Reduced consumer traffic has many retailers, restaurants and other small businesses considering bankruptcy protection as they try to ride out the Covid-19 storm. A Chapter 11 bankruptcy allows business to reorganize their affairs, debts and assets providing needed time to rebound following the unprecedented impact many have experienced as a result of the pandemic. Although a number of businesses have filed for bankruptcy protection, the total number of business bankruptcies is actually … [Read more...]
Accumulating Medical Debt
Many Americans worry that an unforeseen health crisis could result in financial ruin. In fact, over 50 percent of Americans fear that a major medical issue could lead to bankruptcy according to a recent Gallup poll. The pandemic has only heightened concerns, as more men and women contemplate what would happen if they ever face a costly medical emergency. Fifteen percent of Americans surveyed said they know at least one family member struggling with medical debt, with no clear resolution in … [Read more...]
Chapter 12 Farm Bankruptcies On the Rise
A new report from the American Farm Bureau Federation reveals that farm bankruptcies are on the rise, increasing 8% over the last 12 months. In 2019 alone, Chapter 12 bankruptcy filings tied with or exceeded decade-high levels in 10 states across the Midwest including Illinois. Chapter 12 Bankruptcy at a Glance Chapter 12 bankruptcy protection allows family farmers to restructure their finances to avoid liquidation of their assets and foreclosures by proposing a plan to repay creditors over a … [Read more...]
Retailers Flock to Chapter 11 Bankruptcy Protection in the Wake of Covid-19
In the latest round of retailer bankruptcies in the wake of Covid-19, the operator of Ann Taylor and Lane Bryant stores filed for chapter 11 bankruptcy. With thousands of stores in malls across the country, Mahwah, New Jersey-based Ascend Retail Group Inc., plans to close several Catherine’s and Justice Stores and a number of Ann Taylor, Loft, Lane Bryant and Low & Grey stores due to weak sales made worse by the pandemic. The company joins a growing list of retailers filing chapter 11 … [Read more...]
Personal Bankruptcy Likely to Increase in 2021
Many are predicting that personal bankruptcy filings will increase in 2021 as debt problems accumulate in the fallout of Covid-19. Although many Americans were in a holding pattern during the early months of the pandemic aided by government programs and forgiving creditors, those who have experienced periods of unemployment during the shutdowns, or had debt problems prior, are beginning to explore what debt forgiveness options exist as the economy opens back up. Fortunately, bankruptcy offers … [Read more...]
Bankruptcy Strategies for Eviction : Foreclosure : Car Repossession and More
The Illinois rental property owners association recently came out in support of a lawsuit filed by a group of property owners challenging the Governor’s authority to deny housing providers access to the courts. Time may be running out of the moratorium on evictions providing tenants needed leeway during the economic shutdown as well as other programs and policies put in place to help Americans out in the face of Covid-19. During the early weeks of the pandemic, businesses and local, state, … [Read more...]
Millennial Bankruptcy as a Strategy for Financial Recovery
Nearly 50 percent of millennials were still recovering from the Great Recession when the Covid 19 economic fallout took hold. Double digit unemployment and stagnate wages that began in the 2006 downturn left many millennials unable to pay off bills or tuck away retirement funds; Covid-19 has only exacerbated the problem. Now, many Americans are in real financial trouble, unable to pay their rent or mortgage, credit card bills or keep up with car payments. Although creditors have provided … [Read more...]
Financial Relief for Everyday Americans Trying to Pay Bills During Covid
Despite the fact that the economy is starting to open back up in many areas across the country, Americans will likely continue to struggle to catch-up financially long after returning to work. With roughly 38 million Americans out of work during the pandemic, many will need time to get back on their feet and financial experts recommend that consumers start by discussing their financial situation with their landlords, creditors or banks to see what accommodations they can offer. Covid -19 Rent … [Read more...]
Creditors Balk at Suspension of Debt Collection During Pandemic
Early demands to freeze the collection of past due debt during the Covid 19 shutdown had debt collectors across the nation scrambling their lobbyists to push back, expressing concerns that the suspension of debt collection activities would "pose an undue burden to the industry's ethnically diverse workforce" and leave debtors "in the dark on how to handle their debt obligations". Many find the industry’s overt cries to protect their diverse workforce ironic considering many minorities suffer … [Read more...]
Bankruptcy Protection for Illinois Residents Hit Hard by Covid-19
Before the massive shutdowns, many workers made enough to live on but not enough to save, leaving Americans in a particularly precarious financial predicament when Covid-19 shut the doors of many businesses and leaving many workers now unemployed. Roughly half of Illinois households have no emergency savings - no one to borrow from, nothing of value to sell, and no rainy day funds to cover what is now over 6 weeks of shutdowns across the nation. Even with expanded unemployment benefits and … [Read more...]
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