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July 2012 Archives

Tribune Co. moves forward with Chapter 11 bankruptcy

Area residents may have wondered what would happen to the Tribune Co. when it entered bankruptcy over three years ago. After a bankruptcy judge issued a written opinion in the case today, it appears that the parent company of the Chicago Tribune will be able to emerge from Chapter 11 bankruptcy before the year is out.

Evander Holyfield's house auctioned off at foreclosure sale

Chicago boxing fans may have heard the news that Evander Holyfield's home recently went into foreclosure. According to reports of the athlete's financial struggles, Holyfield was $14 million in debt on the mansion. At the foreclosure sale, however, the home only fetched $7.5 million.

Those with subprime mortgages affected by tax lien sales

The struggles of many homeowners here in Chicago to meet monthly mortgage payments are well-documented. But foreclosure is not the only worry. Financial pressures are also making it harder for some people throughout the country to meet their property tax obligations, meaning that their homes could be sold after the government attaches a tax lien to their property.

Creditor forces conversion from Chapter 11 to Chapter 7

When used properly, the bankruptcy process can help businesses and individuals here in Chicago and around the country get back on their feet and continue on with their lives while putting their financial difficulties behind them. But the Bankruptcy Code has a number of rules, and it is important for those who enter bankruptcy not to run afoul of them. The consequences of violating the rules can be severe.

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