Bankruptcy, Foreclosure & Loan Modification Blog

The Limited’s Parent Company Files for Voluntary Bankruptcy Relief

Limited Stores LLC, the parent company behind women’s apparel retailer The Limited, filed for Chapter 11 bankruptcy in January of 2017. It did this after receiving advice from corporate financial advisors in late 2016 and liquidating its remaining inventory at steeply discounted prices during the 2016 holiday season. It has closed all of its 250 stores and temporarily suspended online sales....
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What will the Bankruptcy Process Cost Me?

If you are facing a level of personal debt that has you considering bankruptcy, the prospect of spending any more money might be an immobilizing thought. Thinking that way will only keep you in a perpetual cycle of debt that you cannot escape. Filing for bankruptcy will cost you money, but think of this money as an investment in your future financial freedom....
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Sears, Macy’s, and Kmart Announce 2017 Store Closures

Following a holiday season of slow sales, major retailers Macy’s and Sears Holdings announced that they will be closing more than 200 stores combined during 2017. Sears Holdings, which operates both Sears and Kmart stores, will close 108 Kmart stores and 42 Sears stores during the coming months. Macy’s announced that it will shutter 68 of its stores during 2017 as part of its larger plan to close 100 stores....
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Know the Events that Can Affect Your Credit Score

Your credit score is the three-digit number between 300 and 850 that provides a quick guide to your likelihood of repaying money that you borrow. There are three credit reporting agencies in the United States, which record your borrowing and payment actions to each calculate a score for you. These agencies are Experian, Equifax, and TransUnion. You are entitled to a free credit report from each of these agencies once every 12 months....
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Can I Cut Down on My Divorce Obligations Through Bankruptcy?

You may be able to cut down your divorce obligations through bankruptcy, depending on the type of obligation you are looking to discharge. In some cases, you can use bankruptcy to cut down on the debts you find yourself facing after your divorce is finalized. In other cases, you cannot legally discharge the debt you are facing. Speak with an experienced bankruptcy lawyer to determine your options for reducing your financial burden....
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Scout Media Files for Chapter 11 Bankruptcy

Digital sports network Scout Media Inc. has filed for Chapter 11 bankruptcy, the process through which a business can restructure it operation to cut down on expenses and ultimately become profitable again after reaching an overwhelming level of debt....
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Surviving the Holiday Season Amid a Pending Bankruptcy Case

The holiday season is here. It can be financially stressful on anybody, but if you are working through the bankruptcy process or considering filing for bankruptcy in the new year, the holidays can be especially stressful. One of the driving forces of this stress is the pressure to provide for your friends and loved ones this season through gifts, parties, and time spent enjoying seasonal events....
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Be Honest With Your Bankruptcy Lawyer

If you are facing an insurmountable level of personal debt, filing for Chapter 7 or Chapter 13 bankruptcy might be the most effective way for you to eliminate that debt and get yourself on a path toward financial freedom. It is in your best interest to work with a bankruptcy lawyer to complete the process because a lawyer can advise you about the choices you face and advocate for you during interactions with the court and your creditors....
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Should I Wait Until My Divorce is Final to File for Bankruptcy?

Bankruptcy is a complicated process. As with many other things in life, like parenting your children and putting money away for your retirement, getting divorced complicates the bankruptcy process. If you are not sure about the future of your marriage or if you know that you will file for divorce in the near future, you might opt to put your bankruptcy plan on hold until the divorce is finalized. But sometimes, this is not feasible....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com