Bankruptcy, Foreclosure & Loan Modification Blog

Can Student Loan Debt Be Discharged in Bankruptcy?

Student debt cannot easily be discharged through bankruptcy like other types of debt, such as credit card and medical debt. This is because of 1970s legislation that arose over fears of federal student loan borrowers taking advantage of their ability to discharge their debt through bankruptcy. The legislation was extended to include private student loans in 2005. Now, individuals with substantial amounts of student debt often feel trapped by their debt because of the assumption that it cannot be discharged through bankruptcy....
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Should Illinois Cities be Permitted to File for Bankruptcy?

Many Illinois cities are facing financial difficulties that can potentially be resolved through bankruptcy. According to the policy nonprofit Manhattan Institute, this is exactly what needs to happen. When a municipality is unable to pay back its debt, it may file for Chapter 9 bankruptcy, which allows certain contracts to be broken so the intervening trustee can reallocate money to help the municipality repay its debt....
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The Limited’s Parent Company Files for Voluntary Bankruptcy Relief

Limited Stores LLC, the parent company behind women’s apparel retailer The Limited, filed for Chapter 11 bankruptcy in January of 2017. It did this after receiving advice from corporate financial advisors in late 2016 and liquidating its remaining inventory at steeply discounted prices during the 2016 holiday season. It has closed all of its 250 stores and temporarily suspended online sales....
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What will the Bankruptcy Process Cost Me?

If you are facing a level of personal debt that has you considering bankruptcy, the prospect of spending any more money might be an immobilizing thought. Thinking that way will only keep you in a perpetual cycle of debt that you cannot escape. Filing for bankruptcy will cost you money, but think of this money as an investment in your future financial freedom....
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Sears, Macy’s, and Kmart Announce 2017 Store Closures

Following a holiday season of slow sales, major retailers Macy’s and Sears Holdings announced that they will be closing more than 200 stores combined during 2017. Sears Holdings, which operates both Sears and Kmart stores, will close 108 Kmart stores and 42 Sears stores during the coming months. Macy’s announced that it will shutter 68 of its stores during 2017 as part of its larger plan to close 100 stores....
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Know the Events that Can Affect Your Credit Score

Your credit score is the three-digit number between 300 and 850 that provides a quick guide to your likelihood of repaying money that you borrow. There are three credit reporting agencies in the United States, which record your borrowing and payment actions to each calculate a score for you. These agencies are Experian, Equifax, and TransUnion. You are entitled to a free credit report from each of these agencies once every 12 months....
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Can I Cut Down on My Divorce Obligations Through Bankruptcy?

You may be able to cut down your divorce obligations through bankruptcy, depending on the type of obligation you are looking to discharge. In some cases, you can use bankruptcy to cut down on the debts you find yourself facing after your divorce is finalized. In other cases, you cannot legally discharge the debt you are facing. Speak with an experienced bankruptcy lawyer to determine your options for reducing your financial burden....
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Scout Media Files for Chapter 11 Bankruptcy

Digital sports network Scout Media Inc. has filed for Chapter 11 bankruptcy, the process through which a business can restructure it operation to cut down on expenses and ultimately become profitable again after reaching an overwhelming level of debt....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com