August 2013 Archives

Another Municipality To Follow In Detroit's Footsteps

Erica Phillips with the Wall Street Journal reports that a federal bankruptcy judge on Wednesday ruled that a city in California is eligible for Chapter 9 bankruptcy - meaning that the city (San Bernardino) could soon follow in the footsteps of Detroit, which filed for bankruptcy in July.

Illinois: How to tell if you need debt relief and ways to get it

As people in Illinois go through their daily lives, the fact that their debt is getting out of hand may creep up on them. By the time these consumers realize that they are in trouble, they might need help getting out from under their debt. There are ways to get debt relief whether it's on their own or with professional help, but first consumers need to determine if they are in trouble or not.

Famous Camera Company Kodak Exits Bankruptcy Without Cameras

The arc of Kodak's bankruptcy story starts last year, 2012, when the famed camera company filed for bankruptcy in Judge Allan Gropper's court, and ends with Gropper's approval yesterday. This means that Kodak - a much different Kodak, as Doreen McCallister reports for NPR - could resume operations in September.

Foreclosure rate in Illinois still in the top 5 nationally

Thousands of homeowners who are still struggling with their mortgage loans may not believe that foreclosure rates are down nationwide. Many of those homeowners are in Illinois, which is still at the top of foreclosure rate list. Illinois and three other states still have rates above six percent. Nationwide it is estimated that approximately 20 million Americans have lost their homes during the recession.

Airlines And Bankruptcy: Words You Often See Together

Warren Buffett, the famous American investor, once wrote in a chairman's letter: "The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think airlines."

Getting a fresh start through bankruptcy in Illinois

Many people in Illinois have filed bankruptcy since the beginning of the recession. It doesn't matter whether it's a Chapter 7 or a Chapter 13, in the end, there is a fresh start. Bankruptcy provides those who file with a chance to begin their financial life over again.

Illinois debt relief: Improving credit score without credit cards

There may be many Illinois consumers that have been told that credit cards are essential to improve a credit score. This may be particularly important to those who have recently filed bankruptcy since rebuilding credit is often a challenging task in the months following this form of debt relief. However, consumers don't have to have credit cards in order to improve credit.

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