» Illinois Bankruptcy

Beware of Bankruptcy Petition Preparers

Every now and then, a debtor will appear in bankruptcy court on a case that is set to be dismissed. The nervous debtor will stand at the podium, and the judge will ask the debtor why he or she has not filed certain required papers within the tim… Read More
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Article from ABF Journal Explains how Courts have Treated Merchant Cash Advances (MCA)

In the November/December issue of the ABF Journal, attorney Jefferey Wurst explains the different types of MCAs and how Courts have ruled regarding the vehicle. According to Mr. Wurst, first there “are MCAs that advance money and get r… Read More
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Are Health Savings Accounts Exempt from Creditor Claims in Illinois and Elsewhere?

Congress created Health Savings Accounts (HSAs) in 2003. 26 U.S.C. § 223. In the past fifteen years, Illinois courts have not issued any published decisions indicating whether funds held in a debtor’s HSA are exempted from a debtor’s bankru… Read More
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The Absolute Priority rule is alive and well for Chapter 11 cases

I. Explanation of absolute priority rule Consumer debtors that do not qualify for protection under Chapter 7 or Chapter 13 of the Bankruptcy Code, are left with filing under Chapter 11, where they will come face-to-face with the absolute priority… Read More
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Discharge of debts in Chapters 7 and 13; important differences you should know

Through a Chapter 13 payment plan, a debtor may discharge multiple types of debt that cannot be discharged in a Chapter 7 bankruptcy (a liquidation). Thus, if you qualify for a Chapter 13 bankruptcy, and your debts would be nondischargeable in a… Read More
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5 Mortifying Reasons Mortgage Applications End Up in the 'Reject' Pile

An interesting article in Realtor.com explains why mortgage applications are sometimes denied.  According to the article a recent Federal Reserve study concluded that one out of every eight home loan applications (12%) ends in a rejection.  T… Read More
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Bankruptcy Filings among Elderly Increased Exponentially over Last 25 Years

According to an article posted today in the New York Times by Tara Segal Bernard, “[f]or a rapidly growing share of older Americans, traditional ideas about life in retirement are being upended by a dismal reality: bankruptcy.” Ac… Read More
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Experts predicting increased ilIiquidity and link it to the climate that led to the 2008 crisis

According to a recent report by Morgan Stanley “market liquidity across assets is in decline” and  “low liquidity were the fundamental triggers of the 2008 crisis.”  Those bankruptcy practitioners that had first hand e… Read More
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Law360 Satisfaction Survey finds that student loans are burdening lawyers too.

According to Forbes magazine, “student loan debt is now the second highest consumer debt category – behind only mortgage debt – and higher than both credit cards and auto loans and according to Make Lemonade, there are more tha… Read More
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America is heading for a level of income inequality that hasn't been seen since 1928

Economists have noted that the level of income inequality between the top 1% and the rest of the country is approaching levels last seen in 1928, which, of course, was just before the tragic financial meltdown that pre-dated, or even caused, mas… Read More
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