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November 2013 Archives

Forcing The Sale Of Detroit's Multibillion-Dollar Art Collection

The Detroit Institute of Arts (DIA) has taken center stage in the wake of the Detroit bankruptcy, which was the largest city bankruptcy filing in U.S. history. As Mark Stryker and Nathan Bomey report for the Detroit Free Press, creditors have asked the court to establish a committee to help evaluate, independently, the worth of the Detroit-owned DIA's art collection.

Air charter company opts for a second Chapter 11 filing

Illinois business owners may be interested to know that the U.S. Military's largest provider of commercial charter air transportation, Global Aviation, has filed for bankruptcy again on Tuesday, Nov. 12. It just emerged from Chapter 11 bankruptcy in February after filing last year. This was to achieve competitiveness in the industry by reducing costs and debt.

Debt relief or debt consolidation -- which method to go for

Increasing numbers of people in Illinois are finding themselves in a situation of overwhelming debt. Debt relief means the forgiveness of either partial or total debt and comes in many forms. Just as there are various ways to achieve debt relief, there are also various alternatives to it. There are many different types of debt, and whether it is a mortgage, personal or business loans, credit cards or unpaid bills, any debt in excess can negatively affect a person's life.

Even Chicago's ex-NBA stars not exempt from foreclosure woes

The nation is in the grip of one of the worst foreclosure crises ever. The Chicago area is no exception. Mortgage lenders issue foreclosure summonses after a borrower has fallen behind on payments. The intent, of course, is to prompt the homeowner to catch up on payments, or if that is still not possible, then the lender will take ownership of the house and sell it at auction to recover a portion of their loan.

Illinois foreclosure prevention for many homeowners

The state of Illinois has had to endure a large amount of foreclosures, particularly in three counties. The Senator recently hosted the Illinois Mortgage Relief Project to help struggling homeowners avoid foreclosure. Homeowners were given the opportunity to meet with lenders and obtain a vast amount of resources to help stay in their homes.

Paradox: More Bankruptcy Filings In Boom Times

Annie Baxter for American Public Media reports that in some areas of the country, bankruptcy filings are "plummeting," but that doesn't necessarily mean people are any better off. Baxter quotes law professor Melissa Jacoby: "We don't always see a perfect alignment between good times and low bankruptcy filings."

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