Bankruptcy, Foreclosure & Loan Modification Posts in May, 2017

Three Ways to Avoid Foreclosure

When a homeowner cannot afford to make his or her mortgage payments, the home may go into foreclosure. In short, this means the homeowner’s mortgage lender takes possession of the home. However, this is not an instant process. The foreclosure process can take close to a year to complete in Illinois and early in the process, a homeowner can reverse the process and keep his or her home....
Continue Reading »

Sexual Abuse Survivor Group Rejects Archdiocese’s Chapter 11 Bankruptcy Plan

The Archdiocese of Saint Paul and Minneapolis has filed for Chapter 11 bankruptcy and submitted a reorganization plan after facing multiple sexual abuse allegations. In a reorganization plan, the filing party’s creditors can make comments about the proposed plan and either accept or reject the plan’s terms. Whether these are incorporated into the final approved plan or not is at the discretion of the bankruptcy court overseeing the case....
Continue Reading »

Why Do Americans File for Bankruptcy?

The answer to this question can seem obvious at first. Americans file for bankruptcy because they have large debts that they cannot repay without help. For these individuals, Chapter 7 and Chapter 13 bankruptcy can offer some financial relief. You might be wondering what causes these filers to get into such debt in the first place. Is it our consumer culture? Stagnant wages? A lack of foresight?...
Continue Reading »
  • Newland & Newland LLP, Attorneys, Arlington Heights, IL