Tag Archives: Chicago Bankruptcy Lawyers
Bankruptcy Filings Down 6 Percent Across The U.S., Yet Many Bankruptcy Petitions Still Being Filed In Illinois
Now that the first half of 2016 has come and gone, analysts at the American Bankruptcy Institute (ABI) have surveyed American bankruptcy trends over the last six months and have released their findings. The ABI reports that between January 1st and June 30th of this year the total number of bankruptcy filings in the… Read More »
The Impact That Brexit May Have On Chicago
On Thursday June 23rd, citizens of the United Kingdom voted to leave the European Union. While you may feel that the British exit, or ‘Brexit’ as the world is calling it, from the European Union will not have a direct impact on you as a resident of Chicago, an article from the Illinois Policy… Read More »
The Debate Continues – Should Chicago’s Public School District File For Bankruptcy?
It has been widely publicized that Chicago’s public schools are facing some serious financial troubles. But what options are available to save Chicago’s school district from its billion dollar debt? When an individual or a corporation gets into financial trouble they have the option of filing for bankruptcy, but do government agencies have that… Read More »
Bankruptcy And Student Loan Debt
Until recently, it has been widely accepted that student loan-related debt can only be cancelled in a bankruptcy proceeding if the borrower is able to show that paying the debt would impose an ‘undue hardship’. Successfully showing an undue hardship in a bankruptcy case is hard to do and rarely happens. However, this may… Read More »
Bankruptcy Fraud
Although filing for bankruptcy can potentially give you a fresh financial start, if you get greedy and try to obtain more than you are entitled to under the Bankruptcy Code you may find yourself in a world of trouble. That is why it is important to understand that having an experienced bankruptcy lawyer allows… Read More »
Public Schools In Neighboring State Saved From Bankruptcy
According to a recent article in the Chicago Tribune, the legislature in our neighbor state Michigan narrowly approved a bailout for Detroit’s broke school district. This bailout will prevent the Detroit Public School district (DPS) from filing for bankruptcy. If Michigan’s governor signs the approved legislation into law, which he is expected to do,… Read More »
Puerto Rico’s Debt Relief Bill
Although Illinois is drowning in public debt, we are certainly not alone. Recently, the media spotlight has been on the Commonwealth of Puerto Rico and the fact that it owes approximately $73 billion in public debt. Proposed debt relief plans for Puerto Rico are particularly interesting from a legal point of view given that… Read More »
Has Your Driver’s License Been Suspended For Too Many Parking Tickets? Filing For Bankruptcy Can Help
Driving in Chicago can be tricky, but parking in Chicago can be an absolute nightmare. Although the city is crowded and parking is limited, think twice before parking illegally because if you do you’ll likely end up with a hefty fine to pay. What’s more, if you end up accumulating too many unpaid parking… Read More »
Arch Coal’s Bankruptcy Disclosure Statement Under Scrutiny
Arch Coal, Inc., America’s second largest coal mining company, filed for Chapter 11 (or “reorganization”) bankruptcy in January of 2011. This is a massive company that even has a mine located nearby in the Illinois Basin. According to Arch Coal’s website, the company plans to eliminate over $4.5 billion in debt from their balance… Read More »
Unsecured Debts vs. Secured Debts
If you are deep in debt and aren’t able to dig out from under your financial troubles, you may want to consider filing for bankruptcy. Bankruptcy is a procedure available under federal law that allows debtors to discharge certain debts. When a debt is discharged you are no longer liable for the debt, but… Read More »
