Founded in 1924, MGM Entertainment has had a good long run. It has produced some excellent classics such as: For a cleaner sale, MGM is considering a prepackaged bankruptcy as well, reducing its liabilities and clearing up its balance sheet. Although $3.7 billion dollars in debt, MGM Entertainment already has many first-round bids in an [...]
Chicago bankruptcy rates are sky rocketing. In 2009 the bankruptcy rate rose all the way up to 38.2 percent which was considerably higher than the national increase of 34.5 percent. Out of more than 55,000 bankruptcy petitions filed in Chicago the largest chunk of them were filed under Chapter 7, a vehicle for individuals and [...]
Bankruptcy is actually no laughing matter, especially if you are the individually filling for bankruptcy. When you are finally at that moment when you know that you are flat broke is really nothing to laugh about. But on the other hand, I have found some great jokes that show a humorous side to bankruptcy [...]
Many people worry that they will be treated differently should they file for bankruptcy.The truth of the matter is that if you file for bankruptcy it is illegal for you to be fired or denied employment on the grounds that you have done so. Section 525(b) of the bankruptcy code clearly states that this sort [...]
When you miss a mortgage payment the steps to foreclosure begin. You get a notice in the mail from your lender that you have missed a payment. If you don’t make this payment then that is when the mortgage company starts calling you and formally declare that you are in default. This is how foreclosure [...]
Okay, we all come into debt at some point or another, and no matter how much debt you have you still want to get rid of it. If you live in the Chicago Area you are in luck. There are many debt solutions businesses that ae offered in the area that can assist you. These [...]
Bankruptcy may seem like an end-all answer to your financial problems, but it is not all what it is chalked up to be. Filing for chapter 7 bankruptcy can leave your credit in pretty bad shape. In fact, depending on the severity of your claims, your credit could drop 200-250 points and take years to [...]
Filing for bankruptcy can be a very stressful experience depending on what is ailing you financially. Afterward you are liable to feel relieved, but drained. You should start planning for life after bankruptcy as soon as you feel up to it because if you don’t you are much more likely to fall back into the [...]
1. Eliminate the Obligation to Pay Many of Your Debts- Whether it is through traditional bankruptcy (Chapter 7 Bankruptcy) or through reorganization (Chapter 13 Bankruptcy), most or all of your debts can be cleared pretty easily. 2. End Foreclosure on Your Home So You Can Catch Up and Make Mortgage Payments- Filing for Chapter 13 [...]