Tag Archives: Chicago Bankruptcy Lawyers
Of Bankruptcy And Taxes
In Wetmore v. Markoe (1904), Supreme Court Justice William Day summed up the intent and purpose of the Bankruptcy Code when he wrote that “Systems of bankruptcy are designed to relieve the honest debtor from the weight of indebtedness which has become oppressive, and to permit him to have a fresh start in business… Read More »
This Is The End?
A prominent financial planner has advised the city of Chicago and state of Illinois to file bankruptcy and start over, because their financial problems are completely overwhelming. Former FDIC head William Isaac said that now may be a good time to seek Chapter 9 protection, because the city and state are in “dire financial… Read More »
Does Bankruptcy Mean School’s Out?
Although a threatened teacher strike never occurred, Governor Bruce Rauner is pressuring the Chicago School District to declare bankruptcy and start over. Many parents were concerned, not only because of the issues, but also because they feared major disruptions. During the last teachers’ strike in 2012, most of the district’s 652 campuses closed, and… Read More »
The Comeback Trail
Bankruptcy blog sites are often replete with posts about recoveries from bankruptcy; for example, Abraham Lincoln, Cyndi Lauper, and Larry King all filed bankruptcy and they turned out alright. Their stories, and others like them, are both true and inspiring, and they show us that bankruptcy is a fresh start in the game as… Read More »
Bankruptcy And Mortgage Modifications
Illinois is second only to New Jersey in terms of underwater mortgages. When the loan balance exceeds the home’s value, refinancing is typically not an option. So, distressed homeowners in these circumstances must often turn to a lender-offered mortgage modification for relief. Despite the rosy success stories on bank websites, the mortgage modification saga… Read More »
The Trustee Is Not…
Indiana and Illinois both have rather generous bankruptcy exemptions, so most debtors get to keep their homes and retirement accounts, even in a Chapter 7. However, ancillary assets like rental houses or second vehicles are sometimes more difficult to protect under either the standard or wildcard exemptions. Sadly, some people do not file necessary… Read More »
Rebuilding Credit After Bankruptcy
Some people put off bankruptcy, or refuse to file altogether, because they are afraid it will “ruin their credit.” But, to be blunt, their credit is already “ruined,” in many cases. Negative information, like past-due mortgage payments or automotive repossessions, stays on credit reports almost as long as a bankruptcy filing. Furthermore, by following… Read More »
Your Bankruptcy And Your Security Clearance
Workers that are experiencing financial distress while serving at Scott Air Force Base, the Great Lakes Training Center, and Rock Island Arsenal, or while employed by one of the many private firms in Illinois that require a security clearance, may hesitate to file bankruptcy because they believe that such filing will lead to adverse… 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 »
Former ITT Tech Students Begin Student Loan Strike
A few debt-ridden former students of the now defunct for-profit college are taking a stand against high student loan payments by intentionally refusing to make payments. More than 100 people announced the joint effort in a letter to President Barack Obama and Education Secretary John King. Despite the former college’s assurances that nearly three-fourths… Read More »
