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December 2012 Archives

Illinois Chapter 7: credit cards have big effect on credit scores

Most Illinois consumers may believe that if they are paying on the "important" debts such as car loans, mortgages and student loans that their credit score will remain good. Unfortunately, not paying those credit card bills can actually hurt a credit score more than not paying the mortgage. A Chapter 7 bankruptcy on your credit report may even be more beneficial in the long run.

Foreclosure-related sales are up in Illinois

As the year draws to a close and many are anticipating the expiration of several homeowner friendly tax breaks, there appears to be an increase in shorts sales and other foreclosure-related sales in Illinois. The third quarter saw an increase in foreclosure-related sales of 39 percent. More and more homeowners with delinquent mortgages are turning to shorts sales and foreclosure to get out of their home.

More Short Sales as Expiration of Mortgage Debt Forgiveness Act Looms

A short sale is one way to deal with mortgage and home foreclosure problems. For distressed homeowners, it's simply another option that may or may not be recommended. It depends on the situation.

Illinois debt relief: Couple didn't have credit card for 6 years

There are many families in Illinois that are drowning in a river of debt. Through no fault of their own, they are struggling just to make ends meet from month to month with no debt relief in sight. One couple was in this same position about six years ago, and didn't have a credit card while they were getting out of debt.

Illinois Chapter 11: Hostess given permission to wind down

Many in Illinois may already be aware that a U.S. Bankruptcy Court judge has given Hostess permission to wind down its business and begin selling the company's assets. However, the baker's union would like the court to appoint a Chapter 11 trustee to oversee the selling of the company's assets and the wind down process. The union, which has been on strike, does not trust Hostess management to properly conduct the liquidation.

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