Bankruptcy, Foreclosure & Loan Modification Posts in April, 2013

Preparing for Bankruptcy

The process of deciding on bankruptcy is personal and must be made based on the facts of your financial situation.  As difficult as it is to come to terms with that decision, it is important to know the beginning of the process in order to successfully begin a new financial life....
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San Bernardino to Resume Pension Payments

Some good news came for San Bernardino, California residents in mid-April when the city announced that it “will resume paying into the state pension fund on July 1,” according to Reuters News. Yet with this announcement came the information that the city will, at the same time, “continue to renege on other debts including payments to bondholders.” The city was the first in a debt-stricken state to halt all contributions to the city’s pension fund—the nation’s largest....
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Illinois State Rep Wants to Extend Tax Hike

The Daily Herald reported in a story here that Skokie State Representative Lou Lang wants to extend the 2 percentage point tax increase to cover Illinois’ massive pension debt. And although there are many possible options being presented to address this problem, Lang is one of the first lawmakers to propose the extension. The idea was first introduced by Governor Pat Quinn in early 2012....
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Defendants face life in Chicago ID-fraud case

According to a recent article, a very long, complicated scheme centered in Chicago but that included a murder in Mexico City ended Tuesday with three defendants facing mandatory life sentences. This entire operation was based in Chicago’s Little Village neighborhood. The scheme lasted for at least 15 years until it was broken up in 2007. In total, it generated somewhere around $3 million in annual sales of fake Social Security cards, driver’s licenses, and various other documents....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com