Bankruptcy, Foreclosure & Loan Modification Blog

Chicago Residents Sue the City After Being Forced into Bankruptcy

Traffic ticket prices have skyrocketed in Chicago since Mayor Rahm Emmanuel agreed to spike citations from $120 to $200. Statements from the mayor say that the surge in traffic citation prices will bring $16 million much-needed dollars to the city of Chicago. However, the citations managed to only generate a few million dollars and forced thousands of already disadvantaged residents into filing for bankruptcy to cope with the debt....
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Newland & Newland, LLP Wins Prestigious BBB Accreditation Award

Our team at Newland & Newland, LLP is proud to announce that we have been awarded the Better Business Bureau’s Certificate of Accreditation. Our accreditation period began in June 2018 and will continue through May 2020. We plan to continue providing top notch legal services to our clients and continuing to be BBB certified for years to come. The Better Business Bureau (BBB) awards its Certificate of Accreditation to companies that exhibit its eight standards for trust. These are:...
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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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