Newland Law Centers, LLC
Services available in
Cook and Lake County

Experienced, Quality and Caring Representation.

Our Practice Areas

Tuition Debt: The New Bubble?

Written by Charles Newland

Image of black debt words, bankrupcySome economists are predicting that rampant student debt (i.e. “tuition debt”) is the new speculative bubble that could sink the economy. Speculative bubbles are periods of rapid, unsustainable economic activity in a particular industry or service. These rapid buildups result in “bubbles” which continue to expand until they reach a tipping point when they are no longer sustainable. Once the “bubble” bursts, it results in an economic recession. Read More

Why Honesty Pays Off in Bankruptcy

Written by Charles Newland

A dummy in rain with insolvent words, bankrupcyPeople who choose to file for bankruptcy protection in Illinois must be honest, and if they are not, they could face criminal charges and have their bankruptcy petitions dismissed. While criminal charges are not always filed, bankruptcy courts may still impose other penalties against people who try to hide or conceal assets or who lie on their schedules. When a person is honest with his or her bankruptcy attorney and with the trustee, then it will pay off in the long run when the person obtains financial relief through his or her bankruptcy discharge. Read More

Preparing to Declare Bankruptcy in Illinois

Written by Charles Newland

A couple are calculating, bankruptcyThorough planning and preparation are required when filing for bankruptcy. Individuals preparing to file bankruptcy must complete several steps in order to ensure that best outcome of the proceedings. A bankruptcy lawyer can help prepare the necessary documentation that shows the financial position of the individual and their inability to pay the debts they owe.

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Rights of Creditors in Question

Written by Charles Newland

Swiping a credit card, bankruptcyThe rights of creditors under the Fair Debt Collection Practices Act are being reviewed by the United States Supreme Court. Currently, the law prohibits creditors from filing claims for time-barred debts. However, a recent split between the Circuit Courts means that this may change.

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Chapter 7 Bankruptcy Explained

Written by Charles Newland

A sad couple, bankruptcyChapter 7 bankruptcy is a useful tool for some individuals to discharge most of their debt. Chapter 7 bankruptcy, or “straight bankruptcy,” allows the filer to keep certain property exempt, while the rest is liquidated to satisfy the debt. Liquidation is the forced sale of an asset to satisfy an obligation, like loans or credit. The Bankruptcy Trustee would liquidate all of the filer’s non-exempt property to satisfy outstanding debts.

The credits then accept the payments in satisfaction of the debt; often it can be pennies on the dollar. Anything that is unpaid is discharged by the bankruptcy court.

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Life After Filing Bankruptcy

Written by Charles Newland

A couple holding hands, bankruptcy attorney Many people facing bankruptcy are hesitant to file because of the negative impact it may have on their future. Although getting a car loan, mortgage or credit card will be more difficult in the short term, it is not impossible and as long as you keep your debts down and maintain your job status afterwards, your credit will rebound faster than you think. A bankruptcy attorney can explain the negative impacts on a person’s specific situation.

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Free Consultation

We represent clients in Arlington Heights, Chicago, the Northwest Suburbs, and Lake County. Contact our office at (847)797-9300 to schedule a free consultation.

Cook County OFFICE

3601 W Algonquin RD, STE 990
Rolling Meadows, Illinois 60008

LAKE COUNTY OFFICE

728 Florsheim Dr
Libertyville, Illinois 60048

CONTACT US

Phone: (847) 797-9300
Fax: (847) 797-9301