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March 2013 Archives

R. Kelly loses Illinois home to foreclosure

Illinois residents may take solace in the fact that even celebrities have not been immune to the effects of the recession. Until recently, singer R. Kelly owned a home in Chicago that is reported to be worth upwards of $5 million. The home was recently sold at a foreclosure auction for $950,000.

YTB International files for Chapter 11 in Illinois

YTB International Inc. has seen a significant loss in revenue recently. This fact, coupled with the resignation of several key employees and board members, has prompted the company to file for Chapter 11 bankruptcy protection in the Southern District of Illinois. The company has listed its assets as $1.31 million and its liabilities as $7.18 million.

Car Loans and Zero-Interest Balance Transfers

Any bankruptcy lawyer will tell you that you can get rid of credit card debt. Chapter 7 bankruptcy, for example, helps you "discharge" different types of unsecured debt - "unsecured" meaning not secured with collateral - including credit card balances and medical bills.

Financial problems may keep Illinois from economic healing

There are signs indicating that the economy is beginning to heal. Illinois residents that are still struggling with financial problems may find this hard to believe. However, it seems clear that toward the end of 2012, people started to spend money again.

Sensational Headlines Tell Story of Back Taxes Among Federal Employees

It's not like federal employees owe back taxes at a higher rate than the general public - but $3.5 billion certainly makes sensational headlines. Stephen Ohlemacher with the Huffington Post reports that $3.5 billion is the amount the IRS is saying federal employees owed in back taxes in 2011.

Illinois foreclosure: Some foreclosures may have been left undone

Some former homeowners in Illinois may discover that they are still the legal owner of the home their lender supposedly foreclosed. In a housing crisis that didn't need any other complications, a new rash of what are being termed as "zombie foreclosures" is cropping up. In these cases, the foreclosure was not properly completed by the lender in some manner.

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