• Real Estate Industry Continues To Suffer

    While the nearly 278,000 people who worked in the Chicago-area commercial real estate industry in the second quarter was a marginal increase from a year earlier, it is still down nearly 22 percent from its peak in 2006. According to a Crain’s Chicago Business story on September 6, 2011, the decline in construction activity has made 77,000 jobs in the industry disappear, leaving electricians, plumbers and other tradespeople out of work.

    While a senior economist for Moody’s Analytics Inc. told Crain’s that the “outlook has shifted down for Chicago just as it has for the nation,” the firm’s data also showed that construction accounts for the biggest share of local jobs, with about 44 percent currently.

    Crain’s noted that occupancies in the “key sectors” (office, apartments, retail and industrial) are rising again, but “not many developers are talking about building again.” Furthermore, while getting a loan might be simpler than it was a year or so ago, “banks and other lenders are likely to become more cautious if the economy continues to weaken,” according to Crain’s.

    The last thing a person already struggling through hard times needs right now is another loan they will only have difficulty repaying. If it feels as though you are drowning in debt, you should know that you could eliminate bills and stop foreclosure by filing for bankruptcy . Our Chicago bankruptcy attorneys can help you end creditor harassment and get deserved relief today. If you want to know if a bankruptcy means test can result in an affordable bankruptcy now, contact our office today to set up a free initial consultation. Whether you need more Chapter 13 or Chapter 7 bankruptcy information , we can answer all of your questions.

    Benjamin Brand Services – Chicago bankruptcy lawyers

  • $196K In HUD Funds To Be Used For Foreclosure Prevention Counseling

    The U.S. Department of Housing and Urban Development announced more than $10 million in housing counseling grants in “an effort to help families keep their homes and avoid mortgage scams” on September 2, 2011. Nine Chicago-area housing counseling agencies will share more than $196,000 to be used specifically for assistance related to foreclosure prevention counseling, mortgage modifications and mortgage loan scams, according to the Chicago Tribune.

    The disbursements are unspent funds from the 2010 appropriation and awarded to HUD-approved housing counseling agencies. “It is crucial that we support these agencies in helping struggling families do whatever is possible to avoid foreclosure without being victimized by so called mortgage ‘rescue’ companies,” HUD Secretary Shaun Donovan said in the press release.

    The Tribune reported that the local agencies receiving funding were Latin United Community Housing Association, Rogers Park Community Development Corp., S&S Development Group, South Suburban Housing Center, Will County Center for Community Concerns, Parkers in Charity, Inc., DuPage Homeownership Center, Inc., and Interfaith Housing Center of the Northern Suburbs. Funding for the agencies ranged from more than $19,000 to almost $27,000, according to the Tribune.

    The money being channeled toward foreclosure help may not be enough for many people currently struggling through hard times. One way to eliminate bills and stop foreclosure is to file for bankruptcy . Our Chicago bankruptcy lawyers can help answer all your questions about a Chapter 13 or Chapter 7 process and reach a debt settlement that will end creditor harassment. Whether you have heard of a bankruptcy means test or not, you can contact our firm for a free initial consultation that can answer all of your questions and help you get deserved relief today.

    Benjamin Brand Services – Chicago bankruptcy attorneys