• 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

  • Could Chapter 11 Deliver Giordano’s To Competitor?

    Already owning Gino’s East and Edwardo’s Natural Pizza, 62-year-old Jeff Himmel’s West Loop-based Bravo Restaurants Inc. will be among the parties interested in making a bid for Giordano’s Enterprises, the Chicago Tribune reported on September 9, 2011. The Chicago-based deep-dish pizza chain is going to be sold as part of its Chapter 11 reorganization in U.S. Bankruptcy Court after filing for bankruptcy last February.

    In addition to the Gino’s East and Edwardo’s restaurant chains, Bravo Restaurants also owns Ed Debevic’s. The Tribune reported that Giordano’s is expected to sell for at least $40 million, with the pizza chain’s main creditor, Fifth Third Bank, owed $45.5 million. The Apostolou family, who owned Giordano’s when it went into bankruptcy court, are also among the other interested bidders. John Apostolou lost control of Giordano’s in the bankruptcy, but his two sons own franchises in Chicago that are not part of the bankruptcy, according to the Tribune.

    You do not need to own a pizzeria to be involved in a messy financial situation. Whether you are seeking Chapter 13 or Chapter 7 bankruptcy information , our Chicago bankruptcy attorneys have decades of experience helping people fight foreclosures, stop wage garnishment and rebuild credit. If you are struggling through hard times and wondering if now is the time to seek help with a bankruptcy means test , contact our office today for a free consultation.

    Benjamin Brand Services – Chicago bankruptcy lawyers