Blog Posts in May, 2011

Allerton Hotel Files Chapter 11 to Halt Foreclosure

The owner of the Allerton Hotel, ALT Hotel LLC, filed for chapter 11 bankruptcy petition on May 6, 2011. Filing the case has stopped an attempt by an investor to foreclose on a $69 million loan that ...
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Chicago Rabbi Facing Foreclosure on his Gold Coast Home

Chicago based Rabbi Meir Chai Benhiyoun of Lubavitch Chabad is facing foreclosure on his house at 1236 N. Dearborn St. He is using social media to raise funds for paying off a $4.6 million loan from ...
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Giordano's pizza chain owners ordered out of Chicago headquarters

A federal bankruptcy court recently ordered the takeover of the famous Chicago Giordano's pizza chain. However, the company's president and his family member refused to leave the Chicago headquarters. ...
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Another one bites the dust: Orland Park Re/Max franchise to liquidate

Re/Max Team 2000 in Orland Park, one of the first such franchises in Chicago, recently filed for bankruptcy. Team 2000 was started in the 1970s. A court appointed trustee will help dissolve the ...
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Huge drop in foreclosed home prices reported in Chicago and many cities nationwide

According to the S&P and Case-Shiller index of property values, at least 20 cities' home prices fell 3.3 percent in just a year-the biggest single year drop since November 2009. Year-over-year ...
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41 percent drop in mortgage fraud cases

According to LexisNexis Mortgage Asset Research Institute, reported mortgage fraud incidents fell 41 percent between 2009 and 2010. The news marks the first reduction in several years, according to ...
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Study shows racial variance in Chapter 13 bankruptcy filings

Everyone has seen the commercials: the promise that by calling this number, immediately, all your financial woes will be lifted. All your questions will be answered. Many have fallen for the trap. ...
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With skyrocketing debt, Chicago hotel files bankruptcy

Another Chicago based hotel has filed for bankruptcy protection. Yet despite the unfortunate but all too common news, the owners of the property stand committed to remain open and conduct normal ...
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Chicago foreclosures drop in March compared to last year but dramatically rise from February

Chicago has recently received a bit of good news concerning its ultra-volatile real estate market. In March, the city's foreclosure filings fell 15.7 percent from last year. However, the drop was not ...
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Illinois legislators take aim at powerful debt collection industry

Illinois General Assembly continues to mull over legislation that would change how the state's repossession agents operate. Illinois bankruptcy and repossession lawyers, consumer right advocates, and ...
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Credit reporting mishaps cause unwarranted foreclosures

There are a variety of reasons why an individual files for bankruptcy. Usually the main cause is the person's inability to handle debt. Other times the main cause is unemployment. But there are ...
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Facing life or death, Illinois charity hospitals brace for closure

In business with the sole purpose of savings lives, two Illinois charity hospitals are themselves facing a dire situation. One in Chicago’s south suburbs, the other in poverty-stricken East St. ...
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