Recently, the Consumer Financial Protection Bureau introduced a proposal that would increase regulations imposed upon the debt collection industry. The Federal Trade Commission receives more complaints about debt collectors than any other industry.

The CFPB’s proposal would allow them to analyze non-bank financial businesses in the same way and with the same scrutiny they do banks. The bureau’s director said in a statement last week, “Our proposed rule would mean that those debt collectors and credit reporting agencies that qualify as larger participants are subject to the same supervision process that we apply to the banks.”

Also, the FTC is expected to take action against a fraudulent debt collection agency and a call center in Indiana this week. Debt collectors can be punished for using abusive, threatening, or profane language and calling individuals at their workplace.

If you or someone you know would like to learn more about putting an end to debt collector harassment, contact the Joliet bill collector harassment lawyers of the Law Offices of Stuart B. Handelman, P.C. at 815-722-2201 to learn more about how we can help you.

Former TLC singer T-Boz had her most recent Chapter 13 bankruptcy filing tossed by a judge at the U.S. Bankruptcy Court in Atlanta. T-Boz first filed for Chapter 13 bankruptcy in February 2011, but this case was also dismissed. She then refiled for bankruptcy in October. In 1995, T-Boz and the rest of TLC filed for Chapter 11 bankruptcy.

This week, reports surfaced that creditors involved in T-Boz’s bankruptcy informed the judge in her case that she was not taking the necessary steps to follow through with the bankruptcy process. According to the creditors, the singer had not filed certain required documents, made any payments, or showed up for meetings with them.

The judge felt that T-Boz’s creditors presented sufficient evidence and dismissed her case. She must now wait at least 180 days from the day her bankruptcy was tossed out to refile. Meanwhile, some of the singer’s assets may be seized by creditors.

If you are struggling financially and would like to learn more about the Chapter 13 repayment plan process, contact the Joliet Chapter 13 bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C. at 815-722-2201 today.

Last month, Buffets Inc., operator of almost 500 Old Country Buffet restaurants, filed for bankruptcy. Joliet’s Old Country Buffet on Route 30 will be closing with the bankruptcy. The restaurant opened across from the Westfield Louis Joliet Mall in 1997.

Buffets Inc. filed for Chapter 11 bankruptcy, hoping to reorganize and continue operations. However, the company says they plan to close 83 restaurants across the country. According to the bankruptcy filing, Buffets hopes to rid themselves of $245 million of debt.

7 other old Country Buffets in Illinois are also scheduled to close, including locations in Naperville, West Dundee, Northlake, Countryside, Lombard, Bradley, and Fairview Heights.

Contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C. at 815-722-2201, if you or someone you know is considering filing for bankruptcy.

Yesterday, a statement from actor Gary Busey’s publicist revealed that the actor had filed for bankruptcy. “As with many great American institutions, i.e., General Motors, American Airlines, and others who have utilized the strategic business plan of bankruptcy, Gary’s filing … is the start of a new and clear path toward peace, happiness, and success,” reads the statement.

The actor opted to file for Chapter 7 bankruptcy in California.  Busey’s filing lists assets of less than $50,000, leading many to wonder how the actor, who has been in more than 70 movies and, recently, several reality television shows, has not saved more.  The bankruptcy filing lists debts in the $500,000 to $1 million range, and names creditors like the IRS, Wells Fargo, UCLA Medical Center, and more.

If you are interested in learning more about how filing for Chapter 7 bankruptcy can help your current financial situation, contact the Joliet Chapter 7 bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C. at 815-722-2201 to speak with one of our experienced bankruptcy lawyers today.

This month, two schools in Joliet will be holding fundraising events.  First up is an event hosted by Joliet Catholic Academy to raise money for their JCA Mission Trip.  The event will occur from 5 p.m.-8p.m. on February 15th at the Culver’s restaurant at the intersection of Theodore St. and Route 59.  Members of the community are encouraged to drive-through or eat at the restaurant during this time because 10 percent of the sales will go towards the mission trip.  In addition, even if you are unable to make it between the hours of 5 and 8, 10 percent of your purchase at Culver’s can still go to the school’s trip fund if you simply inform whomever takes your order that you want to support the JCA Mission Trip.

The following Saturday, February 18, St. Paul the Apostle School is hosting their annual Festivale fundraiser.  The event will take place at the school’s gym, which will be decorated in a Mardis Gras theme.  Anyone can attend the fundraiser, and tickets to the event cost $45 at the door, $35 in advance, and $25 for seniors.  Festivale will feature Southern-style dinner, auctions, raffles, a photo booth, a cash bar, music, and dancing.  The school’s music director, Ray Kaufman, will play the piano during dinner, and a deejay and the Bajo Budies Dixieland Band will perform afterwards.

