Bankruptcy, Foreclosure & Loan Modification Posts in March, 2019

Big Business Bankruptcy

Businesses come and go. Those of us who live in large cities are often witness to the comings and goings of various restaurants and boutique clothing stores. The life and death cycle of these establishments is such a constant that we almost do not even notice it. However, when an industry giant goes belly up, it is rather noticeable. If the small businesses are like wildflowers, institutions like Sears are great oaks. When they fall or burn, we feel it....
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Sears Granted Another Chance by Bankruptcy Judge

A judge has granted a $5.2 billion plan to Sears chairman and shareholder Eddie Lampert in an effort to keep the business going. Lampert’s plan managed to overcome opposition from creditors, including suppliers and mall owners, who pushed to block the sale and liquidate. Even with this reprieve, the long-term survival of the decades-old company remains in question....
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Parking Tickets and Bankruptcy in Chicago

Most of us think of parking tickets as an expensive inconvenience — like costly bird droppings that fall into our lives and ruin our days. While we all dread seeing the loathed orange pamphlet stuck underneath our windshield wipers, for some, parking tickets can be financially devastating. Those people who unable to get out from under Chicago parking ticket debt often turn to bankruptcy. ...
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Senior Bankruptcy on the Rise

Even though the senior population in the U.S. is increasing, the number of older Americans being forced to file bankruptcy is even higher, according to statistics. Recent data shows that over 12% of bankruptcies being filed in the U.S. are households being headed by seniors. The culprit seems to be the cutbacks in these seniors’ social safety nets, such as more out-of-pocket healthcare costs and a decrease in government assistance. Experts only expect these numbers to increase as by 2050, one-quarter of the U.S. population will be older than age 65, compared to only 15% currently....
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Wells Fargo Software Denied Loan Modification to Qualified Borrowers

Wells Fargo used to be a shining example of how a big bank should be run, but now they can not seem to stay out of the news for all the things they have done wrong. They recently revealed an error in their mortgage underwriting software that resulted in hundreds of denied mortgage modifications for borrowers who were facing foreclosure. The error affected some mortgages that were foreclosed on between April 2010 and October 2015....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL