Blog Posts in December, 2011

Famous Bankruptcies: Mike Tyson

A former heavyweight champion who amassed roughly $400 million over two decades and could once command $30 million for a night's work, Mike Tyson ultimately had to file bankruptcy in 2003. The New ...
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After Foreclosure Exited Stage Left, Writing Took Center Stage

Stephanie and Bob Walker paid $799,000 for a three-bedroom house with a view of the Hollywood sign in the Silver Lake neighborhood of Los Angeles. Three years later, the couple was in the Barrington ...
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A Scottie Pippen Did File For Bankruptcy-Just Not The One Who Played For The Bulls

Scottie Pippen is regarded as one the of the greatest defenders in the history of the National Basketball Association, but now the six-time NBA Champion is seeking to defend himself from reports that ...
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Will Cook County's Copycat Ordinance Earn It Copycat Lawsuit?

Despite the city of Chicago now facing federal lawsuit over the vacant building ordinance passed by the City Council in November, the Cook County Board decided to pass its own measure that "largely ...
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Closet? R. Kelly's Whole Estate Trapped in Negative Equity

When recording artist R. Kelly was hit with a $2.9 million foreclosure lawsuit on his mansion 30 miles outside of Chicago in July, WMAQ-TV reported it was a strategic foreclosure. The value of the ...
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Feds Suing Chicago Over Controversial Ordinance

The Federal Housing Finance Agency (FHFA) is suing the city of Chicago over its ordinance making mortgage creditors liable for the upkeep of vacant properties, the Wall Street Journal reported on ...
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Proving Nothing is Sacred, Even Nuns Finding Themselves in Bankruptcy Court

Chicago-area nuns have found themselves in bankruptcy court three times in the past two months, according to a story published by Senior Housing News (SHN) on December 7, 2011. The most recent case ...
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Famous Bankruptcies: Donald Trump

"I don't like the 'b' word," Donald Trump said from the witness stand in a New Jersey bankruptcy courtroom in 2010. Oddly enough, it was during the third time that Trump Entertainment Resorts Inc. was ...
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Nobody Should Be Left In The Cold This Winter

When residents are unable to pay their gas or electricity bills, they are one step closer to becoming homeless, according to Sandi Murray, director of the Homelessness Prevention Call Center in ...
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Protesters Move from Occupying Wall Street to Occupying Foreclosed Homes

The movement known as Occupy Wall Street led to an offshoot called Occupy Our Homes on December 6, 2011. The Atlantic reported that there were 25 actions planned nationwide for that day involving ...
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Famous Bankruptcies: Abraham Lincoln

Chances are good that you have probably seen the infamous "Abraham Lincoln Didn't Quit" list that has appeared in numerous emails and books ever since it was first created, even appearing in Reader's ...
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Bankruptcy Will Not Cost You Your Credibility

When 46-year-old Ginger White became the latest woman to accuse former presidential candidate Herman Cain of sexual impropriety, she told the New York Times in a story published on November 29, 2011, ...
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Will Changes To HARP Change The Number Helped?

As the Obama administration’s revamped Home Affordable Refinance Program (HARP) goes into effect this month, the latest version will offer some key changes that should make it more attractive to ...
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Foreclosure Holds Housing Market Hostage

After five consecutive months of increases, home prices in Chicago and across the nation fell in September from August, according to a Medill Reports story published on November 29, 2011. The ...
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Remembering the Contributions of Former Chief Judge John Schwartz

John Schwartz, the former chief judge for the U.S. Bankruptcy Court for the Northern District of Illinois credited for the work he did to develop judges in his court as well as lasting contributions ...
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Five Tips To Help You Land Your Dream Job

One of the most common reasons why homeowners around the country need foreclosure help has to do with employment. Anybody who has been out of the workforce for any period of time knows that being ...
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1 In 3 Americans Poor Or 'Near Poor'

Phyllis Pendleton is a social worker with Catholic Charities in Washington, and her husband is a janitor. Combined, the couple makes about $51,000 a year, or more than 200 percent of the official ...
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Understanding Your Debt Options

With national household debt totaling $13.3 trillion, a USA Today story published on November 16, 2011, examined some of the options available to the millions of Americans currently burdened by the ...
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Will More First Mortgage Defaults Lead To More Foreclosures?

Chicago saw the largest increase in first mortgage default rates as the rate for the country rose from 1.99 percent to 2.08 percent in October, United Press International reported on November 15, ...
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Madigan Should Not Settle Until Robo-Signing Really Ends, County Recorder Says

Winnebago County Recorder Nancy McPherson is one of a dozen county recorders collecting evidence of mortgage document fraud for Illinois Attorney General Lisa Madigan, and she told the Rockford ...
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New Employment, Construction Reports Offer Hope

There were a couple signs of hope for the economy as new claims for jobless benefits hit a seven-month low and permits for future home construction rebounded strongly in October, Reuters reported on ...
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With Copays Rising, Is Bankruptcy Your Best Medicine?

One of the most common reasons homeowners are finding themselves needing foreclosure help is the cost of medical bills. People already struggling through hard times to pay for medication may have to ...
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