Bankruptcy, Foreclosure & Loan Modification Posts in November, 2013

Millionaire Athletes Bankrupt Within Years of Retirement

The rate at which professional football and basketball players are filing for bankruptcy after retirement is being discussed with increasing frequency across the NFL and NBA.  The issue is not confined to those to sports alone, though, as some of the biggest athletes in a variety of sports – Warren Sapp, Dennis Rodman, Mike Tyson, Marion Jones – are broke....
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New Fund for Madoff Victims May Stave Off Bankruptcy

When Bernie Madoff was arrested in 2008 and admitted that a significant part of Bernard L. Madoff Investment Securities LLC was an elaborate Ponzi scheme, nearly 5,000 clients were affected and lost more than $50 billion, collectively. This, of course, resulted in a slew of personal bankruptcies for people who likely never dreamed they’d face bankruptcy proceedings, and a tightening of federal regulations on companies like Madoff’s....
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The Role of Credit Cards and Financial Nightmares

Many people struggle with debt at one time or another. But how do you know when that struggle has become a serious one and you may need to consider consulting with a bankruptcy attorney to see what your options are? Bankrate offers consumers signs to watch for that the organization says should serve as warnings that financial difficulties may be more than a bump in the road and serious attention is needed....
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BAPCPA Anniversary Opens Chapter 7 Bankruptcy for Thousands of People

Eight years ago, President George W. Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) into law. This law restricted a person’s right to file Chapter 7 bankruptcy to once every eight years, causing many to impulsively file for Chapter 7 bankruptcy in Illinois before the law went into effect. Unfortunately, many filed too early for their situation, causing them to lose homes and other assets without any further preventative help available....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com