• 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.

    Benjamin Brand Services – Chicago bankruptcy lawyers

  • Lenders, Lawyers Could Challenge Chicago Foreclosure Law

    A number of lending institutions and associations have filed protests against the Chicago City Council amendment to the municipal code that changed the definition of mortgagee to consider the lender as an owner of the property, and thus liable to maintain the property. The law passed on July 28, 2011, and supported by Mayor Rahm Emanuel will take effect on September 18, 2011, requiring lenders to take over and maintain vacant, attended residential and commercial properties.

    According to GlobeSt.com, organizations such as the Securities Industry and Financial Markets Association and American Securitization Forum believe the new law goes against existing property law. Daniel Slattery, a Chicago-based partner at Pittsburgh-based Reed Smith, told the website that “foreclosure of any property is only an option, not a legal requirement by lenders … A lender could decide to hold its lien and never act, and still not legally own the property.”

    Who knows how long the political theater over this issue might be stretched out for, but continuing the debate is not much help to the many Chicagoans who need foreclosure help now. Whether a job loss or unforeseen medical bills have you struggling through hard times, our bankruptcy law firm can help you eliminate bills and stop foreclosure. Completing a bankruptcy means test today can go a long way toward ending creditor harassment tomorrow. Contact our office now to set up a free initial consultation with one of our Chicago bankruptcy lawyers.

    Benjamin Brand Services – Chicago bankruptcy attorneys