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When the economy is healthy and things are looking up, why would you worry about how to avoid bankruptcy? However, if you take precautions now you can avoid filing for bankruptcy relief if the economy should begin to show signs of another recession. This article gives five practical tips that will help you avoid bankruptcy including increasing your savings and investments. You should also live within your means, make and follow a budget and place money away for unexpected health care costs. … [Read more...]

Three creditors of Stone Property Management have filed a motion with the bankruptcy court asking that Stone be placed in an involuntary bankruptcy.  The creditors hope to use the powers of the bankruptcy court to “clawback” more than $200,000 in payments to the IRS for tax liens.  They also want the court to review mortgages against properties owned by the principals.  Stone is the subject of a criminal investigation regarding money in reserve accounts that have disappeared. For more … [Read more...]

To settle his bankruptcy case that has been pending for over a year, Tom Martino has agreed to pay $18,000 per month for three years in addition to turning over some assets to the court - - he will keep his helicopter and antique airplane.  The bankruptcy trustee had been investigating allegations by banks that Martino transferred assets into his wife’s name to avoid collection efforts.  The agreement must still be approved by the bankruptcy court after the objection period has expired. For … [Read more...]

If you belong to a homeowner’s association that pays utility bills from its assessments, beware if you are late with your payments.  The association can sue to obtain a judgment for the unpaid bill.  If you do not pay the bill, they could ask for an eviction. In recent case law, the Illinois Supreme Court held that homeowners associations could retain private security forces to enforce speed limits on roads owned by the association.  They can also issue rule violation notices to members for … [Read more...]

The City of Great Falls is preparing for an expensive bankruptcy trial in just a year from now; however, a much bigger problem is imminent, as one of the members of the rural electric co-op has reached a settlement to leave.   The city only has until February 18 to object to Yellowstone Valley Electric co-op’s departure from the bankruptcy Southern Montana Electric Generation and Transmission Cooperative.  Two other members are also trying to leave the cooperative but Yellowstone is the first to … [Read more...]

Philip Colasuonno filed bankruptcy in an attempt to discharge almost $800,000 in restitution payments that he was ordered to pay in his criminal case.  He appealed to the Second District Court of Appeals and argued that the automatic stay provision in his Chapter 7 bankruptcy case prevented the criminal court for revoking his probation on the grounds he had stopped paying his restitution payments.  The Second District Court disagreed and ruled that the restitution payments were exempted from the … [Read more...]

The number of companies filing for Chapter 11 bankruptcy relief fell by 36% from one year ago last month.  In January 2012, the number of Chapter 11 case filed was almost 750; however, last month that number was closer to 480.  The number of bankruptcies filed has been dropping as the economy continues to recover.  This trend is likely to continue as debtors continue to decrease their debt and the interest rates remain low. For the complete story you can read, “U.S. commercial Chapter 11 … [Read more...]

The holding company for two national restaurant chains file for bankruptcy relief on December 28.  The same day, the companies requested that the bankruptcy court allow them to only notify certain parties, mainly the major creditors, of the bankruptcy filing as notifying everyone would be costly and was not necessary.  The bankruptcy court approved this request so employees of Garcia’s Mexican restaurants and Garfield’s restaurants were not notified of the bankruptcy. The US Trustee’s Office … [Read more...]

The real estate market in Chicago has not fared as well as some other markets.  While other markets are seeing home prices rise, Chicagoans are still watching home prices in their city decline.  Part of this may be blamed on the large number of foreclosed homes waiting to be sold.  Chicago’s foreclosure rate is higher than the national average and homes are unable to move due to the judicial backlog of cases waiting to be heard by the courts. For more details on this story you can read, … [Read more...]

Finding the perfect home is stressful enough without then facing the fees and closing costs associated with buying your dream home.  In order to save money on closing costs, you must work a little harder.  However, the result of this work is lower closing costs.  Get multiple quotes from mortgage lenders rather than accepting the terms offered to you by the first lender you approach.  The same is true for your homeowner’s insurance - - shop around for low rates. For three more ways to save on … [Read more...]