May 2016 Archives

What is credit discrimination?

Discrimination can happen any time and for just about any reason. In Illinois and across the country, it is not uncommon for people to be denied credit based on their race, age, sex or other factors. This is known as credit discrimination. It is harmful not only because it is blatantly offensive and perpetuates illegal activity, but it can also affect someone’s financial wellbeing.

Chicago workers may have to seek wages in bankruptcy court

There are many reasons that a business owner in Illinois may have to seek bankruptcy protection. Slow sales and rising costs, for example, can lead to someone filing for bankruptcy. Some owners, however, engage in illegal activity and wind up owing creditors and even their own employees, as one recent incident illustrates.

The relationship between student loans and bankruptcy

Student loan debt is a widespread issue. In regard to students who earned a degree from either a nonprofit or public college in 2014, approximately seven in 10 had debt. According to the Institute for College Access and Success, the average amount of student loan debt has increased at more than double the rate of inflation. In Illinois, the average amount of debt for a graduating senior is $28,984.

Know the key components of a Chapter 11 reorganization plan

Businesses in Illinois experiencing financial turmoil may want to consider filing for Chapter 11 bankruptcy. At Ledford, Wu & Borges, LLC, we know how important it is to make the right decision when considering your company’s wellbeing. We have a history of helping people navigate the bankruptcy process, including putting together a reorganization plan.

What is a forbearance agreement?

If a foreclosure is looming, you may want to consider your options, including a forbearance agreement. This provides short-term relief to people in Chicago who are struggling to make their mortgage payments. Unlike a loan modification, which is permanent, a forbearance agreement only lasts for a certain period of time.

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