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The United Neighborhood Organization is Potentially Facing Bankruptcy

The United Neighborhood Organization (UNO), the company behind the UNO Charter School Network, is potentially facing bankruptcy. UNO Charter School Network, once the most powerful Hispanic community group in Chicago, will potentially have to close six of its schools to remain financially solvent. These schools serve approximately 4,000 students from elementary through high school.

“We may have no option left than to file for bankruptcy,” CEO Rick Cerda wrote to the Chicago Sun-Times. When a large non-profit company like UNO files for bankruptcy, it is often the people who benefit from that organization's charity who suffer. In this case, this means the students and their parents who used UNO's schools. For a company like this, bankruptcy is a much different process than it is for an individual facing personal debt or a small business owner who is not making a profit. However, there are some similarities between them, mainly concerning the court's involvement to ensure that the bankrupt party's creditors are paid. To learn more about the different types of bankruptcy, contact an experienced bankruptcy attorney.

Selling Schools

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Corinthian Colleges Bankrupt, Liable for $531 in Student Loans

Corinthian Colleges, Inc., the parent company behind various for-profit colleges including Everest University, Rochester Business Institute, National Institute of Technology, and various other colleges and programs, filed for Chapter 11 bankruptcy in 2015. This bankruptcy came after years of investigations into unlawful conduct by the company, with multiple former students and student groups alleging that the company used exaggerated claims and other predatory marketing tactics to lure students into its programs, promising them career success while dispersing private student loans with interest rates as high as 15%.

Corinthian College's campuses in the United States and Canada closed in 2015. Now the company finds itself navigating bankruptcy court and liable for $531 in student loans. Bankruptcy can be a way to eliminate some debts, but it comes with the loss of financial autonomy and a lowered credit score. If you are a business owner considering filing for Chapter 11 bankruptcy, talk about your plan with an experienced bankruptcy attorney before making any drastic moves.

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Horse Races at Chicago's Maywood Track a Thing of the Past?

Chicago's Maywood Park, a half-mile-long racetrack that has hosted harness racing events for the past 68 years, filed for bankruptcy alongside its sister track, Balmoral Park, in early summer 2015. The park wants to close its track early this year in an effort that, according to its bankruptcy plan, could save $165,000. However, closing early would mean evicting the 100 horses and 50 people who currently live in the park's housing facilities. These individuals, represented by the Illinois Harness Horseman's Association, are fighting the racetrack in court to keep the park open longer.

Bankruptcy is complicated. The horse tracks' bankruptcy case involves more than the simple mismanagement of profits – it comes as a result of the park's losing a legal battle against Illinois' riverboat casinos. In December 2014, the court ruled in favor of the casino operators, who alleged that the racetrack's owners illegally pledged to donate to former governor Blagojevich's campaign in exchange for a renewed tax on the riverboats. The judgment was for $82 million. The racetracks then filed for Chapter 11 bankruptcy in an attempt to avoid paying this money.

Chapter 11 Allows Companies to Continue Operation

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Posted on in Bankruptcy

I Filed for Bankruptcy: Now What?

You made an important decision about managing your debt. You filed for bankruptcy. Whether you filed for Chapter 7 or Chapter 13 bankruptcy, you sought help from the court to get your debt under control. Now, here you are after bankruptcy. You might not know how to live without debt or how to avoid going into debt again. If this is the case, do not be afraid. You can regain control of your life by learning how to move on from bankruptcy by working with an experienced bankruptcy attorney.

Once you have finalized your bankruptcy, you will need to develop a plan for moving forward with your purchasing and managing any new debt you accrue. If you filed for Chapter 13 bankruptcy, you can continue to use the budget plan you developed with your court trustee as you move forward. Other issues to consider include:

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