July 2013 Archives

Detroit Goes Bankrupt: Chicago Next?

Probably not anytime soon, but Chicago is "under scrutiny," according to Bloomberg News, now that Detroit has filed for bankruptcy. If what's happened in Detroit is ruffling feathers, consider those feathers ruffled in Chicago, as Chicago's credit rating was significantly downgraded at the same time Detroit filed for bankruptcy.

Illinois foreclosure: A family's fight to keep their home

It could be said that this Illinois family had it all. He was a small business owner, and she was a medical doctor with a master's degree from an Ivy League school, and the couple was able to send their two children to a private school. They had a house in the neighborhood of Beverly that they bought in 1992. When tragedy struck their family, the bank didn't care. The family has been fighting to keep their home out of foreclosure ever since.

New federal agency monitors debt collectors

It is an unfortunate truth that some debt collection agencies can be downright vicious. Some have even pushed Illinois consumers into Chapter 7 bankruptcy in order to get some relief from a debt collector's relentless pursuits. The problem has reached such a proportion that there is now another federal agency that consumers can report over-reaching debt collectors.

Chicago's Giordano's Pizza Strong After Bankruptcy

You can't say there was anything wrong with the pizza. It changed other menu items like the salads and sandwiches, but it didn't touch the pizza. This is post-bankruptcy Giordano's, which seems to have emerged, after a Chapter 11 bankruptcy filing in 2011, healthier than ever.

Illinois bankruptcy: Delinquent auto loans are on the rise

The amount of people around the country, including some in Illinois, who are more than 60 days past due on their auto loan payments is slowly creeping upward. According to TransUnion, in the last three months, the percentage has gone up 0.88 percent. More car loans are being made to people who have things such as a bankruptcy, late payments and other delinquencies on their credit.

Dealing With Medical Bills You Can't Pay

Lisa Zamonsky with the Los Angeles Times reports that roughly 54 million people in the U.S. had debt trouble in 2012 when it came to medical bills. It's hard to say exactly what Zamonsky means when she says "trouble," but a fair assumption might be that when a medical bill came in the mail, those 54 million people didn't necessarily have the funds to pay it straight away.

Debt collector under fire by woman with financial problems

Consumers in Illinois may be encouraged to hear that one woman is fighting back against a debt collection agency that she alleges violated the Fair Debt Collection Act in their dealings with her. The woman admits that she has financial problems, but the debt collector gave her the impression that her problems may have been worse than she thought. Since then, she has filed a federal lawsuit against the agency and is asking that the court allow her to have the suit be considered a class action suit.

Finding medical debt relief in Illinois

The rising cost of medical care has forced many people deeper into debt than they would have been otherwise. Even as consumers around the country and in Illinois are carrying less credit card debt, medical debt is on the rise. Finding debt relief solutions when it comes to medical bills can be a challenge for some.

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