• Chicago Business Owners More Pessimistic Than Optimistic

    Economic and job recovery will persist, and the slow pace of growth will be insufficient to make much progress in lowering Chicago’s high unemployment rate in the coming year, PNC Bank said in a new study. The Chicago Tribune reported on October 8, 2011, that small and midsize-business owners in Chicago are less optimistic about the economy and prospects of a recovery in the short term.

    After 23 percent of the 150 business owners surveyed in the spring said they were optimistic about their company’s prospects for the next six months, the most recent study found only 14 percent reported feeling optimistic. Conversely, the Tribune reported that 53 percent of participants interviewed between July 26 and Sept. 12 felt pessimistic about the local economy, compared with 39 percent in the spring.

    Furthermore, results also revealed that 38 percent of local business owners plan to raise their prices, and 92 percent of that group said they are doing so “to avoid a profit squeeze from higher costs,” according to the Tribune.

    Is this starting to sound familiar? Have you seen your income decrease while seemingly every other cost of living increases? You should know that if you are struggling through hard times, a bankruptcy means test can help you achieve an affordable bankruptcy now. Our Chicago bankruptcy attorneys can answer all of your questions surrounding the Chapter 13 and Chapter 7 processes and determine which filing will help you eliminate bills and stop foreclosure. If you want to get deserved relief today and end creditor harassment, contact our office now to set up a free consultation.

    Benjamin Brand Services – Chicago bankruptcy lawyers

  • Developer of New City YMCA Property Facing Lawsuits on Other Building Sites

    A Chicago developer with plans to develop the ex-YMCA property on Clybourn Ave. and Halsted St. is fighting foreclosure lawsuits on two nearby properties.

    PNC Bank filed three foreclosure suits against ventures of Structured Development LLC, seeking $15.8 million in total. The properties in question are a 2.5-acre site that is the former home of White Way Sign Company at 1317 N. Clybourn Ave., and a 2.3-acre lot at 1401 N. Kingsbury that was formerly a Bowman Dairy facility.

    PNC also filed to foreclose on another Structured Development property at 211 N. Clinton Street. The building is a former Chicago & Northwestern Railway Power House converted by Structured into offices and restaurants. Structured defaulted on an $8.6 million construction loan it took out in 2007 to finance the project, according to the suit.

    National City Bank originally made the loans before it was acquired by PNC in 2008. Structured Development plans to pay off the loans by selling one property and refinancing two others according to a principal at the firm. Structured has secured a loan to settle the debt with PNC in full.

    PNC alleges the monthly mortgage payments were missed in summer of 2010. Structured purchased two of the properties in 2007 and 2008, at the peak of the real estate bubble.

    The imploding of the real estate market caught both individuals and corporations off-guard. Unfortunately, for many, there is no going back, only forward. There are legal options for those who are in foreclosure.

    Benjamn Legal Services – Chicago foreclosure attorney