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October 2012 Archives

Illinois residents: Don't be pressured into a debt relief program

Many Illinois residents are drowning in debt through no fault of their own. It may be difficult to find anyone who hasn't been touched by the recession, even in a small way. There are many debt relief companies out there saying that they can help a family eliminate its debt through options such as debt consolidation, debt settlement, and debt repayment.

Illinois bankruptcy: consumer debt down to pre-recession levels

Illinois residents may be interested to know that people are paying less on loans, mortgages, and credit card debt. For those who are still struggling and seeking bankruptcy protection, it may not seem that way. However, debt levels are said to be at the lowest they have been since the start of the recession. Whether this means that Americans are ready to spend money on luxury items again remains to be seen as there are still many individuals and families struggling to make ends meet.

Illinois foreclosure: Time may be running out for tax break

Congress has yet to extend the Mortgage Forgiveness Debt Relief Act that provides a tax break to qualified homeowners on debt forgiven by their lender. The act is set to expire on Dec. 31. If it is not renewed for 2013, Illinois homeowners could face huge tax bills for loan modifications, short sales, or foreclosure completed after the end of the year. The uncertainty of the law's renewal could mean a very busy fourth quarter.

Disabled Veteran Goes After Debt Collection Agency for Extreme Abuse

As Bob Collins reports for Minnesota Public Radio, a debt-collection agency faces a lawsuit under the Fair Debt Collection Practices Act. This litigation involves the apparent tirade of an employee, a legal assistant, who allegedly told a disabled veteran (who had defaulted on a student loan): "F- you! Pay us your money!"

Illinois non-profit that saves animals faces foreclosure

The Central Illinois Small Animal Rescue, or CISAR, is a non-profit animal shelter located in Colfax, Illinois. The shelter and clinic is a no-kill animal shelter and has a clinic that provides veterinary care at a reduced cost to the community. Unfortunately, the Great Recession has left very few industries untouched in some way, and CISAR is in danger of foreclosure.

Chapter 7 may save Illinois residents from losing their property

Sometimes, creditors obtain the right to seize property to sell in order to repay a debt owed to them. That property is then sold at auction, but may not cover all of the debt. In those circumstances, the creditor may continue to look to for payment of the remaining debt. Illinois residents may not know that filing for Chapter 7 bankruptcy protection may help stop this activity.

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