• Illinois Ranked Among Worst Business Climates

    Only two states have worse business climates than Illinois, according to a survey of 322 corporate executives by New York-based consulting firm Development Counsellors International. According to a press release on September 19, 2011, only California and New York have less favorable atmospheres, while Texas, North Carolina and South Carolina are viewed as having the best.

    According to Crain’s Chicago Business, Illinois took a hit this year when Gov. Pat Quinn approved an increase in the state’s tax on corporations, from 6.8 percent to 9 percent. Illinois was not among the worst states three years ago, but moved past Michigan, New Jersey and Massachusetts. The survey has been conducted every three years since 1996, according to Crain’s. California was named the least favorable business climate for the fourth consecutive time, with 70.5 percent of the responses. New York was second with 46.5 percent while Illinois received 24.4 percent of respondents naming it least favorable.

    Texas has maintained the No. 1 ranking since 1999, with 49.4 percent naming the Lone Star state as having one of the most favorable business climates in the most recent poll. Taxes, high costs and “anti-business climate/regulation” were reasons for most of the negative opinions.

    For those who have either lost a job or been struggling to find work, this survey gives little reason for optimism. However, you should know that if you are having difficulty paying the bills that seem to be piling up, you can get deserved relief today by filing for Chapter 13 or Chapter 7 bankruptcy. Whether you are facing foreclosure or are just struggling through hard times, our Chicago bankruptcy lawyers can answer all of your questions about a bankruptcy means test and help end debt collector harassment.

    Benjamin Brand Services – Chicago bankruptcy attorneys

  • Proposed Bill Would Eliminate Property Tax Increases

    State Rep. Jack Franks (D-Woodstock) introduced a bill that would eliminate property tax hikes in any year in which the gross property value of property in a taxing district decreases, Crain’s Chicago Business reported on September 13, 2011. The proposed bill does allow for an exception if voters approve a hike by referendum. Under current law, taxes are allowed to increase by the rate of consumer inflation or 5 percent, whichever is lower.

    Franks has several co-sponsors for the bill, including many Republicans. “Home values have plummeted in recent years, but the tax burden on those properties continues to rise,” Franks told Crain’s. “It is unconscionable that property taxes have increased as more and more homeowners are under water with their mortgages.”

    It remains to be seen if Frank’s bill will gather enough support to pass, but even then, property tax relief may not be enough for Chicago-area homeowners needing foreclosure help now. Illinois residents struggling through hard times should know they could get deserved relief today with an affordable bankruptcy now. Our experienced Chicago bankruptcy lawyers can help you eliminate bills and stop foreclosure by providing you with all the Chapter 13 and Chapter 7 bankruptcy information you will need to reach an effective debt settlement and end creditor harassment. Before you get started on a bankruptcy means test by yourself, contact our Chicago office today to schedule a free initial consultation and get the help you need to get out from under debt.

    Benjamin Brand Services – Chicago bankruptcy attorneys