Since 2008 the Tribune Company has been in bankruptcy. This is a long time and the cost of lawyer fees has reached $231 million and the bankruptcy has not yet been finalized! Despite owing an estimated $13 billion in debt, that could be discharged, it is argued that the money spent on lawyer fees could help the company run better.

The Tribune Company owns several newspaper and television stations - best known in Chicago for their ownership of the Chicago Tribune, the company also owns The Baltimore Sun and The Los Angeles Times.

The Tribune Company is suffering with debt for a number of reasons however it cannot be ignored that the number of people who read a paper copy of the newspaper daily is decreasing. More and more people turn to the internet for their news and this takes a toll on more traditional methods of news reporting.

Other companies that have fallen victim to changes in technology and lifestyle habits are Borders, Hostess, Kodak and Blockbuster. Borders fell into trouble when they could not make their mark in the e-reader industry and paper book sales were decreasing. Hostess is currently in bankruptcy; changes in Americans eating habits have hurt their business. Kodak is restructuring their business through bankruptcy and will no longer produce digital cameras. Blockbuster closed after Netflix took off and they were unable to make a successful name for themselves in the mail order movie business.

The biggest challenge facing companies today that want to avoid bankruptcy is keeping up with changes in technology, economy and culture. Businesses who adjust their marketing plan and products with the changing needs of the consumer can be very successful restructuring their business debt with the help of a bankruptcy lawyer.

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.

The economy has had an impact on all businesses. One service that is considered a staple in most households is cable television and up until now they have not seen a decrease in subscribers as a result of the recent economic downturn. While most of us can't imagine our life without a television it has been reported by the Chicago Sun Times that cable subscribers have seen a decrease of 380,000 subscribers in the last quarter. This is the equilivant to one of every 300 people canceling their cable service.

Some of this customer loss can be attributed to the fact that people are trying to save money anyway they can. Your Chicago bankruptcy lawyers will tell you that when debt begins to mount it is necessary to re-evaluate your monthly expenses and trim where you can. Additionally, with an increase in foreclosures more and more people are leaving their individual homes to go live with family or share a home with friends. By moving multiple families into one space they can all share one cable service.

Some of the people who have gotten rid of their cable service for budget reasons are finding that the internet provides all the television entertainment they need at no additional cost. Full episodes of most television programs are available online at the network's website and other services like hulu.com and netflix offer countless viewing options at anytime of day.

According to the Chicago cable company Comcast the internet is not taking away their customers. This may be true but they have definitely seen a decrease in customers. While locals strive to stop foreclosure and avoid chapter 7 Chicago they may find that turning off the cable and focusing on the internet may save them some money. Every cost saving measure can make a difference.

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.

Your FICO (credit) score is your key to getting a loan.  When your FICO score is pulled for a home or car loan the score determines if you are qualified to borrow the requested amount and then what interest rate you will pay on your loan. The FICO score alone could disqualify you from the loan or increase the interest rate you will pay for your purchase. If you have filed for chapter 7 Chicago or foreclosed on your home, your credit score is going to need some work before you can get a loan.

We are all familiar with what a credit score is but very few know what goes in to the number.

35% of the score comes from how much debt you have compared to how much credit you have. This is called your debt-to-credit ratio.

10% of your score comes from what kind of loans you have. For example, credit card debt is also known as unsecured debt and is a less stable form of a loan. When you have a mortgage or loan out on a car or house it's considered a secure loan. That is because there is an actual item backing the debt. Secure debt is better received in your credit score.

10% of the score depends on the number of credit applications you have recently filled out. Every time you apply for a credit card (including store cards), car loan, mortgage etc. your credit report is pulled. To differentiate, if you are asked for your social security number on an application, they are going to pull your credit.

35% of your score is dependent on your track record for making on-time payments. This is an easy habit to get into that will improve your FICO score.

15% of your FICO score is based on how long you have been building up your credit history. Blemishes on your credit record stay for as long as 7 years and will continue effect your credit score.

Your Chicago bankruptcy lawyers will tell you that the better you understand your FICO score the easier it will be to increase it. If you have filed for bankruptcy in Chicago or if you are trying to get back on your feet financially for another reason rebuilding your credit is the first place to start.

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.

Yahoo! News reported that Alabama's Jefferson County is drowning in $4.1 billion in debt. This is more money than most of us will ever see in our lifetime. The county has tried to avoid bankruptcy since 2008 and according to Yahoo! News they are currently working with Wall Street to settle the debt and avoid bankruptcy for good.

Jefferson County is hoping that by negotiating the debt they will be able to reduce what they owe by $1 billion. If they received this reduction they would ensure that the remainder of the debt would be paid back in installments. The extra revenue would come from small increases to the sewer costs to Jefferson County residents.

Besides being able to reduce their debt through negotiation, another reason to avoid bankruptcy is the extraordinary cost of going to bankruptcy court. With all the costs considered included Yahoo! News suggested it would cost approximately $1 million a month to go through bankruptcy court and the trial could last for as long as 18 months.

Yahoo! News also stated that Jefferson County let go 1/4 of their workforce due to a decrease in government funding. With the 550 jobs lost that is a significant number of households in Jefferson County that may not be able to afford to pay if sewer costs increased.

The cost of going to court is much higher for a County than it would be for an individual but this is a great example of exploring your options with a Chicago bankruptcy attorney before making a decision. Your lenders may consider loan modification in order to continue receiving payments from you towards your debts. Most creditors do not benefit if you file for bankruptcy. They stand to make more money if you continue to make payments, even if the payment amounts have decreased because of the loan modification.

If you are suffering with more debt than you can afford meet with Chicago bankruptcy lawyers to discuss your options. Many bankruptcy attorneys offer free legal evaluations so you can find out if they can help you before you have to pay them any legal fees. Some even offer flexible payment plans for the legal fees owed.

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.

Mobile home parks offer a nice, affordable place for people to live without the aggravations that go along with apartment life. There is no one living above or below you and you might even have your own yard depending on the layout of the park.

But for residents of Sunset Village in Glenview Illinois their mobile home life is in jeopardy and they may not have ever missed a mortgage payment. The way mobile home parks are set us is that you buy or rent a mobile home and then you pay a monthly rent for the land on which your home is sitting. For the residents of Sunset Village, the owner of the park is going in foreclosure in Chicago. This means that all the mobile home owners may have to find somewhere else to move their homes to.

Unfortunately this is easier said than done. It can cost $10k to move a mobile home and there are no other mobile home parks in the Glenview area which means that the proximity of children to their schools and adults to their jobs may be too far if they moved to another park. For some the only solution would be to find an apartment to rent in Glenview but if they have a mortgage on a mobile home they will still be responsible for it even if they are unable to live there.

That means monthly mortgage and rent payments which could be more than some people can afford. It doesn't take long when you're over extended financially to need to file for bankruptcy in Chicago. Those filing chapter 7 in Chicago could potentially lose their homes and cars before being discharged of their debt.

For the residents of Sunset Village it would be a shame if they were forced to file bankruptcy all because the owner of their mobile home park foreclosed on the land. They can hope that if the property is auctioned off an investor will buy it and keep it a mobile home park but according to a report in the Chicago Tribune the park needs a lot of work to the water system and the roads. This may make it less desirable to investors.

Speaking to a bankruptcy attorney in Schaumburg Illinois or in Chicago is something the residents of Sunset Village may want to do immediately.

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.

In today's job market there is no doubt that many former students are having difficulty making their student loan payments. College is expensive and loan payments can be as much as a mortgage in some cases.

It is important that former students figure out how to make those student loan payments because if you file for bankruptcy in Chicago your student loans will not be included in the debts that are discharged. Debts owed for back taxes, alimony and child support are other forms of debt that cannot be discharged through chapter 7 or chapter 13 bankruptcy in Chicago Illinois.

This makes it more important than ever to evaluate your finances before student loans kick in. Far too many former students do not realize how much they have in loans or who they will owe money to. Some loans are private, others are from the government. These loans will all carry different interest rates.

The first step a recent college graduate should take is to look at their student loan debt and research their options for consolidating their loans. Loan consolidation will sometimes carry a higher interest rate because of the various lenders you could have used. However if you have never consolidated before, you may be eligible for a special low interest rate.

Most importantly, if you are unable to make payments and feel like chapter 7 Chicago is your only option, don't just stop making payments to your student loan creditor. Contact your lender and see if you can defer the loan payments to help you get back on your feet. There are a lot of resources available to those that take action when they feel they are getting into trouble financially.

Organizing your student loan payments and making on time payments is a great way to avoid chapter 7 bankruptcy and build your credit.

Loan consolidation makes it easier to make payments, helps make sure you won't miss a payment and can often save you money in the long run.

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.

We all know the importance of putting aside some money to be used when you retire. Some people have jobs that offer very generous retirement systems or pensions. Others rely on personal 401k's and other retirement savings accounts as well as the knowledge that they will be able to collect Social Security.

No one wants to find themselves at retirement age facing a mountain of debt and considering chapter 13 or chapter 7 bankruptcy in Chicago Illinois.

Social Security has always been a system in place that you can count on. There was no risk of changes and the money you put into social security is safe.

This is why it surprised some Americans to hear that there has been some discussions about making some changes to the social security system. The Chicago Sun Times reported that the proposed changes would involve an increase to income tax as well as a decrease in benefits. The changes would not decrease the benefits that current retired people receive but it could change the amount their benefits are increased as time goes by.

