• Foreclosure Process Slowing Down, But Not Going Away

    The median number of days to resolve foreclosure cases rose 25.5 percent compared with a year ago in the Chicago area for the three months ended in June, the Chicago Tribune reported on September 22, 2011. A report released by the Woodstock Institute also dais processing times are up almost 51 percent compared with three years ago.

    During this year’s second quarter, it took a median 363 days to move a foreclosure case through the court system in Cook County, 390 days in Kane County and 307 days in McHenry County, the Tribune reported. While longer processing times and the lowest number of completed foreclosure auctions completed since the housing crisis began are giving homeowners more time to try and save their homes, the Tribune noted that the number of delinquent homeowners is again on the rise. State and federal investigation of mortgage servicers’ internal processes put a temporary hold on cases, but August also saw “a dramatic leap in new foreclosure filings” that will add to the backlog.

    Sarah Duda, a senior research and project associate at the Woodstock Institute, told the Tribune, “If the reason why auctions are down is that people’s homes are being saved, that’s really positive. But I don’t think that’s what’s happening.” Indeed, time is rarely on the side of homeowners facing foreclosure. If you need foreclosure help now, our Chicago bankruptcy lawyers can provide you with all the necessary Chapter 13 or Chapter 7 bankruptcy information you will need to help you save your home. Filing for bankruptcy can help you eliminate bills and stop foreclosure, but it is imperative that you contact our firm for a free consultation so we can help you get deserved relief today.

    Benjamin Brand Services – Chicago bankruptcy attorneys

  • Credit Card Default Rates Drop In Chicago

    Fewer Chicago area residents defaulted on their credit cards in August as the rate fell from a year ago, the Chicago Tribune reported on September 20, 2011. According to the Standard and Poor’s/Experian Consumer Credit Default Indices, the Chicago area’s default rate dropped from 3.75 percent a year ago to  2.43 percent last month. The August rate also marks a decrease from the 2.54 percent in July, according to the Tribune.

    Nationally, credit-card default rates fell to 5.26 percent in August from 5.64 percent in July. David Blitzer, managing director and chairman of the Index Committee for S&P Indices, told the Tribune that indices show default rates well below where they were in the recession period of 2008 and 2009, and some are still falling. “While there were some moderately mixed results, the overall picture is broadly optimistic,” Blitzer said. The index includes credit cards, auto loans and first and second mortgages.

    While a lower default rate certainly is not bad news, some of the reduction could be attributable to higher-quality borrowers getting loans that lesser borrowers are not. If you are struggling through hard times and bordering on a default, you should contact our firm to set up a consultation with a Chicago bankruptcy lawyer. A bankruptcy means test can determine if you qualify for a Chapter 13 or Chapter 7 bankruptcy that could help eliminate bills and stop foreclosure. If you want to end creditor harassment and get deserved relief today, contact our office today to begin getting all the Chapter 13 and Chapter 7 bankruptcy information you need.

    Benjamin Brand Services – Chicago bankruptcy attorneys

  • 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