Facing the Possibility of Bankruptcy: Your Finances and Your Options

To say “every American has debt” is not so far from the truth. According to some reports, American consumers owe $11.63 trillion in debt as of Sept. 2014. That is more than half of the country’s national debt. Although debt is not inherently evil, it has reached unbearable levels for many Americans. For some, proper budgeting and prioritization of purchases can help; for others, however, bankruptcy might be worth considering.
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Casey Anthony Files for Bankruptcy

Recently, in Florida, Casey Anthony filed for bankruptcy in which she claimed about $1,100 is assets and about $792,000 in liabilities. Anthony, who was acquitted in 2011 of killing her 2-year-old daughter, Caylee, sought out protection from Chapter 7 bankruptcy in Tampa federal court, according to the court records.
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Readers Digest Files Bankruptcy | Libertyville bankruptcy attorney

In 1922 DeWitt Wallace and wife Lila Acheson Wallace produced a magazine that included shortened bits of health, home and family articles from other publications and named it Reader’s Digest. For decades it was part of most doctor offices and coffee tables. However, the past few years, with the media industry getting hit financially, parent company, RDA Holding Company, has filed for Chapter 11 bankruptcy for the second time in four years.
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Office Max and Office Depot Merger

If you are anything like most people, when you run out of paper, need highlighters or just a pack of paper clips, the easiest thing to do is just to run to OfficeMax…or is it Office Depot? Oh, who knows – but it is the office store of guarantee just down the road. Soon, however, it won’t make a difference; odds are the name might even be different.
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New Foreclosure Law In Illinois

The worst of the housing crisis that began in 2007 is over, but the ripple effects continue to plague the economy and American homeowners and likely will for some time to come. According to RealtyTrac, 1 in every 869 housing units in the country received a foreclosure filing in January 2013, which is still a staggering number. Illinois was one of the worst states for foreclosures in January of this year, having 14,090 foreclosed properties in the month—one in every 375 units in the state, a number well above the national average.
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Bank to Compensate Thousands of Wrongfully Foreclosed U.S. Homeowners

British bank HSBC is going to pay $96 million to American homeowners and over $150 million in mortgage relief because its U.S. division unjustly foreclosed on homeowners who had the right to stay in their homes, the Huffington Post reported on January 18. HSBC will pay almost $100 million in cash compensation to over 110,000 homeowners.
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Alternatives to Foreclosure (continued)

Today we will further elaborate on short sales, a viable alternative to foreclosure that many people choose. Simply put, a short sale is selling your house “short” of what you owe the bank. First, you must list the property for sale with a realtor or by independently finding a buyer. Generally one will notify the bank in order to receive a reasonable amount of time to find a buyer and receive an offer. After receiving an offer, this is then submitted to the bank who will decide to accept or reject the offer.
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Alternatives to Foreclosure

Today, we will discuss an alternative to foreclosure that may not be available to everyone, but is nonetheless an excellent option if you qualify for it. Refinancing your home requires good credit to qualify and your lender will also consider aspects such as income, assets, debts, and current value of the property. Refinancing can be considered for a number of reasons. These include lowering your interest rate, adjusting the length of your mortgage, changing from an adjustable rate mortgage to a fixed rate mortgage or to get an adjustable rate mortgage with better terms.
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Just Walk Away…

For some homeowners, especially those who are significantly underwater, walking away from the property is the desired outcome. They ask themselves “Why should I payoff or modify a loan for $200,000 for a property that is only worth $100,000?” This is a very good question, and an important one to ask. The problem in this situation, however, is a personal deficiency judgment. This is when the bank can take a judgment against the borrower personally to satisfy the outstanding amount of the debt that remains after the property is sold.
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Judge Rules Woman’s Law School Debt Forgiven due to Asperger’s Syndrome

A judge has ruled that a Maryland woman will not have to pay back her law school debt due to her diagnosis of Asperger’s Syndrome. U. S. Bankruptcy Judge Robert Gordon of the District of Maryland on May 17th ruled that Carol Todd met the often difficult burden of showing that she is incapable of repaying a debt of almost $340,000 in law school loans.
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com