• What Will Higher Food Prices Mean For You?

    While we often write about the problems that the bigger payments like mortgages, medical bills and student loans cause for families throughout the Chicagoland area; however, the truth is that the increase in the smaller everyday bills can be just as devastating. In a September 3, 2012, column for CNN, author and Newsweek editor David Frum predicted that 2013 will be a year of serious global crisis.

    As Frum noted and many families across Illinois have felt, an intense summer drought has ruined key crops. The corn harvest will drop to its lowest level since 1995, and Frum noted that corn and wheat prices increased about 25 percent each while soybean prices climbed roughly 17 percent. This will lead to all sorts of higher food prices, ranging from meat and poultry to dairy products.

    The Tennessean reported that a gallon of milk “will cost 10 cents to 15 cents more by Thanksgiving and rise an additional 25 cents by year-end.” Last month, the PBS NewsHour reported in the video above that a price index from the US Agriculture Department showed that “overall food prices would increase about 3 percent to 4 percent because of the drought,” with the corn intensive items like beef, pork, poultry and eggs most likely to be impacted.

    While Frum wrote that higher food prices are “in almost all cases, a manageable burden,” how much will each additional dollar every week affect you and your family? If you have been scraping by every month and are in need of debt relief in order to keep up with the cost of living, then Chapter 7 or Chapter 13 bankruptcy may be the answer you need. Filing bankruptcy delays foreclosures and ends the calls from debt collectors.

    Our firm can pull you out of what seems like a crisis or we can help you avoid what could turn into one. If you are tired of fearing what financial obstacle might come up next, contact our firm today at (866) 930-7482 or use the form on this page to let our Chicago bankruptcy lawyers see how we can help eliminate as many of those obstacles as we can.

    Benjamin Brand Services – Chicago bankruptcy attorneys

  • Homeowners Over 50 Being Hit Hard by Foreclosure

    Reuters reported on August 21, 2012, that a report from the AARP Public Policy Institute shows roughly 3.5 million homeowners owe more on their mortgages than their properties are worth. One troubling aspect to the report was the finding of the much higher rate of growth in foreclosures for homeowners over the age of 50 between 2007 and 2011. The Associated Press video above from July 2012 noted many of the challenges facing older homeowners.

    According to Reuters, 2.92 percent of mortgage loans to these households had been foreclosed at the end of last year. AARP said this was an astonishing 873 percent increase from 2007. “The study adds to the growing mountain of evidence that the economy has shredded retirement possibilities, especially for low and middle-class households,” Reuters said. “Lower home values are especially devastating for these demographic groups.”

    Reuters noted that another report by the online marketplace for foreclosed properties, RealtyTrac, found that the number of foreclosures rose in 59 percent of the nation’s top metro markets. Illinois accounted for two of the top 20 metro foreclosure rates.

    If you are facing the threat of foreclosure, you should know that filing Chapter 7 or Chapter 13 bankruptcy can help you delay the process and may be able to help you keep your home. It can also provide you and your family with the fresh start you need to get your finances in order and stop struggling with incessant calls from creditors. Complete the form on this page to let our Chicago bankruptcy lawyers review your case or contact our firm today at (866) 930-7482 to set up a consultation.

    Benjamin Brand Services – Chicago bankruptcy attorneys