saw 48,438 bankruptcy cases brought to the state's courthouses.

Are you in serious debt? Do you want to file for bankruptcy to address your debt? Contact Bizar & Doyle, LLC today to set up your initial consultation with one of our Chicago bankruptcy attorneys to learn more about your debt options.

Global Firm in Hot Water

Bizar & Doyle, LLC — Tue, 22 Nov 2011 00:00:00 GMT

A global firm is in hot water after filing for business bankruptcy earlier this month.

While this is not surprising in and of itself considering the high rate of business bankruptcies recently, there are rumors of shoddy record keeping and missing funds. The company went to court this month to ask the bankruptcy judge to approve a motion to keep operating on cash. The motion was approved and the company will be allowed to use its cash flow to operate on an interim basis.

However, the question of the missing funds, $600 million in customer accounts, still remains unanswered. The brokerage firm tried to sell itself off earlier this month but the deal fell through. It is now talking about the possibility of using debtor-in-possession financing to draw up a restructurement plan. The trustee in charge of the bankruptcy filing is also responsible for locating the missing $600 million. When asked how long the search would take, he responded that there is simply no timetable at this time.

Need help with your business bankruptcy filing? Get legal advice and assistance from a Chicago bankruptcy lawyer now by taking the time to contact Bizar & Doyle, LLC.