Bankruptcy, Foreclosure & Loan Modification Posts in May, 2016

Sports Authority Fails to Find Buyer, Will Close All Locations

In an earlier post, we discussed the financial troubles plaguing sports equipment retailer Sports Authority. Now, the company has announced that it is closing its doors because it failed to find a buyer interested in keeping the brand and its stores alive. Instead, an auction was held for the company's assets. A group of liquidators won the auction and has begun the process of selling off the company's remaining inventory....
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What Happens During a Pre-filing Credit Counseling Session?

When you file for bankruptcy, you are required to receive credit counseling from a qualified source. This is to help you gain insight about how debt and credit work, how you got into your particular situation, and to help you develop strategies that you can use to avoid going into unmanageable debt again in the future....
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Filing for Bankruptcy a Second Time

When you are struggling with an uncontrollable level of personal debt, filing for bankruptcy is not an ideal outcome. However, it is sometimes the best outcome for your situation because it allows you to make the lifestyle changes you need to make to regain control over your finances and negotiate a fair settlement with your creditors. Whether you file for Chapter 7 or Chapter 13 bankruptcy, you will work closely with the court to ensure that your rights are protected and your debts are paid....
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Aeropostale Files for Bankruptcy

Following news earlier this year about Quiksilver and PacSun filing for bankruptcy, another once-popular teen clothing brand, Aeropostale, has filed for bankruptcy after suffering financial troubles for 13 consecutive quarters. The retailer listed $354 million in assets and $390 million in debts in its Chapter 11 bankruptcy filing. It has secured $160 million in financing from Crystal Financing, LLC....
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Bankruptcy and Student Debt: What You Should Know

Student debt is an issue that plagues hundreds of thousands of Americans. It is an issue most commonly associated with Millennials, adults who are currently in their 20s and early 30s, because of how the cost of college rose exponentially during the past decade amid a sluggish economy and stagnant wages. Young adults across the nation have delayed many of the traditional markers of adulthood, such as moving out of their parents' homes, getting married, and starting families of their own because of the levels of student debt they face....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL