CALL TODAY FOR AN APPOINTMENT 877-GO-GO-NLO (877-464-6656)

LEGAL RUNNERS INC IS EVICTED

Legal Runners, Inc. is evicted from the Monadnock Building.  Pursuant to Case No. 2016-M1-702869, the Monadnock Building was given an order of possession on March 24, 2016 and by visual inspection has posted the property for no trespassing today April 28, 2016.  Attached is the docket from Cook County along with a picture of the trespass sign on the door.NCase=2016-m1-702869&SearchType=0&Database=1&case_no=&PLtype=1&sname=&CDate=IMG_3361

50 Cent Files for Chapter 11 Bankruptcy

See the Article

50 Cent Filed for Chapter 11 Bankruptcy today. But he’s not going under – in fact this is a good example of bankruptcy re-organization. In fact, he has adequate assets to pay creditors but is using Chapter 11 to give him time to restructure his assets to pay debt and also to get protection from creditors as he waits for an appeal ruling. Chapter 11 is a big bankruptcy that is essentially entirely “custom” and very expensive to file. But for large asset/debt people and corporations, it remains one of the best tools to re-organize debt and protect yourself from creditors.

Chapter 13 is the less expensive, very common personal reorganization used by ordinary consumers to get caught up on house and car payments. It typically costs $4000 in legal fees and the fees are part of the reorganization. Typically, it costs as little as $310 to file a Chapter 13 and get immediate protection from credit card.

ABA 2013 Attorney Job Outlook Article – 57% are hired

ABA 2013 Attorney Job Outlook Article – 57% are hired.

The job outlook for newly minted lawyers remains bleak, new figures show.

Fifty-seven percent of all 2013 law school graduates were employed in full-time, long-term legal jobs requiring bar passage as of Feb. 15, according to data released Wednesday by the ABA Section of Legal Education and Admissions to the Bar.

Still, that’s up slightly from last year, when 56.2 percent of all 2012 law school graduates were reported to be in full-time, long-term legal jobs requiring a law license nine months after graduation.

Another 10.1 percent of all 2013 graduates were employed in long-term, full-time jobs in which a law degree is preferred, which was also up slightly from the class of 2012, when 9.5 percent of all graduates held such jobs.

However, the percentage of 2013 graduates reported as unemployed and seeking work also rose slightly to 11.2 percent this year from last year, when 10.6 percent of 2012 graduates were reported as unemployed and seeking work.

The percentage of positions funded by law schools also increased incrementally this year from last year, from 3.9 percent for all 2012 graduates to 4 percent for the class of 2013.

Last year’s graduating class of 46,776 students was also the largest ever, up 412 students from the 46,364 students in the graduating class of 2012.

Law schools reported employment outcomes for 97.7 percent of their 2013 graduates, which was also up slightly from the 97.4 percent reporting rate for the class of 2012.

Other employment data reported to the section by schools indicates:

• While the percentage of law firm positions increased only marginally, hiring at law firms of 500 or more lawyers rose by nearly 10 percent, from 3,643 for the class of 2012 to 3,989 for the class of 2013.

• The percentage of graduates employed in business and industry rose to 15.2 percent for the class of 2013 from 14.9 percent for the class of 2012

• The percentage of graduates employed in government positions increased to 10.6 percent from 10 percent, while the percentage of graduates employed in public interest positions dropped from 5.9 percent to 4.8 percent. Those changes are due at least in part to a change in the classification for public defender positions, which are now classified as government jobs, not public interest jobs as they were previously.

Celebrity Bankruptcy – Fisker Karma Motors – Gone but Not Forgotten – Justin Bieber it’s time for a New Car

justin-bieber-fisker-karma

justin-bieber-fisker-karma

Celebrity Bankruptcy – Fisker Karma Motors – Gone but Not Forgotten – Justin Bieber it’s time for a New Car   If you are a fan of Duesenburg or Tucker than you know as well as anyone that just because a car company goes out of business doesn’t mean its cars won’t be popular. Right now Jay Leno is driving both a Duesenburg and a Stanley Steam. Justin Bieber and Al Gore are driving Karma’s. Don’t worry it won’t be more than 30 years before these Karma’s ….and Saab’s start showing up at Pebble Beach.

