More than a month after one of Illinois’ largest retirement communities filed for bankruptcy, families are coming to terms with the fear they may not receive in full a substantial contractually owed refund they were once promised.
that would mandate a system for communities to follow when paying out these kinds of refunds, in an effort to bring transparency and timeliness to the process.
Friendship Village of Schaumburg was created in 1974 and is the largest continuing care retirement community in Illinois. Retirement communities like Friendship Village say this system has been in place for decades and it is like an insurance policy, in that it not only benefits the resident who pays the deposit but also everyone else living in the community.
The family officially exited and handed over the keys to their Friendship Village apartment on July 20, 2020. That’s an important point, said Northwestern School of Law Professor Bruce Markell, who is also a former bankruptcy court judge. “There are a dozen other communities across the nation that have been in Friendship Village’s situation and the residents receive their refunds according to the settlement agreement reached through the courts,” a spokesperson for Friendship Village said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Editorial: If Illinois redesigns its state flag, what best captures the ‘state’ of Illinois?The effort to change the state flag recently took an important step, with Gov. J.B. Pritzker signing a bill that sets up a commission to look into a design for a new flag. Political cartoonist and amateur vexillologist Scott Stantis has some suggested designs.
Read more »
Illinois governor signs ban on firearms advertising allegedly marketed to kids and militantsIllinois Gov. J.B. Pritzker has signed a law banning firearms advertising that produces a public safety threat or appeals to children, militants or others who might later use the weapons illegally.
Read more »
PolitiFact - Illinois law expanding police eligibility to some immigrants is narrower than critics sayFlorida Gov. Ron DeSantis’ claim that an Illinois law allows immigrants illegally in the U.S. to become police officers is misleading. Immigrants with work permits who can own guns are eligible. Immigrants in the U.S. illegally cannot own guns.
Read more »
Illinois Passes First US Law to Protect and Compensate Child InfluencersIllinois has become the first state in the U.S. to pass a new law designed to protect children who are influencers or who appear in their parents’ social media content.
Read more »
After Declaring Gun Violence a Public Health Emergency, Illinois Health Department Celebrates State Supreme Court Decision“Easy access to assault-style weapons has created a clear and present danger for Illinoisans. Gun violence is a significant public health threat in Illinois, and the public deserves the right to be free from the threat of mass shootings.”
Read more »
You'll soon need an appointment to do these tasks at the Illinois DMVAn effort to improve wait times at DMV locations across Illinois will soon put a stop to walk-in services, marking a major change for drivers.
Read more »