When a homeowner is being threatened with foreclosure they may consider taking advantage of some offers to stop foreclosure that might seem like the perfect solution. Unfortunately an offer that sounds too easy is likely to be a scam.

Scammers have ways of finding out that you are at risk of foreclosure on your home. They will approach you with all kinds of opportunitiies to help you keep you home but in most cases they intend to take advantage of your situation.

An article in the Chicago Tribune recently explained two scams that you should watch for, straw buying and lease back.

Straw buying -
Straw buying isn't always bad. In fact, when done correctly it really can help someone save their home. However there are a lot of cases where people end up worse off after receiving help from a straw buyer. 

For a flat fee the straw buyer helps you refinance your home and get a new loan. They bring good credit to the table making a loan possible that otherwise wouldn't be. The owner of the home would also be on the refinance documents. The owner would continue to make mortgage payments until their credit got back on track and they could qualify to refinance on a loan without any help. The scam happens when the straw buyer drains the home of all equity. When they do this is makes it un-affordable for the owner.

If your straw buyer is honest it really could save your home but the risk is too great to take a chance.

Leaseback -
A leaseback is when someone buys your house and takes over all financial responsibility. You then lease the home from them for a set period of time. After that time you have the opportunity to buy your house back from the investor.

There are two ways to be scammed with a leaseback. The first is when the new owner pulls all the equity out of the home so it becomse impossible for the previous owner to buy it back. The other scam is when the leaseback contract allows all agreements to be cancelled if they were late or short on a payment. A minor payment error can cost a family the rights to their home.

No matter your situation, talk with a foreclosure attorney in Schaumburg and get a free legal consultation to discuss how they can help you stop foreclsoure.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

When we are trying to save money there are expenses that are so important we have no choice but to pay them. Things like food, car and health insurance, gas and pet food feel like cost that will never go away.

With many Americans out of work and narrowly escaping chapter 7 bankruptcy in Chicago, some may begin to feel they are out of options.

Your Chicago bankruptcy lawyers will tell you that making changes to your spending on necessities might be the difference between filing for bankruptcy and getting back on your feet financially.

An article in Yahoo! Finance outlined several ways you can cut down on costs that you may have thought were here to stay.

Health Care Costs -
Employers who offer health insurance often offer multiple plans to their employees. Shop your options every year at open enrollment. Consider how often you visit the doctor and how much the co-pays will be. If your spouse has insurance through their employer determine who has better coverage. 

For someone with healthy teeth the cost of dental insurance that is only used for 2 cleanings a year is a huge waste.

Lower Car Expenses -
Most of us have to drive everyday. Gas is not an expense we can avoid but we can decide how much we're going to pay for it. Websites like Gas Buddy and FuelPrices.net can tell you what gas station has the cheapest gas in your area each day. Save money on insurance by updating your policy each year and shopping competitors prices for the best rate.

Spend Less At The Grocery Store -
Everyone has to eat, there's no way around it. However you can cut the cost of food with a little effort. 

Grocery store sales run on a 12 week cycle. This means that every 12 weeks the cost of staples like cereal and meat are at their lowest. If you can line your shopping up with this cycle it can result in huge savings. If you don't buy enough to warrant a bulk food store membership consider splitting one with another family may be the perfect solution.

Cut Pet Care Costs -
Buying your pet's food at Target or Walmart can help you save a lot of money. It might even save you a trip to the pet store. More competitors have emerged that make flea and tick prevention medicine. Some of them are priced significantly lower than others.

Paying a little more attention to how you spend your money and what you can do differently can go a long way. Make these changes in 2012 and watch the savings pile up.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

When an individual or business is about to go into bankruptcy or foreclosure they often spend their final months trying everything in their power to avoid those things. A homeowner will try desperately to stop foreclosure or sell the home before it is taken. A business owner may also try to sell a business in hopes of garnering a profit that can be used to pay of creditors.

According to an article in Yahoo! Auto Swedish car manufacturer Saab tried one last thing to save the business from bankruptcy. They worked out a deal with Chinese automaker Zhejiang Lotus Youngman. For a moment is seemed as if Saab would survive however GM blocked the agreement for security reasons. Saab is currently being manufactured with a GM engine because GM was the owner until 2010 when it was purchased by Dutch entrepreneur Victor Muller. GM also does a lot of business selling cars in Asia so having that information in the hands of a car manufacturer there was risky for their business.

GM narrowly escaped bankruptcy itself in 2009 and cannot afford any further set backs.

Probably a wise decision for GM has resulted in bankruptcy and liquidation for quirky car brand Saab.

Chicago bankruptcy lawyers will tell you that Saab probably did everything they could to avoid bankruptcy. Working deals at the last minute means they were trying to avoid bankruptcy just as any individual would.

If you are feeling the threat of bankruptcy hanging over your head talk to Chicago bankruptcy lawyers today and find out what steps you can take to secure your financial future. A bankruptcy filing attorney in Illinois is likely to offer a free legal consultation. This is an opportunity to get your questions answered before you commit to working with them. If you are struggling financially take advantage of the free advice and find out if there is a reasonable solution for your financial problems.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

Rapid growth of a business can potentially ruin the business by taxing its resources and decreasing the quality of the product. Chicago bankruptcy lawyers have seen too many businesses fail because they overextended themselves and took on too much new business.

According to an article in AOL Jobs, this is true for a cupcake bakery in the UK that offered an aggressive Groupon. The Groupon let customers order from her online cupcake business for 75% off. The bakery owner knew that the deal would cost her $3.80 for each Groupon that was sold but she believed the loss was worth it for the increased exposure for her business.

On a small scale this might have been true however in this instance 8,500 of the bakery Groupon's sold. Because the bakery owner had to hire 25 additional staff members to complete all of these orders the loss totaled over $50,000.

The bakery owner nearly escaped filing chapter 11 bankruptcy and called the Groupon situation a total disaster in the AOL Jobs article.

Any business owner will tell you that some edeavors lose money while others make money. It's a learning process but when a business suffers a loss this great it can push the owner into chapter 11 bankruptcy.

Chapter 11 bankruptcy for a business is often similar to chapter 13 bankruptcy in Chicago. It gives a business an opportunity to restructure to ensure that they can make payments towards their debts and get out of debt. In order to file chapter 11 you have to prove that your business will be profitable again after getting through this current financial situation. For other businesses chapter 11 may be more like chapter 7 bankruptcy in Chicago where all assets are liquidated and the business is dissolved after the bankruptcy filing is complete.

According to the article in AOL Jobs the bakery owner had the option to control their sale with communication with Groupon. A Groupon representative explained that the bakery owner initially wanted to do a Groupon nationally in the UK but the company convinced her to focus on a smaller reach of 15 markets. Groupon also explained that businesses have the option to stop a sale during the day if it's selling too quickly or to put a cap on what they can afford to sell.

When used wisely a marketing tactic like Groupon can be great for a business, but it imperative that you understand the big picture before publishing your offer.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.