Americans today assume that going to college is the best way to educate themselves and prepare for a career. Unfortunately, for many the student loan debt associated with college can be crippling. The worst part is you cannot discharge student loan debt through any type of bankruptcy. It's here to stay.

According to an article in The Bottom Line on MSNBC.com, student loan debt in the United States totals more than $1 trillion. This number is higher than the unsecured credit card debt in the country.

Students, (and their parents) are graduating with more student loan debt then they can afford. In a challenging job market these graduates are faced with difficulty finding work and this has made it challenging to repay the loans.

There has been a significant increase in the number of people who are trying to get help with their student loan debt. Unfortunately at this time there is nothing that can be done with this type of loan debt by filing chapter 7 or chapter 13 bankruptcy in Chicago.

However, there is currently a push for Congress to pass a bill that would allow individuals filing for chapter 7 or chapter 13 bankruptcy to receive a discharge from their student loan debts as well.

There is a lot of support for this bill including many educational associations. However those who were in favor of the 2005 bankruptcy reforms are unlikely to support a change to the system.

There is bankruptcy help for people who open a business that fails. So, it only makes sense that investing in education for a future career should be protected if the graduate cannot find employment.

If you are struggling with student loan debt, look into options to defer those loans and buy yourself some extra time. Also, it is wise to talk to a Chicago bankruptcy lawyer about your situation, as they can advise on the best solution for you.

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.

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.

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.

It was recently decided that Eastman Kodak Co., will no longer produce digital cameras, digital picture frames or video cameras. Kodak has been in bankruptcy since January and is restructuring the company through chapter 11. It has been reported that Kodak has approximately $6.8 billion in debt.

Kodak is a 131-year-old company that is most commonly associated with film. In past years it tried to compete in the new technology of digital photography, but the income wasn't significant and the equipment they made was not memorable for customers.

According to an article in the Chicago Tribune, Eastman Kodak will now focus on printers, photo printing both online and in retail locations, as well as accessories for cameras and camera batteries. This new product line is far removed from the original cameras and film they once sold. It is expected that Kodak will continue to make film however the market for it is growing smaller and smaller.

The fate of Eastman Kodak compares with that of companies like Borders and Blockbuster. Borders filed bankruptcy after they could not compete in the e-book technology and hard copy books are becoming a thing of the past. Blockbuster could not compete with online services like Netflix and ultimately sold itself to Dish Network.

These are examples of businesses like Kodak that were not able to evolve their business with the changing times. Chicago company Hostess is currently working with bankruptcy lawyers, because the business is suffering in part due to new healthy eating habits by the American people. As we become better educated on healthy foods, Hostess specialties like Twinkies are not being purchased.

Eastman Kodak hopes that they can use the opportunity of bankruptcy to restructure their business to make it profitable again. The removal of digital cameras shows they are not trying to compete in their old specialty. They are looking ahead to grow their business and get out of debt for good.

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.

Each year on December 31st Americans pledge to eat healthy and spend less in the coming year. Turns out these resolutions are causing hardships for well known brands like Quiznos sandwich shops and Chicago's Hostess Brands.

With more people packing lunches and pinching their pennies Quiznos has found themselves in debt. According to the Chicago Sun Times they owe $875 million. The company is working with creditors to restructure the debt and make it possible for the company to pay off debt while avoiding bankruptcy. This is what Chicago bankruptcy lawyers would call, restructuring.

If successful, Quiznos can restructure their debts without bankruptcy and save themselves and their creditors the expense of bankruptcy while working together to get back on their feet.

Sometimes the best way to avoid bankruptcy in Chicago is to evaluate the success of your marketing presence. If Quiznos is losing customers concerned with cost they should market daily deals, sandwich giveaways and show customers that their product saves them money.

Hostess is filing for bankruptcy in Chicago. The brand is responsible for Wonder Bread, Ho Hos, Ding Dongs, Twinkies and Sno Balls. These snacks are well known by all Americans and their brand is strong. The problem for Hostess is the 150 calories packed in one Hostess Twinkie. Americans who are concerned with their health and diet are not buying Hostess products at the store.

Due to this change in American's diets Hostess is seeking the help of bankruptcy lawyers to file chapter 11 for the second time in 10 years.

This raises the question of how the company will do after bankruptcy. Healthy eating habits are here to stay and the best way to avoid bankruptcy is to market their product and develop new products for health conscious Americans.

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.

There was a time when it felt like everyone who wanted to could own their own home. According to the Chicago Tribune around 2004 it was reported that 70% of American's owned a home.

This is a significant percent that has recently seen the biggest drop since the Great Depression. The Chicago Tribune reported that homeownership fell to a startling 65.1% in April of 2010. This is actually a bigger drop than what happened during the Great Depression in the 1930's.

Chicago bankruptcy lawyers will tell you that the reason for this has a lot to do with both bankruptcy and foreclosure but also with lifestyle changes.

It is a fact that foreclosures have increased significantly in the past few years. This affects homeownership because these people are choosing to move in with family members or rent a home before trying to get back into the housing market.

The fact that interest rates are at a record low does help entice some prospective buyers to take the plunge but it is not enough to turn the market around. Some areas like the Village of Schaumburg actually offer people buying their first home, $10,000 towards their downpayment or closing costs when they buy a home in Schaumburg. The goal of the this generous program is to encourage first time home buyers to settle in Schaumburg.

Other people have found that their home is now worth less than the mortgage they have against it. These types of housing disasters are causing homeowners to accept foreclosure and leave their home.

As with the natural laws of supply and demand this change in economy has caused rental prices to rise and home values to drop. Ultimately if you have never owned a home before and you are confident that you will find a place that you want to live for several years and potentially forever then now is a great time to buy. Lock in a low interest rate and you've made a very wise purchase.

Those that are still nervous about the housing market may choose to consider renting. This is the best option for anyone who may need to move in 3 to 5 years. It can be a risk to buy a home that you only intend to live in for a short time. It is also better to rent if you do not have the full 20% downpayment to put down to avoid paying personal mortgage insurance.

Far too many families in America are struggling to stop foreclosure. Make sure that before you buy a home you weigh out the benefits and disadvantages so you are sure you're making a wise choice for you and your family.

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 entering into the home buying process for the first time the excitement of seeing houses often overshadows what should be the most important first step. Accoding to an article by Shine from Yahoo!, speaking with a qualified mortgage professional should be your first move.

A mortgage broker's job is to look at your finances and debts and determine how much you can afford to pay for a house. They consider your down payment and give you an amount that they would approve a loan for you. You may think you have a good idea what you can afford but that number may not be the same as what the banks think that you can afford.

Having the price of a home that you can afford in your mind can be very beneficial for a few reasons that were outlined in the article in Shine from Yahoo!.

1. You know what you can afford.
   There are no surprises when you fall in love with a home but your mortgage lender says they cannot give you a loan that big. Pre-approval takes away the disappointment of not being able to get a loan.
2. Know your number and stick to it.
   If you are going to make a bid on a house that is more than your pre-approval is for, use it as a cap. Bid what you believe the house is worth, knowing you won't go above your pre-approval amount. It will also help you when bargaining with homeowners who want to get as much as possible for their home.
3. Understanding the cost.
   Taking on a mortgage payment is a big investment. When you sit down and get a mortgage pre-approval you're also finding out how much you can expect to pay monthly in your mortgage payment. This gives you the power to buy a home that is less than your pre-approval to bring down those monthly payments.

Your Waukegan, Illinois real estate attorney will tell you that the more you know about your mortgage the better. There should be no surprises when it comes to funding the purchase of a home.

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.