• Illinois To Provide $78 Million To Help Banks, Lenders

    Gov. Pat Quinn said the state will leverage $78 million in federal funding to help banks and other lending institutions as part of a new state initiative that will help small businesses get the financing they need to start up or expand, Crain’s Chicago Business reported on October 5, 2011. The initiative, called Advantage Illinois, will have Illinois’ Department of Commerce and Economic Opportunity enroll lending institutions.

    Crain’s reported that lenders will provide financing to businesses by either “encouraging banks to give loans to business that do not qualify for conventional loans, allowing the state to buy part of a loan for businesses and establishing accounts to provide collateral so businesses can get loans.”

    With Illinois now intending to offer millions in funding to help businesses, do you find yourself wondering where the help for consumers is? Our Chicago bankruptcy lawyers understand that families all over Illinois are seeking any type of foreclosure help that will offer some debt relief as bills continue to mount. If you have been struggling through hard times, you should know that after a bankruptcy means test determines whether you should file for Chapter 7 or Chapter 13 bankruptcy, either choice could help eliminate or consolidate your debt, stop foreclosure and help you become debt free and credit rich. If you have additional questions about bankruptcy , contact our firm today to set up a consultation and take the first step to end creditor harassment. And if you have thoughts on the governor’s latest initiative to give more money to banks, our Chicago bankruptcy attorneys invite you to share your thoughts below.

  • Aldermen, Teachers Seek Safe Passages

    “The foreclosure crisis is taking a toll on our city,” Alderman Bob Fioretti told the Chicago Tribune on October 2, 2011. Fioretti and Alderman Deborah Graham were joining the Chicago Teachers Union and the group Action NOW at a press conference outside Leland Elementary School in Chicago’s Austin neighborhood to announce the proposed Safe Passages ordinance.

    The Tribune said banks would be required to “hire watchmen from 8 a.m. to 4 p.m. to keep an eye on vacant properties within a thousand yards of a school,” or face fines if the city council approves the measure. The teachers union says the shift to longer school days for some locations makes the matter more urgent, and the district has boosted funding for its own program that uses “community watchers to monitor students traveling in rough neighborhoods,” according to the Tribune.

    How has the foreclosure crisis affected your neighborhood? Are you personally seeking foreclosure help ? Our Chicago bankruptcy lawyers believe that a bankruptcy means test can be a solid first step in helping improve the situation in your own home. A Chapter 7 or Chapter 13 bankruptcy can help reduce or eliminate your debt as well as provide a fresh start for your credit. Contact our office today to set up an initial consultation. And if foreclosures are increasing the number of bank-owned eyesores in your neighborhood, our Chicago bankruptcy attorneys want to hear what you think. Share your feelings with us below.