Tag Archives: Chapter 13 Bankruptcy
Can Chapter 13 Bankruptcy Save My Car?
Legally, banks may begin automobile repossession procedures after just one missed payment. If the borrower has been late before, the lender may file repossession paperwork as soon as possible. It is almost impossible to undo automobile repossession. The original lender usually keeps the note for the duration of the loan, so there are usually… Read More »
When Should I File A Chapter 13 In Illinois?
Many mortgage banks begin foreclosure proceedings after just two missed payments. Depending on the circumstances, many creditors allow many more missed payments than that. However, there is no guarantee. Once the pre-foreclosure process begins, it is difficult to stop. After the two missed payments, most banks accelerate the unpaid principal balance. In other words,… Read More »
Protecting Your House In An Indiana Bankruptcy
In many situations, the family home is a debtor’s largest financial asset. The house usually has an emotional value to the family that far eclipses the substantial financial value. So, protecting your family home is the number one priority of most Chapter 13 attorneys. There are a number of ways to accomplish this task,… Read More »
Bankruptcy Filings Increase
After several consecutive years of steady decline, consumer bankruptcy filings increased 6 percent in 2016. According to a report, Illinois had the second-highest number of new bankruptcy filings in the country for December 2016. Alabama and Tennessee had the highest per capita filing rates, continuing a trend of more bankruptcies in the South than… Read More »
Prominent Real Estate Investor Files Bankruptcy
A huge shareholder lawsuit in Northern Illinois may have pushed the onetime “King of Downtown Orlando” over the financial precipice. Ten years ago, Cameron Kuhn employed seventy people, owned twenty choice properties in downtown Orlando, and was expanding into new markets in northern Florida, Georgia, and Louisiana. But then the real estate market crashed… Read More »
Trump Adds ‘King Of Bankruptcy’ To His Cabinet
President-elect Donald Trump tapped multi-millionaire investor Wilbur Ross to be his Commerce Secretary. Some people in and around industrial Northwest Indiana call Mr. Ross the “king of bankruptcy,” because in the past, he has purchased companies in distressed industries at a discount, often while they are in bankruptcy, and either liquidated their assets or… Read More »
The Financial Comeback Trail
Abraham Lincoln, one of Illinois’ favorite sons, declared bankruptcy in 1833. In his early 20s, Lincoln worked various jobs in Springfield, and that work included employment at a local general store. When the establishment closed, the young and enterprising Lincoln decided to open his own store in New Salem with a business partner. The… Read More »
Baseball And Bankruptcy
Another baseball season is coming to an end, and may people claim that winning is all in the numbers, from RBI and ERA to OPS and WAR. Other people say that the only number that matters in baseball is three, because when there are less than three outs in an inning, anything is possible,… Read More »
Trustee Files Motion To Convert In Yellow Cab Bankruptcy
Claiming that the company can no longer afford to pay its bills, U.S. Trustee Patrick Layng asked a bankruptcy judge to involuntarily change the tax company’s Chapter 11 reorganization to a Chapter 7 liquidation. Mr. Layng, who oversees bankruptcies in the Northern District of Illinois on behalf of the judge, added that Yellow Cab… Read More »
What Kind Of Bankruptcy Is Right For You?
The underlying purpose of the Bankruptcy Code is to give the honest but unfortunate debtor a fresh financial start. Some people are burdened with unsecured debt, like credit cards and medical bills. Typically, debtors in these situations want to eliminate this debt as quickly as possible and start rebuilding their credit. Other people are… Read More »
