Chicago Bankruptcy Lawyer Blog

A growing number of Americans aren't going to be home for the holidays this year - and it's not because they're traveling.

Despite news that the economy is under recovery, foreclosures are again on the rise as a growing number of borrowers with good credit and fixed-rate loans default on their mortgages. It's just the opposite of what triggered the recession - when borrowers with bad credit began defaulting on subprime mortgages with adjustable rates.

So what's going on? Homeowners are simply running out of money. Chalk it up to too much financial stress for too long. Some folks were laid off months ago and are still out of work - and out of cash - today. Others are growing weary of bearing the burden of debt. Economic recovery might look good on paper, but families across the country are still suffering from the recession. To make matters worse, the holidays are fast approaching - and that means more spending.

But fortunately there's a way to save your house, whether you've missed your first mortgage payment or the bank is already threatening to foreclose.

Continue reading "Mortgage Defaults Increase Despite News of Economic Recovery" »

If your financial state has you struggling for something to be thankful this year, take heart - at least your holiday meal won't cost as much as last year.

For the first time in almost a decade, the price of a Thanksgiving meal has dropped.
A traditional dinner of turkey, mashed potatoes and gravy, stuffing and all the fixings will cost an average of $42.91 for a group of 10 people, roughly 4% less than it did a year ago, according to the American Farm Bureau Federation.

It might be hard to imagine (I know I grit my teeth every time the grocery store clerk rings me up) but food prices have indeed declined as a result of lower energy costs and the effects of the recession. As an economist noted in a farm bureau press release, the cost of a Thanksgiving meal now costs less per person than a fast-food restaurant "value" meal. Such savings often goes unnoticed as we struggle to put food on the table while our boss is freezing wages and eliminating bonuses - or, worse, cutting our job. But, since this Turkey Day is all about giving thanks, there's no better time to focus on the positive.

Continue reading "Thanksgiving Meal Costs A Little Less This Year" »