A Chinese Investor is looking to buy the assets and manufacture some version in the US. Or as Tesla has already learned, probably just to mine the patents and intellectual property from the company. It would be great if they would manufacture Karma’s here because it would provide jobs in Wilmington Delaware where Karma’s shuttered former GM Manufacturing plant hasn’t turned out a car in over a year.

Here’s the biggest kicker of all – and its not in the court filings: Hurricane Sandy really did Karma in by destroying over 400 unsold by completed cars. When you consider that the 48 or so Tuckers manufactured average a million dollars a piece, that’s about 400 million in todays dollars.

The government of course lost money on this deal, but so did a lot of other people when “Cash for Clunkers” came out and destroyed a whole bunch of used car dealers and auctioneers, plus you can’t find any late 1970’s Cutlass Supreme’s anymore.

Case Summary:

Fisker filed two cases on November 22, 2013.  One as Case No. 13-13087 and one as Case No. 13-13086.  Both are case summaries are available below.

Case.Summary.Fisker.13-13086 Case.Summary.Fisker.13-13087_Redacted

Here’s the link for the Chicago Tribune Article that support some of the information in this blog.

http://cars.chicagotribune.com/fuel-efficient/news/chi-fisker-spreads-karma-with-bankruptcy-20131125

CLICK HERE!
Contact our office today

 

Chapter 13 Debt Limits (Revised April 1, 2013)

Utah!

Utah!

Chapter 13 Debt Limits (Revised April 1, 2013)

  • Do You Need a Bankruptcy Consultation? Fill out form for immediate response




Effective April 1, 2013 the Secured Debt Limit is $1,149,525 Effective April 1, 2013 the Unsecured Debt Limit is $383,175  To See a Complete List of the Revised Debt Limit Amounts, please click: Revisedamounts Debt limits are revised every three years, the next revision date is April 1, 2016. Wholly unsecured junior mortgages count toward the unsecured debt limit.

This information provided as a courtesy from Chapter 13 Bankruptcy Trustee Glenn B. Stearns

Top Five Reasons to File a Chapter 13 Bankruptcy:

  • Do You Want to File a Chapter 13? Or maybe are curious about whether it can help? Please send us your contact information to schedule a consultation.




1. STOP THE GARNISHMENT: All garnishments stop at the moment of filing a Chapter 13 Bankruptcy. Typically a chapter 13 plan payment is less than a garnishment and takes care of all of your debts comprehensively. Chapter 13 Bankruptcy usually requires as little as only the filing fee (currently $281) to file. All attorneys fees are usually within the Chapter 13 plan – most attorneys offer this with a entry of a payroll order to pay for the bankruptcy.

2. SAVE THE HOME: Any home can be saved in Chapter 13. Your arrearage can be paid back over sixty months without interest.

3. REFINANCE YOUR CAR: Practically any call loan can be refinanced to prime rate plus 3% which today is 6.25% or less. This is a remarkable way to save your car and make it more affordable.

4. STRIP THE SECOND MORTGAGE: this magic trick is called a lot of different things but simply put it is getting rid of mortgages that are underwater except the first mortgage on your primary home. For example if your house is worth $200,000 and you have a first mortgage of $240,000 and a second mortgage of $70,000, using this technique in chapter 13 bankruptcy you can pay your first mortgage as usual and treat the second mortgage like a credit card paid at 10 cents on the dollar. At the end of the bankruptcy the second mortgage is released as though paid off completely.

5. LOW UPFRONT PAYMENT TO FILE.
Because salaried workers can pay their chapter 13 legal fees through the chapter 13 plan, most chapter 13’s cost only $281 to file but with the same immediate protection from creditors that you find in a chapter 7.

