August 2011 Archives

Chicago Home Foreclosures: No End in Sight

When the housing bubble of 2006 burst in Chicago, area foreclosures were concentrated on the South and West sides of the city. The demographics largely consisted of low-income homeowners who were burdened with unaffordable, abusive sub-prime loans. Through 2008, the foreclosure crisis worsened as it spread like wildfire over the rest of Chicago until reaching Cook County's suburbs.

Tax Hardships Alleviated with Offer in Compromise

If you are experiencing financial hardship or unforeseen circumstances that limit your ability to pay the taxes you owe, or if you believe the amount of taxes the government claims you are liable for is incorrect, you may be eligible for an IRS offer in compromise.

TO KEEP OR NOT KEEP YOUR HOME

Should you keep your home? For many people who decide to file bankruptcy, this is a major decision. This can also be a very emotional decision. In bankruptcy, it is imperative that you remain objective when evaluating your options. Your attorney will advise you on the legal issues, but only you can make the final decision as to whether or not it is worth it to try and keep your home. When doing so, it may be helpful to consider the following points:

Things to Know about Debt Settlement in Illinois

Due to the current state of the economy in the United States, many people are looking for ways to save money and help pay down their consumer debt.  One option some consider is using a third party, non-attorney debt settlement company to reduce the balances owed and the minimum payments on their credit cards. These companies often make claims that sound like ideal solutions to someone who is struggling financially. However, many of this companies fail to live up to their claims and often consumers end up in a worse financial position than before they started the program.

National and Illinois Personal Bankruptcy Filings Down for First Half of Year

Recent reports from the National Bankruptcy Research Center and the American Bankruptcy Institute may show a glimmer of hope for the faltering U.S. economy. According to the newly released numbers, consumer bankruptcy filings for the first six months of 2011 have declined significantly since the same period in 2010. The fact that filings in June 2011 also dropped noticeably when compared with June 2010 reinforces the possibility that the economy may be starting to make a serious rebound.

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