Navigating Subchapter V of Chapter 11 of the Bankruptcy Code, a new reorganizational scheme that streamlines the bankruptcy process for small businesses.
Randhurst Crossing had commercial property that was subject to foreclosure. Randhurst filed for Chapter 11 bankruptcy in federal court, which stayed foreclosure proceedings.
Student loans, unlike most debts, are nondischargeable unless you meet the stringent "undue hardship" test. But debtors with the right evidence and characteristics can get their loans discharged.
The "undue hardship" standard for discharging student loan debt is hard to meet. But cases from across the country suggest the tide may be turning in favor of a more relaxed, fact-specific test.
The seventh circuit recently held that a homeowner debtor can extend the deadline to redeem property sold at a tax sale by declaring Chapter 13 bankruptcy. Find out what it means.
The Series LLC gives sweeping liability protection to those who use it. But will it shield an umbrella entity in bankruptcy and under UCC Article 9 from liability incurred by debtor subunits?
Most settlement agreements ignore an important risk - that the defendant will file for bankruptcy shortly after settlement. Here's how to protect plaintiffs.
The authors advise counsel for creditors about preparing a proof of claim and filing a motion for relief from the automatic stay in Illinois-based bankruptcy courts.
Standard IRAs are exempt in bankruptcy and thus unavailable to creditors. But what if the debtor inherited the IRA account - is it likewise exempt? A look at the evolving case law.
A circuit court may exercise jurisdiction over a class action against a gas utility alleging that the utility violated state law by attempting to collect debts discharged in bankruptcy, according to the Appellate Court for the First District of Illinois.
Two lawyers think outside the box to help clients hang on to their homes, one by negotiating with lenders, the other by leveraging the power of Chapter 13.
On August 17, 2006, the Illinois Appellate Court, First District, affirmed the decision of the Circuit Court of Cook County, holding Jack Marszalek, owner of Consolidated Services and Construction, Inc (Consolidated), was not liable to S. R. McGuire Builder and General Contractor, Inc (McGuire) as a successor in interest because any claims McGuire may have had against Marszalek were discharged in bankruptcy.
By Anna-Katrina S. Christakis & Jeffrey D. Pilgrim
August
2006
Article
, Page 432
When a plaintiff's action is dismissed for want of prosecution while the defendant's bankruptcy is pending and the automatic stay is in place, the plaintiff can seek to have the dismissal vacated.
Dire predictions notwithstanding, serious consumer bankruptcy practitioners appear still to be in business. Costs have gone up, though, and let the dabbler beware.
