DuPage County Bankruptcy Attorney

Just as consumers do, sometimes companies need to file for bankruptcy. Victory Jet LLC, for example, has filed for chapter 7 bankruptcy protection due to liabilities of $3.74 million and assets of just $7,822 in personal property.

The Greensboro charter-airline company was founded in February and based at Piedmont Triad International Airport, boasting about seven former Pace Airlines Inc. officials on its team of managers. That company had collapsed in 2009.

As the economy continues to struggle, more people are facing the prospect of defaulting on debt. It may be a mortgage, a credit card, a car loan, or medical bills, but in general, people are increasingly forced to choose between paying creditors and paying for life essentials. Since 2008, the FTC has seen the number of complaints filed about debt collectors skyrocket. In two years, the number of yearly filings jumped by almost 36,000. 

The FTC has also stepped up its enforcement actions accordingly. This doesn't mean that thousands of lawsuits were filed -- but it does mean that the FTC has almost doubled its case load in the last three years. In the last three years it has filed ten suits against debt collection companies, as compared to six cases in the previous three years. 

Obviously, there is a lot of room for private lawsuits against debt collectors that are behaving badly. Statutes including the Fair Debt Collection Practices Act and the Illinois Consumer Fraud Act provide private causes of action for individuals that have been harmed by the practices of unscrupulous debt collectors. Additionally, individuals in a bankruptcy can attack debt collectors in the federal bankruptcy court when creditors violate the automatic stay or the bankruptcy discharge. Many debt collectors assume that so long as they collect on a few debts, it doesn't matter how they go about collecting and from whom. 

If you believe that you have been harassed by a debt collector, you may want to consult with a local attorney who is experienced in consumer defense and bankruptcy issues. Sadly, the only way to make debt collectors stop is to either pay them or sue them. 

Even though the number of bankruptcy filings are on the rise, debt collectors have not adapted to the new financial landscape. Instead of obeying the law, many will continue to attempt to collect debts during the automatic stay and after the discharge. Many people do not know their rights, or do not have a bankruptcy lawyer who handles adversarial proceedings. 

According to new research, the 2.1 million homes with delinquent mortgages or foreclosure status will take more than eight years to clear due to the slow pace of foreclosure sales. Currently, there are about 1.9 million houses with payments 90 days overdue or in foreclosure.

The market is not expected to recover quickly either, with backlogs pointing to the fact that the collapse in the real estate market affects housing prices and will do so for many years. For some states, it could take decades, according to data from LPS Applied Analytics. In New Jersey and New York, new rules from the courts mean it could take more than 50 years for lenders to get through homes in the backlog.

It's no secret that homeowners are tired of illegal tactics relating to foreclosure, including robo-signing. A new law in Nevada is aiming to change that, and those in support of it are hopeful that it can be an example for other states in the future.

Nevada has become the first state in the nation to make illegal foreclosure a felony offense. The law was created after tens of thousands homeowner complaints were given to lawmakers. They all said their homes were being foreclosed upon without ownership proof.