Unfit Finances Shuts Down Lakeshore Athletic Club’s Power

Already facing a nearly $27-million foreclosure suit, the Lakeshore Athletic Club had its power shut off by Commonwealth Edison Co. due to an unpaid bill, Crain's Chicago Business reported on September 12, 2011. A notice posted on the club’s door said the gym was closed due to "electrical and financial problems," but Crain's reported that the health club has failed to pay a ComEd bill of more than $200,000.

The club was appraised well below its debt outstanding at just $7.6 million in April, Crain's reported. Speculation about the future of the prime location near Millennium Park was sparked in April 2010 when Lakeshore was hit with a $26.9-million foreclosure suit after its owner, a venture led by brothers Walter and Jordon Kaiser, stopped making loan payments.

Crain's reported that the Kaisers also previously owned Lakeshore Athletic Clubs in Lincoln Park, Streeterville and River North, but closed the River North location in 2007 and the Streeterville club in 2009. The Lincoln Park gym ran into loan trouble as well and was sold in December.

You do not need to be on the treadmill at a gym to work up a sweat when you need foreclosure help, but one of the surest ways to shed the debt weighing you down is to file for bankruptcy. Our Chicago bankruptcy attorneys can be a personal trainer for your finances, helping you get deserved relief today and end creditor harassment. We can reduce the amount of heavy lifting involved in filing a bankruptcy means test and slim down your debt to eliminate bills and stop foreclosure.

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