Bankruptcy, Foreclosure & Loan Modification Blog

What are Some Common Reasons Why People File for Bankruptcy?

Everybody who files for bankruptcy has a personal reason for doing so. For some, it is a fairly easy decision and for others, it comes only after a prolonged period of analysis and searching for alternatives. No matter why you file for bankruptcy, understand that it is not a personal failure. It is a way to discharge the debts that are preventing you from living a financially secure lifestyle. Below are a few of the common issues that can drive people to the point of filing for bankruptcy. Medical Bills...
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How to Know it is Time to File for Bankruptcy

When you are living with debt, the debt can easily become your “new normal.” Sometimes, an individual can live like this for years, not realizing that he or she can receive help with the debt through financial counseling, debt consolidation, or bankruptcy. If one or more of the following apply to your life, you could be a good candidate for bankruptcy. Talk to an experienced bankruptcy lawyer to receive help and advice with that decision. Your Debt is Growing Faster than You Can Pay it Down...
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Alfred Angelo Bankruptcy Disrupts Brides’ Plans

In July of 2017, dressmaker Alfred Angelo filed for Chapter 7 bankruptcy after more than 75 years in the bridal dress business. The 60 Alfred Angelo shops were shuttered immediately. This came as a surprise to dress retailers and the brides who had ordered Alfred Angelo gowns through them, some of whom are now scrambling to find out if they will receive their dresses or if they will have to get new gowns at the last minute....
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If You are Considering a Loan Modification, Make Sure You are Qualified for One

When a homeowner is facing foreclosure, getting a loan modification can be an attractive alternative to filing for bankruptcy or facing the foreclosure process. If you are considering modifying your mortgage loan, understand that it is not a simple process. You will need to demonstrate that you are qualified to have your loan altered this way and if you do receive a modification, you will need to comply with its terms....
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How Could My Bankruptcy Affect My Family?

When you are facing a substantial amount of personal debt that you cannot realistically repay on your own, you might consider filing for bankruptcy. In most cases, this is not an easy decision. Your bankruptcy will change your life, and if you have dependents, it will impact their lives, as well....
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Can a Church File for Bankruptcy?

Yes, a church can file for Chapter 11 bankruptcy if it reaches a level of debt that it cannot repay on its own. Because a church is not a for-profit company, different rules apply to a church bankruptcy. Churches and other religious organizations can file for Chapter 11 to work out debts and avoid accruing new debt in the future by restructuring, just like private companies do. Often, churches accrue debt from their mortgages and the other expenses of operation....
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Common Bankruptcy Case Mistakes

Bankruptcy can be complicated. If you are facing a level of debt that has you considering filing for bankruptcy, do it the right way by contacting an experienced bankruptcy lawyer to go over all the pitfalls of the process and determine the right strategy for your case. Your lawyer can ensure that you file your petition correctly and help you avoid certain mistakes that can potentially invalidate your bankruptcy case and keep you in debt. Failing to List All Your Creditors...
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How Can I Protect My Assets from Being Liquidated in a Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is known as liquidation bankruptcy because it involves the liquidation of the filer’s non-exempt assets to make a profit, which is then used to repay the filer’s creditors. Naturally, nobody wants to have his or her assets liquidated, but when an individual files for Chapter 7 bankruptcy, his or her creditors need to recoup at least some of their money....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com