Postal Holidays 2013

Postal Holidays 2013.  February 18, 2013; President’s Day, Also known as Washington’s  Birthday (Observed) is a postal holiday meaning that no U.S. Mail is delivered.  For a complete of all Postal Holidays for 2013, please see the attachment with these holidays.  For a complete list of postal holidays:  U.S. Postal Service Holidays 2013

old_post_office

Chicago’s Old Post Office

 

 

What’s Open and What’s Closed on February 18, 2013 – President’s Day

THE FOLLOWING FEDERAL, STATE AND COUNTY OFFICE WILL BE CLOSED:

  • Federal Courts:  CLOSED   See the attached Federal Holidays for 2013 Calendar:      Federal Holidays
  • State of Illinois Government Offices:  CLOSED  See the attached Illinois State Holidays for 2013 Calendar:    State Holidays
  • Cook County Clerk of Court and Court System:  CLOSED  See the attached Dorothy Brown Cook County Clerk of Court Calendar  Calendar2013

ADDITIONAL AND IMPORTANT LOCATIONS WHICH WILL BE OPEN:

  • Dunkins Donuts:  Open – See Dunkin Donuts List of Holidays at http://www.dunkindonuts.com  See National Donut Appreciation Day.
  • Krispy Kreme Donuts:  Potentially Open – Donuts so delicious that nearly all of their stores have closed to conserve these rare donut gems!!!  See http://www.KrispyKreme.com for more information.
  • Micro Center – Will be offering President’s Day Special – see microcenter.com for more information.

lincoln birthday holiday 2014

lincoln birthday holiday 2014

Welcome to Abraham Lincoln’s birthday, February 12, 1809.  You may be wondering what is open and what is closed:

Closed:

Daley Center and Cook County Courts, See Clerk Brown’s  Calendar2013

State of Illinois (Including Secretary of State (cyberdriveillinois.com) and Northeastern Illinois University (www.neiu.edu)  see calendar of State of Illinois Holidays,State Holidays

Open:

Federal Bankruptcy Courts, See Judge Timothy Barnes Calendar for February 12, 2013, court.calendar.timothy.barnes.2.12.2013

Also open:  Dunkin Donuts (dunkindonuts.com)

Abraham Lincoln Listeni/ˈbrəhæm ˈlɪŋkən/ (February 12, 1809 – April 15, 1865) was the 16th President of the United States, serving from March 1861 until his assassination in April 1865. Lincoln led the United States through its greatest constitutional, military, and moral crises—the American Civil War—preserving the Union, abolishing slavery, strengthening the national government and modernizing the economy. Reared in a poor family on the western frontier, Lincoln was self-educated, and became a country lawyer, a Whig Party leader, Illinois state legislator during the 1830s, and a one-term member of the United States House of Representatives during the 1840s.

After a series of debates in 1858 that gave national visibility to his opposition to the expansion of slavery, Lincoln lost a Senate race to his arch-rival, Stephen A. Douglas. Lincoln, a moderate from a swing state, secured the Republican Party presidential nomination in 1860. With almost no support in the South, Lincoln swept the North and was elected president in 1860. His election was the signal for seven southern slave states to declare their secession from the Union and form the Confederacy. The departure of the Southerners gave Lincoln’s party firm control of Congress, but no formula for compromise or reconciliation was found. Lincoln explained in his second inaugural address: “Both parties deprecated war, but one of them would make war rather than let the Nation survive, and the other would accept war rather than let it perish, and the war came.”

When the North enthusiastically rallied behind the national flag after the Confederate attack on Fort Sumter on April 12, 1861, Lincoln concentrated on the military and political dimensions of the war effort. His goal was now to reunite the nation. He suspended habeas corpus, arresting and temporarily detaining thousands of suspected secessionists in the border states without trial. Lincoln averted British recognition of the Confederacy by defusing the Trent affair in late 1861. His numerous complex moves toward ending slavery centered on the Emancipation Proclamation in 1863, using the Army to protect escaped slaves, encouraging the border states to outlaw slavery, and helping push through Congress the Thirteenth Amendment to the United States Constitution, which permanently outlawed slavery. Lincoln closely supervised the war effort, especially the selection of top generals, including commanding general Ulysses S. Grant. Lincoln brought leaders of the major factions of his party into his cabinet and pressured them to cooperate. Lincoln’s Navy set up a naval blockade that shut down the South’s normal trade, helped take control of Kentucky and Tennessee, and gained control of the Southern river system using gunboats. He tried repeatedly to capture the Confederate capital at Richmond, Virginia. Each time a general failed, Lincoln substituted another until finally Grant succeeded in 1865.

