Bankruptcy, Foreclosure & Loan Modification Posts in July, 2015

Illinois Restaurant Chain Files for Bankruptcy

Olga’s Kitchen, a restaurant chain known for its Mediterranean wrap sandwiches has filed for Chapter 11 bankruptcy. Olga’s has closed eight locations over the past year due to underperformance. The closed restaurants were inside regional malls as opposed to the casual dining design that other Olga’s Kitchen locations have followed. Olga’s Kitchen officials reassure customers that twenty-eight of the restaurants will remain open through the bankruptcy process. All of the restaurants are located in Michigan, with the exception of one restaurant in Alton, Illinois....
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The Bankruptcy Case of Antoin Rezko

Antoin “Tony” Rezko is a convicted power broker who is currently serving a ten-and-a-half year prison sentence for corruption and fraud in a federal prison in downstate Pekin, Illinois. Rezko was involved in a seven year long bankruptcy case in which he owed $58.8 million to creditors in claims. Rezko has only paid $1.1 million to his creditors, with a majority of the payments going to his trustee and the law firm that oversaw the case....
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Reestablishing Your Credit After Bankruptcy

Those who need to rid themselves of their debt or are unable to pay off their debt may consider filing for federal bankruptcy. Individuals, municipalities, businesses, international parties, and even family farmers are able to file bankruptcy in federal court. When the court grants bankruptcy petitions, the debtor is resolved of debt in its entirety or is provided with a plan to pay off the debt over time....
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Criminal Offenses with Bankruptcy

When an individual, organization, or business entity faces more debt than can be managed, they sometimes opt to file for federal bankruptcy. Filing for bankruptcy protectors debtors from creditors who are pursuing the unpaid debts. If the bankruptcy petition is granted in federal court, the judge will look at:...
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Department of Education’s Newly Released Guidance on Student Loans and Bankruptcy

The Department of Education has released new guidance on how creditors may handle bankruptcy discharge requests for government-funded student loan debt. This guidance seeks to balance collecting student loan debts versus allowing the debts to be discharged. Through this guidance, the Department of Education advises guaranty agencies to be more careful when considering under what circumstances they will challenge borrowers in court who are claiming undue hardship in order to have his or her debt discharged....
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The Financial Crisis in Greece

In the midst of its financial crisis, Greece has requested its third international bailout to help pay off its debts and to prevent economic collapse and ejection from the euro. The third requested bailout would serve as a new rescue package for a term of three years. During this time, Greece would promise to introduce its new economic reforms in exchange for money. Greece is also seeking debt relief from its earlier bailouts. Previous Bailouts...
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL