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Financial Transactions

With offices located in some of the world’s most important financial centers, our Illinois debt relief lawyers represent a number of major U.S. and non-U.S. banks and their affiliates, as well as borrowers, in secured and unsecured credit arrangements and other financial transactions. This area of our practice includes a substantial amount of advice to financial institutions, developers and institutional investors in the financing and development of real estate and related facilities. For example, we have represented a Latin American telecommunications services provider in negotiating and drawing under a U.S.$800 million bridge loan facility, as well as a Latin American electricity distribution company in connection with the creation of a U.S.$210 million revolving credit facility and a U.S.$100 million syndicated bridge loan. We served as counsel to a U.S. real estate development company in connection with the financing and leasing of a large enclosed shopping mall near Toronto. Another client was the agent for a syndicate of international banks in the restructuring of U.S.$80 million of secured indebtedness related to a Brazilian mining operation owned by a U.S./German international joint venture. We advised a Japanese lender in the restructuring of a U.S.$730 million loan to a U.S. airline by conversion to a preferred income instrument secured by Tokyo real estate. Our lawyers have represented a French bank in connection with its real estate financing activities in the U.S. We also counseled the lender group to an insolvent Canadian mutual insurance company in connection with the restructuring of that company’s policyholder obligations.

Lawsuits put on hold while Maclaren files Chapter 7 bankruptcy

Small businesses in San Diego and other U.S. companies experiencing serious financial problems may consider filing for business bankruptcy protection in order to settle debts before a company suffers additional losses or to reorganize debt so that a company can continue to function with less financial strain.

Last week, news began to circulate that Maclaren USA filed for Chapter 7 bankruptcy on Dec. 29, 2011. Although many companies choose to file Chapter 7 in order to liquidate all assets to settle debts with creditors if company leaders believe that the business is defunct, some have speculated that Maclaren USA’s bankruptcy is more of an effort to avoid paying out large settlements resulting from several personal injury lawsuits that have been filed against the company for manufacturing and selling dangerous strollers.

As a result of the speculations regarding Maclaren USA’s reasoning for the bankruptcy filing, a court-appointed trustee may investigate whether the company has attempted to violate bankruptcy laws meant to protect businesses facing real financial troubles.

According to the Huffington Post, Maclaren USA filed for Chapter 7 bankruptcy in December 2011. This form of bankruptcy would result in the complete liquidation of the company, with any assets being distributed amongst the company’s creditors. Several creditors listed in the filing include families who have filed lawsuits against the company to recover damages for their children who were injured by the company’s strollers.

However, just like creditors are banned from harassing consumers who have filed for Illinois bankruptcy protection, any lawsuit filed against a company in the midst of Chapter 7 proceedings must be placed on hold. If the bankruptcy filing is allowed to proceed, the families who are suing the company may only be able to recover damages based on the company’s limited amount of insurance coverage, which could be exhausted rather quickly.

How to prepare for the costs of a divorce

The cost of a divorce in Illinois can be quite expensive for most couples. There are many issues a divorcing couple must address and as a result, a significant amount of time is spent with attorneys. Individuals may also discover that once a divorce is finalized, they have new expenses that they never thought about.

Some married couples in Illinois may choose to hold off on filing for a divorce because of the costs, but with a better understanding of one’s finances, a couple can find ways to save money during and after their divorce.

If a husband and wife mutually agree to end their marriage, they may also want to consider discussing a plan before they legally file for a divorce. The spouses can discuss their expectations regarding child support, alimony and property division before meeting with their lawyers. Although lawyers will help the couple through negotiations, negotiations may take less time if each spouse has a basic understanding of what the other wants from the divorce. This will save time and money.

During discussions regarding division of property and getting a military attorney, individuals should always take into consideration how the division of assets and debts may affect them in the future. Investments carry different levels of risk and tax consequences may vary. Individuals should have a good understanding of what types of investments they will be comfortable with and if they will be able to manage any tax consequences.

When discussing shared child custody arrangements, the divorcing couple should consider how travel costs may affect each other’s budget. Will they take turns dropping off and picking up the children? How often will they be making the switches? With the cost of gas increasing, frequent trips can add up quickly.

Couples also don’t think about needing extra child care after a divorce. Some individuals discover that they need to work longer hours or that they can no longer rely on the other spouse to coordinate pick-up and drop-off times for school or daycare. As a result, some couples spend more money on child care after a divorce.

One of the most important things divorcing spouses should consider to protect their financial futures as singles is to purchase life and disability insurance. If one spouse is receiving alimony and child support payments, those payments would suddenly disappear if the individual’s ex-spouse were to die or become disabled.

There are many factors to consider for any kind of financial planning, but with a better understanding of how divorce can affect one’s finances, individuals can take a more knowledgeable approach to divorce in order to minimize costs and financial risks.