To read more about these events benefiting Joliet schools, see The Herald-News.

Last year, 8,821 bankruptcies were filed at the U.S. Bankruptcy Court for central Illinois in Springfield–16 percent fewer than the total number of bankruptcies that were filed in 2010.

10, 498 people filed for bankruptcy in central Illinois in 2010.  Last year’s bankruptcy filings were the lowest in central Illinois in 3 years, when 7,663 bankruptcies were filed in 2007.

1,700 of the bankruptcy filings filed in central Illinois in 2011 were Chapter 13 filings.  Most of the bankruptcy filings were Chapter 7 filings, with more than 7,000 people filing for Chapter 7 bankruptcy at the Springfield court last year.

Nationwide, bankruptcies decreased by 12 percent in 2011.

To learn more about filing for Chapter 7 bankruptcy, contact the Joliet Ch. 7 bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C. by calling 815-722-2201 today.

Ron Stephens, former Illinois State legislator representing the 102nd district, has filed for Chapter 13 bankruptcy.  Court documents show that Stephens filed for bankruptcy in May–3 months before his abrupt resignation in August.

Until recently, Stephens’s bankruptcy was not public.  When he resigned after serving nearly 24 years as a state legislator, Stephens did not say anything about struggling financially.  The only explanation the former representative provided was that redistricting had moved him into the same district as his colleague, Republican Rep. John Cavaletto.

According to the Chapter 13 bankruptcy filing, Stephens and his wife have a monthly income of around $17,500.  In addition, the filing lists liabilities in the amount of $615,000 and assets of $572,000.  Stephens had a 5-year repayment plan approved in September, which allows him to make monthly payments of $4,025.

If you or someone you know has questions about the benefits of filing for Chapter 13 bankruptcy, contact the Joliet Chapter 13 bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C. at 815-722-2201 to learn more today.

As the economy suffers, bill collectors’ collection rates have decreased from about 30 cents to the dollars to 20 cents to the dollar.  Unfortunately, statistics from the Federal Trade Commission suggest that this decrease in collection rates has led to an increase in bill collector harassment.

The FTC says that they receive more complaints about bill collector harassment than complaints regarding any other industry.  Compared to 2002, the agency currently receives triple the amount of bill collector harassment grievances.  More than 50,000 people reported harassment to the FTC in 2010.

Furthermore, 22 percent more people complained about bill collectors using offensive or abusive language in 2010 than in 2009–a total of 18,000 people.  In addition, 4,000 people issued complaints to the FTC about bill collectors threatening them with violence.

If you have experienced bill collector harassment, an experienced lawyer can help you put a stop to it.  Contact the Joliet bill collector harassment attorneys of the Law Offices of Stuart B. Handelman, P.C. by calling 815-722-2201 today.

In 2011, 17 percent fewer publicly traded companies filed for Chapter 7 and Chapter 11 bankruptcy.  In addition, bankruptcies filed by public companies decreased by 58 percent from 2009.

Experts say that the total number of bankruptcies filed by public companies last year was the lowest since 2008, before the recession.  88 companies filed for bankruptcy in 2011 with average assets of $1.2 billion.  These include AMR Corp. and MF Global.

Public companies file for Chapter 7 bankruptcy when they are ready to go out of business, while businesses seek Chapter 11 bankruptcy protection when they want to restructure their debt and continue business.

To learn more about filing for Chapter 7 bankruptcy, contact the Joliet Chapter 7 bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C. by calling 815-722-2201.

Lee Steinberg, the sports agent who inspired the film “Jerry Maguire,” recently sought bankruptcy protection under Chapter 7 bankruptcy.  Chapter 7 bankruptcy allows eligible debts to be discharged, and filers to keep some of their property.

The sports agent says that his struggle to overcome an addiction to alcohol and an employee’s loan from a client negatively affected his financial situation, and led him to file for bankruptcy.  Steinberg’s former clients include major athletes like Troy Aikman, Ben Roethlisberger, and Oscar De La Hoya.

Steinberg’s Chapter 7 bankruptcy filing lists assets in the range of $1 million to $5 million.  Debts were reported to be at least $1.4 million.

If you or someone you know would like to learn more about filing for Chapter 7 bankruptcy, contact the Joliet Chapter 7 bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C. at 815-722-2201 to speak with an experienced bankruptcy attorney about your situation.