Bankruptcy, Foreclosure & Loan Modification Posts in January, 2013

Actor Blames Television Show for his Bankruptcy

According to a recent story in the TV Guide magazine, former CSI actor Gary Dourdan is blaming CSI for all of his financial woes. He initially filed his Chapter 11 personal bankruptcy case back in August of last year. In filing his bankruptcy case, he stated that he had approximately $1.8 million in assets while his debt equaled about $1.73 million....
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New Fiscal Cliff Tax Extensions Helps Short Sales

Many news reports from the last few months have talked about the “fiscal cliff” and how badly consumers and businesses would be affected by increased taxes.  At the last moment, Washington came to an agreement about how the tax breaks would be handled, if that meant modifying them, extending them or letting them expire at the end of 2012.  One tax measure included the decision was the Mortgage Forgiveness Debt Relief act of 2007....
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New Rules for Emergency Motions

The Northern District of Illinois United States Bankruptcy Court has a new procedure in place for filing emergency bankruptcy motions, according to a recent announcement by the court’s bankruptcy liaison committee....
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The Definition and Use of an Automatic Stay

In the course of bankruptcy, consumers are given an avenue to wipe the slate clean.  It is a legal status for people who aren’t able to pay for debts that they can’t pay due to medical reasons, unemployment, or a variety of other concerns.  There are two options primarily used by consumers to start over, a chapter 7 bankruptcy (liquidation) or chapter 13 bankruptcy (restructure)....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL