Chapter 7 Bankruptcy can happen to anyone. This was recently proven when Chicago Bears alum Bob Avellini filed for chapter 7; Avellini played for the Chicago Bears as a quarterback from 1975 until 1984.

It is unclear what caused the former Chicago Bears quarterback to seek help from bankruptcy court - according to an article in the Chicago Tribune Avellini had $2.2 million in debt and $1.3 million in assets. The article quoted Avellini's current employment to be a self-employed property manager.

You can speculate what pushed Avellini to file bankruptcy, but ultimately he could no longer pay his bills. The decision to file chapter 7 instead of chapter 13 bankruptcy means that the Chicago Bears alum will have his $1.3 million in assets liquidated and the money made from the sales will go to make payments towards his debt. If the bankruptcy filing is successful, Avellini will then be discharged of his remaining debt and given a fresh start.

Had the Chicago Bears alum decided to file for chapter 13 bankruptcy instead he would have had to show proof of income and then be set up on a trustee approved payment plan. Avellini would be expected to make agreed upon payments to creditors for 3-5 years. Once the payment plan was completed he would be discharged of the remaining debt.

When a high profile person like a former Chicago Bears quarterback files for bankruptcy it draws a lot of public attention. It is likely that during the case his bankruptcy lawyers will shed some light on what caused the bankruptcy filing.

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.

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.