Bankruptcy, Foreclosure & Loan Modification Blog

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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Do I Have to Disclose My Bankruptcy to My Employer?

There are certain questions employers cannot ask, like your religion or whether you were born in the United States. There are other questions that employers can legally ask, but they can potentially make employees and interviewees uncomfortable. One of these is whether the applicant or employee has ever filed for bankruptcy. You can refuse to answer this question, but it is in your best interest to answer honestly and frame it in a positive way. Lying about your bankruptcy can reflect worse on you than disclosing it....
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Who can File for Bankruptcy?

Individuals who are facing insurmountable levels of debt can file for bankruptcy to have their debts discharged under court supervision. In order to file for either Chapter 7 or Chapter 13 bankruptcy, an individual must meet certain requirements. Individuals over the age of 18, regardless of gender, race, employment, or marital status can file for bankruptcy....
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What is Bankruptcy Fraud?

Bankruptcy fraud is the act of defrauding a bankruptcy court or trustee for one’s own financial gain, which is typically through not having to liquidate certain assets. It is considered to be a white collar crime because it is financial in nature and generally requires the offender to hold a privileged position, such as a financial advisor to the indebted individual....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL