• Chicago-area Foreclosures Higher Than Last Year as Lenders Tackle Backlog

    Nearly 12,000 homes in the Chicago area received a foreclosure notice during July, RealtyTrac Inc. said on August 9, 2012. The Chicago Tribune reported that the overall number of 11,8885 was down from the 13,092 foreclosure notices in June, but was 37 percent higher than the level of activity in July 2011. “The increase in homes entering the foreclosure process raises the possibility that more properties could end up being foreclosed upon in coming months,” the Tribune said.

    According to the Tribune, 5,374 homes entered the foreclosure process, 3,274 were scheduled for a court-ordered sale and 3,237 were repossessed by lenders and became bank-owned. Many existing cases languished for more than a year while federal and state authorities were investigating the foreclosure practices of lenders and the industry dealt with allegations that it had processed foreclosures without verifying documents.

    “We’re seeing a rebound in foreclosure activity off of artificially low levels last year,” RealtyTrac Vice President Daren Blomquist told the Chicago Sun-Times. “What we’ve seen over the past year and a half is kind of a false bottom. The market is reaping the consequences of delaying foreclosures in the form of increased numbers this year.”

    If you are facing foreclosure, you should know that you can delay the process by filing Chapter 7 bankruptcy or possibly even save your home by filing Chapter 13 bankruptcy . If you want to understand the options that are available to you, either complete the form on this page or contact our firm at (866) 930-7482 to schedule an initial consultation.

    Benjamin Brand Services – Chicago bankruptcy attorneys

  • Russell Brand’s Father Faces Bankruptcy For Unpaid Rent

    We have written before about famous bankruptcies , and two stories in one week demonstrated that celebrities are still subject to the same financial difficulties as the rest of us. WENN.com reported on August 7, 2012, that actor and comedian Russell Brand’s father, Ron, was facing bankruptcy after amassing more than $20,000 in debt. The 67-year-old reportedly owed the sum in unpaid rent and was due to appear in court in the United Kingdom that day, but a source told British newspaper the Daily Mirror that he refused to borrow the money from his son because he does not want to “burden him.”

    “Ron would never want to burden Russell with his problems and would never dream of asking for money,” the source told the Mirror. “It’s a really stressful situation but Ron is determined to work through his problems. Ron’s made a couple of bad investments and has struggled financially as a result. It’s obviously upsetting but he’s confident he can turn things around.”

    While it is certainly understandable for people to want to handle financial problems on their own, you should also know that it is not a sign of weakness to ask for help. In our next blog post, we will discuss the other high-profile bankruptcy that garnered headlines that day, but you should know that there is assistance available if you are currently struggling to pay your monthly bills. A Chapter 7 or Chapter 13 bankruptcy can help you and your family get a fresh start. Contact our firm at (866) 930-7482 or complete the form on this page to have our Chicago bankruptcy lawyers review your case.

    Benjamin Brand Services – Chicago bankruptcy attorneys