Bankruptcy, Foreclosure & Loan Modification Blog

How Will My Bankruptcy Affect My Ability to Buy a House?

For most people, a house is the largest purchase they will ever make. Buying a house is more than just a large purchase, it is often an investment, and for many, buying a house is symbolic. It is a milestone in an adult’s life, and for many couples, it is symbolic of their commitment to each other....
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TechShop Declares Bankruptcy and Shuts Down All Locations in the United States

TechShop, a membership-based communal workspace for artists, designers, and tinkerers with locations across the United States and abroad, abruptly closed its doors in November of 2017. Along with this closure came an announcement that the company filed for Chapter 7 bankruptcy. All locations in the United States closed, while those outside the country remain in operation....
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Why You Should Pay Your Credit Card in Full Every Month

There are a lot of myths and facts out there about credit, debt, and how to effectively manage your credit score. One of these is the myth that maintaining a balance on a credit card can help you raise your score faster than paying off the card each month. This simply is not true. If you have a credit card, you should make it a priority to pay its balance in full every month....
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For Many Recent Bankruptcies, Companies are Quick to Blame Millennials

Not long ago, we reported on Toys R Us’ decision to file for bankruptcy. Although retailers file for bankruptcy all the time, especially in recent years, news of Toys R Us’ bankruptcy struck a chord with many Americans. For millions of American adults, Toys R Us is synonymous with childhood nostalgia and fun. It hearkens to a simpler time when receiving the Toys R Us catalog meant the beginning of the holiday season, a chance to flip through its glossy pages of exciting new toys....
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Four Questions to Ask a Prospective Credit Counselor

Not all credit counseling agencies are created equally. Some are better equipped to educate individuals who are struggling with debt than others. Some are flat-out scams. If you are considering bankruptcy as a strategy for handling your personal debt, first educate yourself about credit counseling and how to find the right agency for you. During your first meeting with a credit counselor, ask the following questions to determine if he or she is the right counselor for you. Is Your Agency Accredited?...
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Using Bankruptcy to Eliminate your Medical Debt

Medical treatment is expensive. Individuals who do not have sufficient health insurance to cover their treatment expenses or enough money to pay for them out of pocket can easily find themselves in debt after receiving medical care. Sometimes, there is no option other than taking on sufficient debt to receive necessary medical care....
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Understanding The Bankruptcy Feedback Loop

A recent piece published in The Atlantic describes a phenomenon it dubs “the bankruptcy feedback loop.” This is the cycle of impoverished individuals filing for bankruptcy to eliminate their debts only to find themselves back in debt not long after, considering filing for bankruptcy again....
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Toys R Us Files for Bankruptcy

Not long ago, we wrote a blog post about Toys R Us’ financial troubles and how the retailer was toying with the idea of filing for bankruptcy. On September 18th, 2017, it was made official: Toys R Us filed for Chapter 11 bankruptcy....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL