Nationwide bankruptcy filings are expected to reach 2 million by the end of the year, which would match the record set in 2005. Rockford is no exception to the national trend. Although Rockford families and businesses are fairing better than those in other parts of the country, bankruptcy filings in Rockford have increased 25% since last year.

Faced with an $8 million budget deficit next year, Rockford Mayor Larry Morrissey announced on May 25, 2010 that up to thirty firefighters will be laid off. The layoffs promise to trim $1.9 million from the budget.
 

Across, the nation, bankruptcy rates have risen 8-10% anually over the past decade, the Chicago Tribune reports. Although experts say that this rise is not unusual, various big leauge law firms have greatly benefitted from this inflation.
 

 The Swedish engineering group Haldex is a heavy hitter in the Stockholm Stock exchange, and calls itself a “provider of proprietary and innovative solutions to the global vehicle industry…” 
 

About 100 part-time employees are being cut from a UPS facility in Rockford, but full-time employees are said to be unaffected. UPS points to the current economic recession as the cause of a drop in volume, which resulted in lay-offs.

The UPS facility, which is located at Chicago Rockford International Airport, apparently may call back laid-off employees when business picks up.

The U.S. Supreme Court has agreed to hear a case to determine the security of creditors that extend student loans, when it comes to debtors filling for bankruptcy. If you are considering bankruptcy, call the Crosby Law Firm at 815-397-2006

Much to the dismay of college kids, student loans are on the short list of exceptions to what a debtor can “discharge” by filing for bankruptcy. Bankruptcy can have the affect of freeing debtors from almost all of their bills, except student loans.

The Chicago Tribune reports that federal officials refused to cite legal authority when they barred reporters and the general public from a meeting for the Catholic Diocese of Wilmington’s Chapter 11 bankruptcy proceedings. The meeting was publicly advertised, but officials later declared that the meeting was private. Further, officials would not begin the meeting until a reporter agreed to leave the hotel conference room where the meeting was to be held.

In a Quad-Cities Online article, the head of the Illinois State Bar Association offers foreclosure advice. First of all, homeowners facing foreclosure are urged to call a lawyer for help. As a general matter, lawyers are adept at renegotiating important terms of their client’s debt payments. Additionally, a qualified lawyer may be able to help his or her clients with other strategies as well. A lawyer will work with the homeowner to reach his or her goals. It is important to call a lawyer in the early stages of the issue.

The Associated Press reports that the unemployment rate has surpassed 10% for the first time since 1983. Further, reports show that the unemployment rate may increase even more over the next few months. The Labor Department reports that the economy lost a net total of 190,000 jobs in October 2009. This is less than the loss of 219,000 jobs in September 2009. The drop in the number of jobs lost from month to month has some people hopeful that the recession has ended. However, the total jobs lost each month have exceeded the estimates proposed by economists.

Fans of the Chrysler assembly plant in Belvidere, Illinois advocate for the plant by noting its good points. The plant has been profitable, and it is in a central location. However, critics wonder whether the assembly plant’s positive aspects will be enough to maintain operations and keep employees working in the future.