Bankruptcy, Foreclosure & Loan Modification Blog

Champaign Employer Hobbico Files for Bankruptcy

When a company files for bankruptcy, everybody involved with that company feels the impact. If it is a publicly traded company, bankruptcy can impact shareholders. Any relationships the company has with vendors and those it subcontracts are also impacted. Sometimes, these relationships have to be terminated for the company to become profitable again and in other cases, they are changed dramatically....
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Low Income Earners can File for Bankruptcy More Easily Through New Program

Many low income individuals who are desperately crushed by their outstanding debt avoid filing for bankruptcy because they are worried about its cost. Although completing a bankruptcy case can be costly, what these individuals often do not realize is that it is cheaper in the long run than continuing to put the bulk of one’s paycheck toward payments, often watching their debt compound and grow despite making an honest effort to pay it down....
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Couple Files for Bankruptcy After Hurricane Fraud Conviction

A Texas pastor and his wife who had been convicted of hurricane fraud in August of 2017 filed for Chapter 13 bankruptcy just a few months later in an effort to alleviate the stress of the debts they are facing. The couple stated that their debt liabilities are between $500,000 and $1 million and that their assets are worth about the same as their debt....
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Nightclub’s Bankruptcy Makes it Difficult for Shooting Victim’s Loved Ones to Pursue Wrongful Death Claim

The owner of the Cameo nightclub in Cincinnati, the site of the deadly shooting in March of 2017 that holds the record as the worst mass shooting in Cincinnati history, has filed for bankruptcy. This filing halted the progress of the wrongful death claim filed by the family of O’Bryan Spikes, a nightclub patron who died in the shooting....
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Twin Cities Archdiocese Bankruptcy Plan Rejected

In late December 2017, federal bankruptcy judge Robert Kressel rejected the settlement plan put forth by the Archdiocese of Minneapolis & St. Paul. The Archdiocese of Minneapolis & St. Paul originally filed for bankruptcy in 2015 as it faced allegations of sexual abuse. In rejecting the plan, the judge required the archdiocese to renegotiate its settlement plan to include all parties entitled to recover compensation from the settlement....
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What to do if You Receive a Gift Card for a Retailer Facing Bankruptcy

Over the past decade, gift cards have become a popular holiday present. Giving gift cards is easy – they are small, so there is not much wrapping required, and because they permit the recipient to purchase whatever he or she likes from the retailer, they eliminate the pressure to choose a gift the recipient will like....
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Charming Charlie to Close Six Illinois Stores Through Bankruptcy

Charming Charlie, a popular accessories retailer with 375 locations throughout North America, is planning to shutter six of its 15 Illinois stores after receiving approval to do so as part of a bankruptcy restructuring plan from the court. It did not disclose when it would close these locations, only that they would be part of a larger closing plan that will eliminate 75 of the company’s existing locations....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL