708-598-5999

Last year, Discover purchased the mortgage business known as Tree.com Inc. and began to fund residential loans under that business entity. Now Discover Financial Services says that it will begin offering home equity loans as it pushes further into the direct banking market. Discover will offer fixed-rate home loans up to $100,000. The company feels that the real estate market has shown a sustained recovery and demand for homes is rising. The company also wants to tap into the market of … [Read more...]

Unfortunately, many of us have had to deal with debt collectors. Their job is to harass consumers until they agree to pay the debt. There are laws that prevent debt collectors from crossing certain legal lines in their harassment; however, knowing what acts are not permitted under the Fair Debt Collection Practices Act helps consumers know how to deal with debt collectors. For example, late-night telephone calls are not permitted and calls must stop when you file a bankruptcy. For more … [Read more...]

The term bankruptcy still carries with it a certain amount of shame and reproof. Many people feel bankruptcy is a “bad” word and that filing bankruptcy is something to be ashamed of and concealed. Common myths associated with filing for bankruptcy relief include that it is only for people who are poor. Many believe bankruptcy is associated with poverty. This is not the case as bankruptcy means you have more debt that you can pay whereas poverty means you do not have the money to pay even your … [Read more...]

JP Morgan Chase & Co. has agreed to a settlement that may lead to the approval of MF Global’s bankruptcy plan. JP Morgan objected to the bankruptcy plan filed by hedge funds in the MF Global bankruptcy case. The group of hedge funds proposed a plan, which was backed by the bankruptcy trustee, wherein general unsecured creditors of the holding company would receive up to 39 cents on the dollar while unsecured creditors of the finance company would receive up to 34 cents on the dollar. … [Read more...]

The housing market is beginning to bounce back due to lower interest rates, a better economy and the rising cost of rent. Sellers are motivated to sell and now have more buyers who are searching for a new home or their first home. However, lenders are still looking critically at potential buyers and their ability to pay ongoing mortgage payments. If you are ready to buy a home, there are three tips that will help you make the process less stressful. For the tips and more information on … [Read more...]

Rhythm & Hues, the special effects company that worked on the “Life of Pi” has found a party interested in buying the company out of bankruptcy. JS Communications Co., a South Korean Media company, has put in a bid to buy the company. The bid would assume about $16 million in debt in addition to paying approximately $1 million toward other liabilities. The agreement would require bankruptcy court approval prior to taking effect. For more read, “Bankrupt ‘Life of Pi’ Special Effects House … [Read more...]

Kodak hopes a new financing agreement will allow it to obtain the required financing to exit bankruptcy later this year. The original financing agreement was $700 million; however, Kodak will now only need to raise $600 milling in financing. Kodak hopes to raise the money through the sale of noncommercial imaging assets including document imaging and trademarks. If a bankruptcy plan is filed, the creditors and the Bankruptcy Court must first approve the plan before Kodak can begin its exit … [Read more...]

A Chicago hockey rink, The Leafs Ice Centre, filed for protection under Chapter 11 in an attempt to reject its current contract with a management company. The rink hopes to enter a new contract that will cost the rink less money and avoid the “serious issues” that it currently has with the current management company. The rink is also dealing with Wells Fargo who is acting in the capacity of intermediary with the bondholders. For more on this story you can read “Chicago Hockey Brawl Spills … [Read more...]

Flowers Foods has put in a $360 million bid to purchase the Wonder Bread brand from Hostess Brands.  The bid includes Nature’s Pride, Merita, Home Pride and Butternut brands in addition to 20 of Hostess’ bakeries.  Wonder Bread has not been produced since Hostess filed for bankruptcy protection in November.  Any potential sale must be approved by the bankruptcy court.  Hostess has been selling off assets through the bankruptcy case as part of the liquidation process after it ceased business due … [Read more...]

Bankruptcy does not carry the stigma that it once did as more Americans are forced to seek relief under the Bankruptcy Code due to economical struggles. Bankruptcy is not just for those in poverty. This assumption is incorrect as people from all financial classes file for bankruptcy. Not all of your debt will be wiped out when you file a bankruptcy. Some debts are non-dischargeable. Bankruptcy forms are complicated and while it is not necessary to have an attorney, it is advised that you … [Read more...]