Cook County

Deed in Lieu of Foreclosure Approach to an Upside Down Mortgage

Facing an upside down mortgage can literally turn anyone’s financial stability upside down as well. An upside down mortgage or when the collateral that secured a mortgage loan is considerably worth less than the balance owed has secured prominent standing in the U.S. real estate market in the past seven years.
Continue Reading »

Filing for Bankruptcy: A Family Affair

Children are observant. They tend to sense when something is wrong. The continual phone calls from creditors, the heated arguments over money, less trips to the grocery store and even less money spent on family fun. Even more so they noticed a change in you. Emotions are running high and they have been walking on eggshells.
Continue Reading »

Ways to Lower your Mortgage Payments

Many people worry about their mortgage every month.  There is a palpable dread when they open their mailboxes to find their monthly bill.  If you feel the same way about your payments, then follow these steps to lower your payments and alleviate your stress.
Continue Reading »

The Safety of Your Home During a Bankruptcy

If you have been surprised by unexpected medical bills or lost your job, then you might be in a financial predicament.  When you get behind on your bills, creditors will aggressively call for you to pay what you owe.  Sometimes, banks and other lenders will threaten to foreclose on your home or garnish your wages.  But if saving your home is important to you, it is important to know how filing for bankruptcy may save your house.
Continue Reading »

Bankruptcy Means Test

When a person files for bankruptcy, they must fill out certain paperwork to turn in to the courts to be sure that they are eligible. Specifically, if they choose Chapter 7, but they seem to have enough money to pay off their debts, they must take a means test to determine their eligibility. The means test will compare the income and expenses to that of the state’s mean, or average, numbers.
Continue Reading »

Chapter 7 Bankruptcy For the Business Owner

There are many reasons that a business can fold, but when you’re the business owner, the process of dealing with the aftermath of your failed business can be overwhelming and emotionally difficult. That’s why it’s best to turn to a qualified bankruptcy attorney who can help you determine the best course of action for your specific situation.
Continue Reading »

Bankruptcy Offers a Plan To Overwhelmed Individuals

If you ask Amy Flaten, filing Chapter 7 bankruptcy was stressful and emotional, but it also allowed her to start a new life and get out from under credit card bills that she could no longer afford to pay. Flaten wracked up credit card debt when her boyfriend at the time was injured, stopped working, and brought home increasingly higher medical bills. Flaten was buried under the weight of the credit cards she used to finance purchases during that time, which led her to meet with bankruptcy attorneys to review her options.
Continue Reading »

Can I Discharge My Student Loans in Bankruptcy?

According to the organization American Student Assistance, some 20 million individuals are entering college every single year. Of that group, 60% are borrowing to finance some or all of the cost of higher education. The average amount of loan debt per student? Across all age groups, that number sits at $24, 301. It’s not surprising that one of the leading questions surrounding bankruptcy is whether or not student loan debt can be discharged.
Continue Reading »

Medical Bills are the Top Cause of Bankruptcy in the U.S., Study Says

It’s no surprise that healthcare expenses and the problems of the medical industry are some of the biggest issues affecting the United States recently. The rising cost of healthcare has been a prominent focus for legislators, the media, and the public for the last several years, leading the major changes for healthcare that are taking place currently and in the coming months.
Continue Reading »

How to Qualify for Short Sale

Purchasing a home requires planning and budgeting skills. Mortgage payments must be included on family calendars and paid on time. The joys of home ownership are great, but can require sacrifice. When hardships happen, it can make the home ownership even more stressful and financially difficult. In Illinois home owners do have the option of a short sale for their homes to quickly get rid of a home they no longer can afford.
Continue Reading »


  • Newland & Newland LLP, Attorneys, Arlington Heights, IL