An exceptionally astute politician deeply involved with power issues in each state, Lincoln reached out to War Democrats and managed his own re-election in the 1864 presidential election. As the leader of the moderate faction of the Republican party, Lincoln found his policies and personality were “blasted from all sides”: Radical Republicans demanded harsher treatment of the South, War Democrats desired more compromise, Copperheads despised him, and irreconcilable secessionists plotted his death.[1] Politically, Lincoln fought back with patronage, by pitting his opponents against each other, and by appealing to the American people with his powers of oratory.[2] His Gettysburg Address of 1863 became the most quoted speech in American history. It was an iconic statement of America’s dedication to the principles of nationalism, republicanism, equal rights, liberty, and democracy.[3] At the close of the war, Lincoln held a moderate view of Reconstruction, seeking to reunite the nation speedily through a policy of generous reconciliation in the face of lingering and bitter divisiveness. Six days after the surrender of Confederate commanding general Robert E. Lee, however, Lincoln was assassinated by actor and Confederate sympathizer John Wilkes Booth. Lincoln’s death was the first assassination of a U.S. president and sent the nation into mourning. Lincoln has been consistently ranked both by scholars[4] and the public[5] as one of the greatest U.S. presidents

 

 

Foreclosure Sales Reach 35,000 in 2012. The Highest Since the Real Estate Collapse.

The Chicago Tribune is reporting today that foreclosure sales topped 35,000 in 2012. The Highest since the Real Estate Collapse. See (http://www.chicagotribune.com/business/ct-biz-0206-foreclosure-auctions-20130206,0,4902617.story)  What does this mean to you as a first time homebuyer or someone looking to move up to a bigger home:

1)  Good Values – Most of the homes sold at foreclosure were taken back by the bank.  Oftentimes, these homes will sell for less than 50% of the appraised price to move them quickly.

2)  If you are selling your home to purchase another, short sales are being approved much more quickly and rental rates have been improving.  This will allow more turnover of our housing stock in 2013.

3)  FHA loans continue to be a great value with interest rates less than 4.5% and approvals usually fairly easy for workers with stable incomes.

The downside:

1)  Housing values overall will continue to remain depressed.

2)  Many homeowners will continue to be “trapped” in their house where it is impossible to sell either at a profit or break even transaction.

The conclusion:

It is 2013 nearly 5 years since the official beginning of the “Great Recession” and our economy has not improved.  The Great Depression is a good lesson – nothing really improved until War Order for Munitions started in 1939.  Clearly that wasn’t the greatest way to end an economic slow period.

Chicago Maritime Festival – February 23, 2013!

Don’t Miss this year’s Chicago Maritime Festival on February 23, 2013.

See the link below for more information:

www.chicagomaritimefestival.org

Chicago Maritime Festival Calendar

Date and Event: for more information or contact person, click on italics

Year Round Information

Outreach performances and Speakers Bureau requests – Chris Kastle

Sponsorships and donations –  Chris Kastle

Volunteer applications – Ellen Reeve

Presenter and performer applications – Chris Kastle

Important Festival Dates to Remember

Feb. 24, 2013 – Shanty Sing for Festival attendees and participants

Feb. 23, 2013 – Chicago Mariitme Festival at the Chicago History Museum

Feb. 22, 2013 – Reception for festival sponsors, performers, volunteers, and staff

Feb. 20-23, 2013 – Outreach performances

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. CALL 877-GO-GO-NLO (877-464-6656) FOR A FREE BANKRUPTCY CONSULTATION TODAY! SATURDAY APPOINTMENTS ARE AVAILABLE.