Bankruptcy, Foreclosure & Loan Modification Posts in April, 2012

Chapter 7 and Chapter 13 Bankruptcies in Illinois

Making the decision to file for bankruptcy can be a difficult decision for many Illinois residents. If you’re considering bankruptcy, learning more about the types of bankruptcy filings may help you understand the process and feel more comfortable with your decision....
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What is Chapter 11 Bankruptcy?

Most people are familiar with Chapter 7 and 13 bankruptcies but may not have heard of a Chapter 11 bankruptcy filing. Primarily filed by businesses that are suffering severe financial losses, a Chapter 11 bankruptcy allows businesses to restructure their debts, rather than liquidate assets in order to pay off debts....
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Chicago Foreclosure Filings Increase in March

A recent report from RealtyTrac indicates that March foreclosure filings in the Chicago metropolitan area rose by 18.5% from March, 2011, and by 1.8% from February, 2012. There were a total of 12,818 foreclosure filings in March, which is equal to one in every 296 homes....
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Non-Dischargeable Debts in an Illinois Bankruptcy Case

Bankruptcy can help most Cook County residents who have fallen on hard times financially because of unexpected and excessive medical bills or loss of income due to sudden unemployment. However, some debts cannot be eliminated through bankruptcy and must be paid regardless of the circumstances affecting the individual needing relief from crushing bills....
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Should You Consider Bankruptcy Alternatives?

Deciding to file bankruptcy is a pivotal, life-changing decision that many people make once, sometimes even twice, in their lives. Alternatively, did you ever wonder what would happen if you didn’t file bankruptcy, even though you could no longer pay your bills? Some financially distressed individuals may choose to take no action, which means creditors can file lawsuits and obtain judgments that involve garnishing wages or seizing property....
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Automatic Stays in Illinois Bankruptcies

With the recession creating financial difficulties for many families, some Illinois residents decide to file for bankruptcy due to sudden loss of income or the potential for their home to foreclose. If you’re bothered d by incessant phone calls and emails from creditors, filing for bankruptcy can be a good option....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL