Bankruptcy, Foreclosure & Loan Modification Posts in December, 2012

Credit Scores after Bankruptcy

For people considering bankruptcy, a major concern is how badly your credit score will be affected.  Since bankruptcy stays on a debtor’s record for either 7 or 10 years, it is a reasonable concern.  Since Chapter 7 bankruptcy wipes out debts, it stays on your record for a longer time for at most ten years.  Chapter 13 bankruptcy is a payment plan that is more controlled, so it only stays on record for u...
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November Foreclosure Rates Up From A Year Ago

In Illinois, 13,520 properties received foreclosure letters last month—equating to roughly one out of every 392 houses in the state. This figure is up 9 percent from November 2011, and puts Illinois only behind Florida and Nevada in terms of foreclosure rates. Illinois’ Cook County had the highest figures in the state: 2,299 homes received initial notices of default, 2,651 homes were scheduled for court-ordered sales, and 2,086 homes were repossessed by lenders. The cities of Rockford and Chicago ranked 11th and 13th in foreclosure rates....
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Man Sentenced to Prison for Bankruptcy Fraud

A New Jersey man has been sentenced to 18 months in prison for concealing assets in a November 2008 bankruptcy petition he filed. Brian Young, 39, was the sole proprietor of Brys Landscaping, d/b/a AAA Interlocking Pavers, when he filed a petition for Chapter 7 bankruptcy protection in the state of New Jersey....
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Resources for Distressed Homeowners

Illinois is one of several states in the US that is still experiencing a large amount of foreclosures.  The results from October of this year have the foreclosure rate increasing by 6% over September.  Compared to October of last year, that rate has increased by 19%....
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Hostess Files Bankruptcy

According to the Sun Times, Hostess filed for bankruptcy at the surprise of some of its workers. Valorie Smith spoke about her work experience with the company and stated she had been there for 27 years before the company decided to go out of business. She remembered how it was a good solid place to work at one time and that she enjoyed her job. Donald Woods talked about how he hoped another company would pick up the products that we all remember from our childhood. He was the head of the union for the Peoria, Hodgkins, and Schiller Park areas....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL