Publications

Section Newsletter Articles on Bankruptcy

Spendthrift Trust beneficiary checkmated by Bankruptcy Code 548(e) in Castellano By Jay Adkisson Trusts and Estates, September 2014 If the Court’s rationale is followed in future cases, millions of existing trusts may be defective as to the operation of their Spendthrift Clause, if the Trust may be deemed to terminate immediately upon the death of the Settlor.
Bankruptcy, divorce and judicial estoppel By James Hanauer Family Law, August 2014 What should you do when a spouse files a petition for bankruptcy during a divorce proceeding?
The United States Bankruptcy Code does not discriminate against non-citizens By Maura K. McKeever International and Immigration Law, December 2013 Unfortunately, non-citizens who are faced with overwhelming debt are often reluctant to file for bankruptcy for fear that the bankruptcy petition will negatively impact their immigration status or application for citizenship. Ordinarily, however, filing for bankruptcy does not impact an individual’s immigration status or application for citizenship
Protecting contractor rights in bankruptcy By Samuel H. Levine Commercial Banking, Collections, and Bankruptcy, August 2013 A discussion of the bankruptcy issues most often encountered in the construction setting.
Is an Illinois resident’s inherited IRA protected from bankruptcy creditors? By David F. Rolewick and Justin J. Karubas Trusts and Estates, July 2013 There is a split in the circuits regarding whether or not inherited IRAs are protected from bankruptcy creditors. The Fifth Circuit has held that a Texas resident’s inherited IRA is protected from bankruptcy creditors. The Seventh Circuit has held that a Wisconsin resident’s inherited IRA is not protected from bankruptcy creditors. Both Wisconsin and Texas have not opted out of the bankruptcy exemptions. Therefore, federal bankruptcy exemptions apply.
Bankruptcy issues relating to personal injury cases By Brett J. Swanson Commercial Banking, Collections, and Bankruptcy, August 2012 In the recent case of Berge v. Kuno Mader and DMG America, Inc., the First District found that the doctrine of judicial estoppel bars a plaintiff from proceeding with a cause of action in state court where the plaintiff fails to disclose the action as an asset in a bankruptcy petition.
Options for the client in trouble with real estate: Forbearance to bankruptcy and everything in between By Erica Crohn Minchella Commercial Banking, Collections, and Bankruptcy, July 2012 A competent real estate attorney evaluates each client’s circumstances in light of various interests and perspectives and offers sound advice. But with so many factors and circumstances, how do we ensure we firmly grasp the specific needs of each client?
Tax issues facing the individual Chapter 11 debtor By Nancy Franks-Straus Commercial Banking, Collections, and Bankruptcy, July 2012 A look at the income tax issues facing an individual filing Chapter 11.
Bankruptcy issues relating to personal injury cases By Brett J. Swanson Tort Law, May 2012 In the recent case of Berge v. Kuno Mader and DMG America, Inc., the First District found that the doctrine of judicial estoppel bars a plaintiff from proceeding with a cause of action in state court where the plaintiff fails to disclose the action as an asset in a bankruptcy petition.
Options for the client in trouble with real estate: Forbearance to bankruptcy and everything in between By Erica Crohn Minchella Real Estate Law, February 2012 A competent real estate attorney evaluates each client’s circumstances in light of various interests and perspectives and offers sound advice. But with so many factors and circumstances, how do we ensure we firmly grasp the specific needs of each client?  
Tax issues facing the individual Chapter 11 debtor By Nancy Franks-Straus Federal Taxation, February 2012 A look at the income tax issues facing an individual filing Chapter 11.
Apparently, “head-in-the-sand” is not a valid defense By Jeffrey A. Mollet Commercial Banking, Collections, and Bankruptcy, November 2011 The recent case of U.S. v. Buchman gives practitioners guidance on what not to do to prove your case.
Recent decisions limit bankruptcy claims of PRP groups By Michele Gale Environmental Law, September 2011 The successful application of the Chemtura and Lyondell decisions to PRP claims in the Motors Liquidation Company bankruptcy could result in increasing the remediation obligations of other PRPs.
Protecting clients from danger in a 1031 Safe Harbor By Jack H. Tibbetts Real Estate Law, June 2011 The IRS regulation 2010-14 is a welcome safe harbor for solving some of the confusion and taxation issues when a Qualified Intermediary in a 1031 exchange files for bankruptcy protection or is subject to a receivership proceeding.
Selected developments in ag law By Donald L. Uchtmann Agricultural Law, May 2011 Five interesting developments involving farmers' forward contracts, the Illinois Grain Insurance Fund, livestock and the Agricultural Exemption to the Illinois Workers' Compensation Act.
Illinois local governments filing for Chapter 9 bankruptcies By W. Britt Isaly Local Government Law, December 2010 Chapter 9 bankruptcy is now available to eligible units of local governments, by way of the “specific authorization” section of the Bankruptcy Code, Section 109(c).
Comparable sales are admissible to establish whether bankruptcy sales reflect market value By Timothy E. Moran State and Local Taxation, August 2010 Author Tim Moran's summary of the Calumet Transfer v. PTAB case.
Dischargeability of child representative and guardian ad litem fees in bankruptcy By Arthur W. Rummler Child Law, March 2010 This article will review the dischargeability of certain divorce-related debts and explore a recent decision that applies the amended law to dischargeability of child representative and guardian ad litem fees incurred during a divorce case.
Environmental cleanup claims survive bankruptcy: US v. Apex Oil Co., Inc. By Raymond T. Reott and Becky J. Schanz Commercial Banking, Collections, and Bankruptcy, March 2010 Courts have issued conflicting opinions on whether claims for injunctions ordering the cleanup of environmental contamination are discharged in a bankruptcy proceeding.
In re Kucharz: Unemployment compensation included in a debtor’s “current monthly income” calculation although it is a “surprisingly difficult question” By Brent Wilson Commercial Banking, Collections, and Bankruptcy, March 2010 Should unemployment compensation be included in the "current monthly income" calculation? With the decision in In re Kucharz, Illinois Bankruptcy Courts are now evenly split on the issue with two courts ruling yes, two ruling no.
This is the ordinary course of business? Defenses to a preference action under 547(c)(2) By Lawrence O. Taliana Commercial Banking, Collections, and Bankruptcy, March 2010 A review of the basic cases related to arguing an “ordinary business terms” defense under 547(c)(2)(B) of the BAPCPA.
Innkeepers Lien Act and a boarder’s bankruptcy By Laura McFarland-Taylor Animal Law, January 2010 An interesting question came up on a listserv I belong to: whether or not a trustee in a boarder’s Arizona bankruptcy case could void that state’s agister’s lien in favor of the boarding barn and sell the boarder’s horses to satisfy the bankruptcy estate debts.
Environmental cleanup claims survive bankruptcy: US v. Apex Oil Co., Inc. By Raymond T. Reott and Becky J. Schanz Environmental Law, October 2009 In general, once a company files for reorganization under the federal bankruptcy laws and is reorganized, old creditors may not pursue debts arising before the reorganization.
Apprenticeship loan not dischargeable in bankruptcy By Michael R. Lied Labor and Employment Law, September 2009 Michael Kesler was undoubtedly surprised that he could not discharge a union apprenticeship program loan in bankruptcy court.
Bankruptcy ruling impacts agriculture By James R. Grebe Commercial Banking, Collections, and Bankruptcy, March 2009 On December 2, 2008, the Bankruptcy Court issued an order that provided to the Debtors broad latitude in assuming or rejecting outstanding grain contracts.
Bankruptcy ruling impacts agriculture By James R. Grebe Agricultural Law, February 2009 On October 31, 2008, Verasun Energy Corporation, et al., Debtors, filed a Voluntary Petition for Relief under Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code), with the U.S. Bankruptcy Court, Delaware District, as Case No. 088-12606 (BLS). Verasun Energy Corporation and related entities engage in the business of producing ethanol.
Insurance coverage for bankruptcy claims By Raymond T. Reott and Becky J. Schanz Commercial Banking, Collections, and Bankruptcy, April 2008 When a company is in bankruptcy, the rules for pursuing environmental claims often drive governmental agencies and other parties to assert claims against the bankrupt entity.
Impact of bankruptcy on a real estate lease By Konstantinos Armiros Commercial Banking, Collections, and Bankruptcy, November 2007 In a bankruptcy setting, the conventionally held notion that a commercial real estate lease is an asset is amplified in order to protect that asset from disappearing.
Cancellation of debt & Section 108 By Gregory A. Zbylut Federal Taxation, October 2007 In recent years, with interest rates at their lowest levels and banks seemingly giving away mortgages, owning one’s own home never seemed easier.
The Bankruptcy Abuse Prevention and Consumer Act of 2005 and its impact on seniors By Roza Gossage Elder Law, February 2006 The U.S. Congress has drastically revised the procedures and rules relating to the filing and discharge of a debtor in bankruptcy.