Bankruptcy, Foreclosure & Loan Modification Blog

Big Business Bankruptcy

Businesses come and go. Those of us who live in large cities are often witness to the comings and goings of various restaurants and boutique clothing stores. The life and death cycle of these establishments is such a constant that we almost do not even notice it. However, when an industry giant goes belly up, it is rather noticeable. If the small businesses are like wildflowers, institutions like Sears are great oaks. When they fall or burn, we feel it....
Continue Reading »

Sears Granted Another Chance by Bankruptcy Judge

A judge has granted a $5.2 billion plan to Sears chairman and shareholder Eddie Lampert in an effort to keep the business going. Lampert’s plan managed to overcome opposition from creditors, including suppliers and mall owners, who pushed to block the sale and liquidate. Even with this reprieve, the long-term survival of the decades-old company remains in question....
Continue Reading »

Parking Tickets and Bankruptcy in Chicago

Most of us think of parking tickets as an expensive inconvenience — like costly bird droppings that fall into our lives and ruin our days. While we all dread seeing the loathed orange pamphlet stuck underneath our windshield wipers, for some, parking tickets can be financially devastating. Those people who unable to get out from under Chicago parking ticket debt often turn to bankruptcy. ...
Continue Reading »

Senior Bankruptcy on the Rise

Even though the senior population in the U.S. is increasing, the number of older Americans being forced to file bankruptcy is even higher, according to statistics. Recent data shows that over 12% of bankruptcies being filed in the U.S. are households being headed by seniors. The culprit seems to be the cutbacks in these seniors’ social safety nets, such as more out-of-pocket healthcare costs and a decrease in government assistance. Experts only expect these numbers to increase as by 2050, one-quarter of the U.S. population will be older than age 65, compared to only 15% currently....
Continue Reading »

Wells Fargo Software Denied Loan Modification to Qualified Borrowers

Wells Fargo used to be a shining example of how a big bank should be run, but now they can not seem to stay out of the news for all the things they have done wrong. They recently revealed an error in their mortgage underwriting software that resulted in hundreds of denied mortgage modifications for borrowers who were facing foreclosure. The error affected some mortgages that were foreclosed on between April 2010 and October 2015....
Continue Reading »

Business Bankruptcy: A Giant Falls

The new millennia has not been kind to major retail outlets. One by one, giants like Toys “R” Us, Subway, Teavana, and Rite Aid closed hundreds of stores across the United States in 2018. Online megastores like Amazon and EBay have faced off with their competitors, titanic stores locked in mortal combat like King Kong and Godzilla, and basically obliterated them. ...
Continue Reading »

Filing for Bankruptcy

The process of filing for bankruptcy in Illinois courts can be a confusing and intimidating one. There are special rules that may not make sense on their face to average individuals and many procedures which require the guidance of an experience chapter 7 bankruptcy attorney to navigate. ...
Continue Reading »

Illinois Bankruptcy: Chapter 7

When your financial situation starts to spiral beyond your control, and your debts pile up faster than you can pay them down, you are left to decide if you are going to file for bankruptcy. What, which kind of bankruptcy is right for you - Chapter 7 or Chapter 13? Chapter 13...
Continue Reading »

Illinois Bankruptcy: Chapter 13

Bankruptcy creates a ripple effect that touches many beyond the people and companies that file. It is best to thoroughly understand the process of bankruptcy to know what to do when encountering it as a consumer of a company that has filed for bankruptcy, as a friend or loved one of someone who has filed for bankruptcy, or as the person person filing him or herself. ...
Continue Reading »

Know the Right Time to File Bankruptcy to Regain Financial Losses

According to a law review posted this year, the longer an individual delays in filing bankruptcy the more difficult it gets. This not only damages the person financially, but it affects his or her well-being or health. Once debt becomes unmanageable and assets start depleting, lawsuits for debt collection start piling up and people become unable to afford basic necessities. For this reason, it is important to understand the right time to file for bakruptcy....
Continue Reading »

Pages

  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com