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May 2012 Archives

Some Chicago residents grow credit card debt with medical bills

The budgets of many Chicago-area families are stretched thin by a rising number of costs. According to a recent nationwide survey that polled adults who have held credit card debt for three months or longer, medical bills represent one significant expense that many people are having a more difficult time paying. While some have attempted to cut costs by reducing medications and visits to their physician, some medical care is unavoidable.

Merger talks surface in American Airlines Chapter 11 bankruptcy

Many travelers flying into and out of Chicago use American Airlines, which operates one of its hubs out of O'Hare International Airport. That company's parent, AMR Corp., entered Chapter 11 bankruptcy last fall, and is currently in the process of restructuring its business operations in order to cut costs. The company wants to create new agreements with its unionized workers, and now reports have surfaced that a merger could become part of the bankruptcy process.

New Illinois College Grads Struggle With Student Loan Debt

Many Illinois college students are looking forward to graduating this month. Unfortunately, their excitement may be tempered by the amount of student loan debt they will soon have to begin paying back. The issue has now gained national attention, as lawmakers debate potential solutions to the student debt problem.

Kodak continues bankruptcy restructuring by selling division

Over the years, many Chicago photographers have undoubtedly shot countless rolls of Kodak film. In addition to traditional film, the photo giant has a number of other operations, such as Kodak Gallery, which allows customers to share photos online without cost. Customers can then pay if they want their photos saved on a DVD or made into prints.

Committee addresses improvements to Illinois foreclosure system

Homeowners in the Chicago area have been particularly hard-hit by the foreclosure crisis. But they are part of a larger troubled housing market where one out of every two homes sold at a loss in March. That rate was even higher in some of the outlying suburbs. To address the foreclosure difficulties in Chicago and Illinois, the state formed a committee last year to develop potential improvements to the system. The committee held a meeting last month that was open to the public.

Chicago Bankruptcy Question: Will I lose my income tax refunds if I file for Chapter 13?

Chicago Bankruptcy Question of the Day: Will I lose my income tax refunds if I file for Chapter 13?  In the Chicago area, the answer to this question depends on the structure of your Chapter 13 plan of reorganization and which Chapter 13 trustee you are assigned to.  

Chicago Bankruptcy Question: How are state court judgments treated in Chapter 7?

Chicago Bankruptcy Question of the Day: How are state court judgments treated in Chapter 7?  When it comes to state court judgments, timing is everything.  When you fall behind on a debt, the creditor has a right to pursue you in state court in an effort to collect on that debt.  Generally speaking, a complaint is filed with the state court and a summons is issued.  This is one of the common financial warning signs telling you that you should seek the advice of a Chicago bankruptcy attorney.  If you fail to appear, which is usually the case, then the court will enter a judgment against you (known as a default judgment).  Even if you do appear, unless you have a good defense the state court will eventually allow a judgment to be entered against you.

Chicago Bankruptcy Basics: Vehicles in Chapter 13

Some of the primary reasons that people file for Chapter 13 bankruptcy in the Chicago are involve their vehicles.  Whether it be to protect a financed vehicle from repossession, recovering a vehicle that has already been repossessed, reducing existing vehicle payments or protecting a paid in full vehicle that has more equity than what the Illinois exemptions can protect, vehicles drive a lot of Chapter 13 filings (I don't apologize for the pun).

Prince Sports seeks fresh start in Chapter 11 bankruptcy

Chicago experienced a wave of unseasonably warm weather in the late winter and early spring, and many residents may have used the opportunity to take to the tennis courts early. Just as the weather is gradually improving here, the prospects for tennis equipment company Prince Sports, Inc. are getter better after it filed for Chapter 11 bankruptcy this week.

Chicago Bankruptcy Question: How are real estate taxes treated in Chapter 7?

Chicago Bankruptcy Question of the Day: How are real estate taxes treated in a Chapter 7?  I love an easy question, but this one is not quite as easy as it appears.

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