A state hasn't gone bankrupt since the Great Depression. The specter of another economic depression has revived the once far-fetched idea. Illinois' fiscal plight makes it a top candidate, but how ...

From construction firms to transportation companies, major Illinois industries filed for bankruptcy protection amid economic challenges.

Twice in the past three years, Kimberly Williams-Hayes has filed for bankruptcy. The first time, she made about $5,400 in total payments toward her debt before her case was dismissed, when she failed ...

Law school can seem like a long time ago, especially when a client walks in the door wanting help on filing for personal bankruptcy. This session will provide an overview of chapter 7: the players, ...

Whether a dispute that is subject to arbitration can or must be referred to arbitration after one of the parties to a prepetition arbitration agreement files for bankruptcy has long been a source of ...

CHICAGO (WLS) -- The federal judges who pulled Detroit from the bowels of the largest municipal bankruptcy in U.S. history learned some lessons that they believe could help Chicago and Illinois out of ...

For a distressed company running low on capital, an investment from insiders may represent a last best hope for survival. Insiders may be willing to risk throwing good money after bad for a chance to ...

Federal law only allows municipalities to file for bankruptcy with explicit permission from the state where they are located, said James Spiotto, a municipal bankruptcy expert and attorney who is ...

The Chicago City Council’s finance committee approved a measure Monday that would forgive ticket debt for some city motorists, but only those who file for Chapter 7 bankruptcy. The move is meant to ...