Bankruptcy, Foreclosure & Loan Modification Posts in September, 2015

What is the Difference Between Chapter 7 and Chapter 13 Bankruptcy?

There are a lot of differences between Chapter 7 and Chapter 13 bankruptcy. You need to know these differences before you file for bankruptcy – depending on your circumstances, you might only be eligible for Chapter 13 bankruptcy. Even if you are not limited to this type, it might be a better choice for you than Chapter 7. Talk to an experienced bankruptcy attorney about the differences between Chapter 7 and Chapter 13 bankruptcy to determine which type is best for your situation....
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I am Behind on My Mortgage Payments. How Can I Keep My Home?

Homeowners get themselves into financial trouble for a variety of reasons. Maybe you have recently lost your job or suffered a significant injury, straining your financial resources to the point that you have begun to miss mortgage payments. Depending on the gravity of your financial situation, foreclosure might seem like it is your only option....
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Illinois' Next High-Profile Bankruptcy Case: Chicago Public Schools?

It looks like Chicago Public Schools are headed toward bankruptcy if Illinois General Assembly member Ron Sandack (R-Downers Grove) has his way. Whenever an individual, a company, or in this case a school system considers filing for bankruptcy, it is best served by working with an experienced bankruptcy attorney. Chicago School System's Debt Dilemma...
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What is a Strategic Default?

At first, the term “strategic default” might sound like an oxymoron. You know that defaulting on your loan is a bad thing. Or at least, you have been taught to believe it is a bad thing. But sometimes, it actually makes financial sense to default on your loan....
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I Can Not Pay My Debt, but I Do Not Want to File for Bankruptcy

When you are facing a significant amount of personal debt, the options you have depend largely on your individual circumstances. Filing for bankruptcy is a deeply personal decision that will affect your credit and other areas of your financial life for years after filing. Work with an experienced bankruptcy attorney to determine your options before you make this decision....
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Life After Chapter 11: Family Christian Stores Look to Recovery with New Plan

Filing for bankruptcy does not mean accepting personal or business failure. For many individuals and companies, bankruptcy means an opportunity to re-strategize and regain control of the company's finances. One recent example of a company emerging after bankruptcy with a new business plan is Family Christian Stores, a Grand Rapids, Michigan-based niche retailer....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL