Bankruptcy, Foreclosure & Loan Modification Blog

Why Child Support Payments are Not Subject to the Automatic Stay

When you file for bankruptcy, the automatic stay goes into effect. This is a legal order that stops your creditors from continuing their efforts to collect the debt you owe them. It is your chance for a “breather,” a bit of relief from their collection attempts as you organize your bankruptcy case and begin the process of repaying and discharging your debt....
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Bertucci’s Plans to File for Bankruptcy

Bertucci’s Inc., a Massachusetts-based restaurant chain best known for its brick oven pizza, has announced that it will file for bankruptcy in the coming weeks. Currently, Bertucci’s operates more than 80 locations throughout the northeastern United States. Its first location opened in 1981....
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Keeping Yourself Accountable as You Recover from Bankruptcy

There is only one person in charge of your financial recovery after completing the bankruptcy process - you. If you do not make an effort to change your financial habits and hold yourself accountable for your own budgeting, saving, and spending, you will quickly find yourself facing the same debt problems that drove you to bankruptcy in the first place....
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Should We Tell Our Kids We are Filing for Bankruptcy?

Discussing finances with your children is hard. Many parents avoid this topic because they feel it is taboo to discuss money and financial issues with their children, sometimes because they do not want the children to worry about the family’s finances and in other cases because they have been conditioned to view these topics as private matters. As a parent, it is your job to set your child up for financial success later in his or her life....
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Managing Your Debt to Avoid Bankruptcy After Losing Your Job

In a few earlier blog posts, we discussed Toys R Us’ struggle to stay afloat in today’s increasingly online marketplace and its subsequent decision to file for bankruptcy. Now, the company is closing all of its 800 stores in the United States, leaving approximately 31,000 employees without jobs....
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Is it Better to Carry a Balance on My Credit Cards or Pay Them Off Each Month?

Credit card debt is one of the most commonly reported reasons why individuals file for bankruptcy. Credit cards make it easy for users to lose track of how much they spend, causing them to accrue large debt balances. One reason for this is that credit cards can make an individual feel like he or she has more disposable income than he or she actually has....
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iHeartMedia Plans to File for Bankruptcy in Early March 2018

iHeartMedia, the largest network of terrestrial radio stations in the United States, is set to file for bankruptcy soon. Currently, the company is about $20 billion in debt. According to insiders, advisors for the company’s senior creditors have seen the documents that will be used on the first day of the company’s bankruptcy proceeding....
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Young CEO Saves his Family’s Company from Bankruptcy

In 2000, Pete and Gerry’s Organic Eggs was on the verge of financial collapse and considering filing for bankruptcy. Then, recent college graduate Jesse Laflamme, grandson of one of the company’s original founders, stepped in and made changes that transformed the egg producer into what it is today - a flourishing company that partners with 125 family farms in 14 states to produce high quality, organic eggs....
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Champaign Employer Hobbico Files for Bankruptcy

When a company files for bankruptcy, everybody involved with that company feels the impact. If it is a publicly traded company, bankruptcy can impact shareholders. Any relationships the company has with vendors and those it subcontracts are also impacted. Sometimes, these relationships have to be terminated for the company to become profitable again and in other cases, they are changed dramatically....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com