In a Chapter 11 bankruptcy case, the debtor, the person or company that files the case, is a debtor in possession. The debtor in possession, or D.I.P, has the power to keep running the business. It also imposes duties and powers on the debtor. The United States Trustee’s office has guidelines for the duties of [...]
January 2009
Effective January 1, 2009, and incidentally, over the amendatory veto proposed by Illinois Governor Rod Blagojevich, a special Homeowner Notice must be attached to all summonses in mortgage foreclosure cases informing the homeowner that the lawful occupants have the right to live in the house until the judge orders possession. Homeowners must be advised as [...]
Just “walk away.” That’s the title of a recent Newsweek article by Jane Bryant Quinn, normally a conservative financial writer. The article recommends filing for bankruptcy in some circumstances, and doing it sooner rather than later. Ms. Quinn discusses the humiliation often associated with filing for bankruptcy and points out, correctly, that that the purpose [...]
April Charney, a nationally-recognized consumer advocate known for her outspoken attack of the excesses of mortgage securitization, received a slice of the global spotlight on Sunday when Matthew Drudge linked his site to an article running running at the TimesOnline(UK) detailing Ms. Charney’s fight on behalf of homeowners against Habitat for Humanity for selling homes [...]
The University of Illinois Cooperative Extension Service office set up a financial education website that provides information, advice and tips on how to organize your finances and avoid costly credit traps. www.toughtimes.illinois.edu The site shows you how to compare the cost of borrowed money by looking at the Annual Percentage Rate APR on loans. You [...]
Check out Credit Score Compass on the credit.com website. It is a free online tool to estimate your credit score instantly before you apply for credit. The estimated score does not count as an inquiry on your credit record. In fact, you can estimate your credit score without inputting your name or any identifying information. [...]
