August 2012 Archives

Fair Debt Collection: When Promises Aren't Good Enough

Creditors don't often accept a person's promise to pay and leave it at that. That creditor will follow up, repeatedly, sometimes multiple times in a single day. The creditor will harass you by phone, mail collections letters, and send the repo-man to take your car from the driveway.

Illinois homeowners may consider alternative to foreclosure

With so many homes in foreclosure in Illinois, the new guidelines recently released by the Federal Housing Finance Agency may make short sales a more viable option for distressed homeowners. The guidelines are an attempt to speed up the short sale process to make it a more attractive alternative to foreclosure for lenders as well as homeowners. Lenders will be able to approve short sales for certain types of hardships without additional approval from Fannie Mae or Freddie Mac.

Illinois shopping mall facing foreclosure

Illinois residents are feeling the recession just like everyone else in the country. When money is tight, people just don't do a lot of retail shopping. It's no surprise then that a lot of retail stores around the country are feeling the pinch. That being said, it shouldn't be terribly surprising that a shopping mall is facing foreclosure.

Olympic gold medalist's mom filed for Chapter 13 bankruptcy

The Olympic Games provide a highly visible stage on which the globe's best athletes can showcase their talents and hard work before the world. But while the spotlight shines brightly on the competitors, its glow can also bring the stories of family members to light. When the press announced during the Summer Games that the mother of Olympic gold medalist Gabby Douglas had filed for Chapter 13 bankruptcy prior to the Olympics, however, she took it in stride and said she was not embarrassed about it.

Illinois plant may initiate Chapter 11 bankruptcy

Many individuals are facing difficult financial times; however, they aren't the only ones. Companies all over the country are seeking Chapter 11 bankruptcy protection for a variety of reasons. One Illinois coal plant has found itself considering bankruptcy due to a combination of low power prices and expensive upgrades.

Will private student loans become dischargeable in bankruptcy?

One of the more pressing issues in the area of consumer debt is that of student loans. Many recent graduates in Illinois and around the country find themselves buried beneath tens--or sometimes thousands--of dollars in debt. And with the current economic woes that have left many young people unemployed or underemployed, paying off these loans can seem like a Herculean task.

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