Blog Posts in 2012

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Chicago Bankruptcy Attorney Addresses Financial Struggles Athletes Face

The tragic tale of American professional athletes rising from poverty to fame, only to squander their earnings and file bankruptcy after retiring is becoming all too common. Professional athletes in ...
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Q&A with a Chicago Bankruptcy Attorney–Borrowing from a 401(k)

Q: My wife and I are in our late 20s with a mortgage and almost $20,000 in student loan debt between the two of us. We each have 401(k) plans we have contributed to-should we cash one out to pay off ...
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Chicago Bankruptcy Attorney Evaluates Options for Student Loan Debt

Student loan debt was been soaring for the last decade and a half, and many economic experts believe it could hinder a recovering economy. Student loan debt has increased by almost 500 percent since ...
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Chicago Bankruptcy Attorney Critical of Hostess's Business Practices

Hostess Brands, Inc. filed a bankruptcy motion seeking permission to close business and sell its assets in a high profile case in November, which was accepted by the United States Bankruptcy Court for ...
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Chicago Bankruptcy Lawyer Reflects on Detroit Financial Crisis

Detroit has been in a financial slump for many years now, and the effects have been felt by public officials, business owners and certainly laid off workers. Some experts predict that Detroit may ...
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Chicago Bankruptcy Attorney Weighs In on Looming Fiscal Cliff

As Congress and President Barack Obama continue to negotiate offers to prevent falling off the "fiscal cliff" before the end of the year, legislators are beginning to grow impatient. The metaphorical ...
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Chicago Bankruptcy Lawyer Supports Senator-Elect Warren

Early reports indicate that Massachusetts Senator-Elect Elizabeth Warren is expected to be granted a seat on the Senate Banking Committee. Warren, a Harvard bankruptcy professor, is a consumer ...
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Chicago Bankruptcy Lawyer Warns of Tax Complications After Filing

If a person files bankruptcy, hopefully it is a once-in-a-lifetime experience. Therefore, the process is often intimidating as people have no previous experience with a personal bankruptcy. Lots of ...
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Q&A With A Chicago Bankruptcy Attorney

Q: I recently lost my job, and my wife has been out of work for almost a year. I believe I may need to file for bankruptcy, but I am worried about losing my home and vehicles. Is it possible to file ...
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Chicago Bankruptcy Attorney Appalled at Creditor Harassment

Creditors are notorious for their borderline harassing collection methods, particularly the big banks. The lengths that some of these banks go to collect is often unethical and sometimes illegal. One ...
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Chicago Bankruptcy Attorney Weighs in On Decreased Filings

One particular region in Ohio has seen a sharp decline in the filings of personal bankruptcies, according to the Dayton Daily News. Throughout the first half of 2012 personal bankruptcies in the ...
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Repairing Your Credit after Bankruptcy

For people who have filed a Chapter 13 or Chapter 7 bankruptcy, opening up another line of credit seems counterintuitive, but experts argue that it is important that you reestablish a good credit ...
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Breaking Down Chicago Bankruptcy: Is Filing Your Best Option?

Individuals who are struggling to pay off debt have difficult decisions to make on a daily basis. If you do not earn enough income to pay off your debt and continue to pay your rent or mortgage on top ...
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What Does Elizabeth Warren Appointment to Banking Committee Mean for Chicago Bankruptcy?

Elizabeth Warren (D) won the Massachusetts Senator election race over Republican incumbent Scott Brown in November, and many believe she would be a natural fit for the powerful Senate banking ...
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Bankruptcy Filings Down in 2012; Chicago Bankruptcy Attorney Hopes it is Sign of Improving Economy

Personal bankruptcy filings in 2012 have decreased from 2011, according to statistics from the United States courts. The number of personal bankruptcies in the one year period, ending on September 30, ...
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Chapter 7 and Chapter 13 Bankruptcies

Personal bankruptcy is a difficult process for someone to go through, but many people are scared because they simply do not know what the process is like and how it will affect their lives. Gathering ...
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Healthcare Costs, Medical Debt and Bankruptcy

With the recent federal healthcare mandate, many people think that medical bankruptcy will become a thing of the past. Hopefully this will be true in the future, but that provides little comfort to ...
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Do Not Lose Sight of Financial Obligations during Divorce

A divorce is a very troubling and trying time for couples, financially and emotionally. Unfortunately, persons going through a divorce can lose sight of long term finances and just try to get the ...
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Will Congress Adjust the AMT to Avoid Fiscal Cliff?

Following the November election, many media pundits and experts are warning of the impending "fiscal cliff" expected to hit the country in early 2013. The term is used to describe a series of enacted ...
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Obama Tweaks 'Pay as You Earn' Program

On November 1, President Barack Obama put the final touches on the Pay As You Earn program for the repayment of student loans. It is an Income-Based Repayment (IBR) that is applicable for federal ...
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Creditors of Student Loans Go after Co-Signers

Katy Stech of the Wall Street Journal recently wrote an editorial about Kristina Pietras, a student who became burdened with student loan debt before dropping out of the University of Toledo. Various ...
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Four Things to Remember About FTC Rules on Debt Relief

According to an October 23, 2012 WVTM-TV article, it has been two years since the Federal Trade Commission (FTC) implemented new rules regulating the debt relief industry. WVTM noted that consumers ...
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Mayor Emanuel Critical of Governor Quinn Appointee Who Filed Bankruptcy

This Illinois Statehouse News video features Governor's Office of Management and Budget spokeswoman Kelly Kraft, who Governor Pat Quinn chose to be executive director of the Illinois Sports Facilities ...
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Which Workers Will Be Commanding Higher Incomes in 2013?

The Chicago Tribune reported on October 4, 2012, that technology, finance and administrative workers are among the professionals who are likely to be making more money next year. A report from ...
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Obamacare May Reduce Some Large Medical Bills, But Not Everybody Can Be Protected

A Harvard study published in 2005 found that nearly two-thirds of bankruptcies were linked to illnesses and medical bills. "The cost of health care now causes a bankruptcy in America every 30 ...
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