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September 2013 Archives

Chapter 11 aimed to reduce Gatheouse Media debt

Gatheouse Media, Inc. is an east coast publishing company that publishes 78 daily newspapers it distributes nationwide, including in Illinois. Recently, the media company filed for Chapter 11 bankruptcy protection. A company spokesperson has indicated that the company is taking this opportunity to reorganize, restructure debt that is coming due within the next year, recapitalize and put itself in a position to grow in the coming years.

Feds Levy $1M Fine Against Overzealous Debt Collector

The Federal Trade Commission, charged with protecting America's consumers, has an arm that deals with debt collectors and their agencies for times when they cross over the line - which seems to be quite often. According to Cecelia Kang's report with the Washington Post, the FTC's bureau of consumer protection levied a hefty $1 million fine against a debt collection firm for violating the law.

Is the CARD Act helping Illinois consumers find debt relief?

The Credit Card Accountability, Responsibility and Disclosure Act (CARD) took affect nearly three years ago. Since that time, it is speculated that it has provided many consumers, including some in Illinois, with much needed debt relief. The trade-off, however, seems to be that obtaining and keeping a credit card has become more expensive.

Illinois Chapter 7 bankruptcy can relieve stress

Being behind on the bills can create a tremendous amount of stress and anxiety. Not only is the pressure of not being able to pay the bills causing stress, but also the fact that there is a nearly constant barrage of letters and phone calls from creditors who want to be paid. For many people in Illinois, filing Chapter 7 bankruptcy can alleviate this stress and anxiety.

American Airlines Exits Chapter 11 Bankruptcy, With Conditions

It looks as though the Justice Department's antitrust challenge wasn't enough to stop American Airlines from exiting bankruptcy. As Linda Loyd reports for the Philadelphia Inquirer, the judge has allowed the exit to happen, provided that the Justice Department ultimately approves the American Airlines-US Airways Group merger.

Illinois medical debt relief: New collection standards possible

Both Congress and the IRS are drafting legislation and rules that could limit the ability of healthcare providers to collect past due medical bills. In response, the healthcare community is attempting to adopt new rules for itself regarding collections. For Illinois patients looking for medical debt relief these new rules could be helpful.

Illinois debt relief: Credit report mistakes that can cost you

It's no surprise that there are many people in Illinois that have credit cards. Unfortunately, some of those people unintentionally undermine their own debt relief efforts by not fully understanding their credit card agreement or how their credit card usage can affect their credit report. Unfortunately, it doesn't seem to be common knowledge just how credit cards can affect a person's credit score.

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