The whole point of these cuts is to save money and reduce the nation's deficit. The changes listed above would save $200 billion.

For people who are counting on Social Security benefits to survive through their retirement should feel nervous about this. Potentially the changes will be minor however if Social Security is your only plan for retirement you might find yourself looking at a future filled with debt and possibly chapter 13 or chapter 7 bankruptcy in Chicago.

When you reach retirement age you want to be living comfortably, not worried about what type of bankruptcy to file for. Set extra money aside now for your retirement and put a plan in place to help you be financially prepared for retirement.

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.

Credit Card debt is a big problem in America. The July issue of Woman's Day reported that the average household carries over $10k in credit card debt. Once you've gotten this deep in credit card debt it can begin to feel impossible to get out of it.

If credit card debt gets out of control it can very easily lead to chapter 7 in Chicago.

This is because a lot of Americans do not know how to start digging themselves out of debt and don't know that there are credit counseling and financial advisors available to them.

The first step in recovering from credit card debt is to start looking at the numbers. Look at your total debt and figure out how long it will take you to pay off if you only pay the minimum. The answer will be staggering enough to make you want to pay a lot more than the minimum. But for those who carry debt on multiple cards it can be hard to decide where to start paying down.

The best choice is to pay extra on your credit card with the highest interest rate. While you are paying that down just pay the minimum on your other cards. Once you pay one off move to the next highest interest rate card.

If you have good credit you may be able to get a low interest credit card. If that is possible you should consolidate all of your credit card debt onto that one card and start paying it down.

The July issue of Woman's Day suggests that if you are tempted to make a purchase using your credit card look at the price of the item and break it down with your hourly pay rate. How many hours would you have to work to pay for this item? And if you charge it you should figure you'll pay double for it before it's paid off when you factor in interest. This should make you think twice before making an unnecessary purchase.

Evaluating your credit card situation and putting together a plan is the best way to avoid chapter 7 Chicago.

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.

In bankruptcy everyone filing is given a 'means test' by their Chicago bankruptcy lawyers. This test looks at your household income and determines what form of bankruptcy you qualify for.

If your household income is lower than that average of your state than you would qualify for chapter 7 bankruptcy. However if your income is above average then you would have to file for chapter 13 bankruptcy. In layman's terms the difference between chapter 7 and chapter 13 bankruptcy in Chicago is that with chapter 7 you liquidate all assets and at the end become discharged of all qualifying debts. Chapter 13 bankruptcy means that you keep your assets but have to make payments towards them for the next 3-5 years. It is not until this payment plan is completed that you will be discharged of debt.

Everyone's financial situation is different but anyone with a lot of debt but no assets would prefer to file chapter 7 bankruptcy in Chicago. For some couples that are struggling, accepting that their marriage is headed for divorce can be a way to qualify for bankruptcy. The 'means test' evaluates your household income. When two people are divorced they no longer share a household income. This makes it more likely that if two people divorce they can qualify for chapter 7 bankruptcy.

It is very unlikely that anyone would file for divorce simply to help qualify for bankruptcy however it could certainly be a contributing factor.

It is not uncommon for a divorce to be caused in part by financial burdens. The opportunity to liquidate those burdens through chapter 7 bankruptcy can be very appealing and certainly a desirable factor of divorce.

Whatever your situation, your Chicago bankruptcy lawyers will tell you that it is best to file for divorce first and then file for bankruptcy. Trying to do both things at the same time is likely to result in disaster.

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.

As a Chicago bankruptcy attorney, I hear complaints about debt collectors on a regular basis from my clients. And while some debt collectors are allowed to contact you, many use illegal tactics in doing so, and you may be able to collect money due to their illegal actions according to the Fair Debt Collection Practices Act.

If a debt collector (someone from a collection agency to whom your debt was sold and not the original creditor such as Chase or Citibank themselves) is contacting you by phone, he cannot call you before 8 am or after 9 pm. Even when calling within these hours, a persistent debt collector cannot harass you or use vulgar language towards you, which includes insulting your character or using religious or ethnic slurs.

In addition, if you have a Chicago bankruptcy attorney and you have told the collector this on a previous call, the collector has to call your attorney instead of you. They also cannot threaten to sue you if they have no intention to do so, and in most circumstances they cannot threaten to have you arrested for the debt.

Many times, very aggressive collection agencies will try to circumvent the law in order to get you to pay up and if they do this, you should contact an attorney to get you the compensation that you deserve for having to put up with their abuse emotionally. While the debt will still have to get paid, this may alleviate some financial burden and it may even help pay the debt off. This is especially true if you do not owe the debt as many “collection agencies” are actually scams in themselves.

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.