Section Newsletters

Articles on Bankruptcy

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 and Natural Resources 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 & 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 & Becky J. Schanz Environmental and Natural Resources 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 & 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.
Transfer of marital residence found fraudulent by Bankruptcy Court By Matthew G. Shaw Family Law, April 2007 Most family law practitioners experience the dissolution case that is fraught with financial problems.
Bankruptcy may sound death knell for subsequent civil action By Michael J. Marovich Commercial Banking, Collections, and Bankruptcy, November 2006 A potential client comes to your office to discuss a possible new civil case that he seeks representation on.
Federal court denies protection in bankruptcy for inherited IRA By Robert S. Held & Vasili D. Russis Commercial Banking, Collections, and Bankruptcy, November 2006 A bankruptcy court, applying Illinois law, held that a debtor’s interest in an inherited IRA was not exempt from the claims of the debtor’s creditors.
Bill status report: Section Council Action as of 09/22/06 Commercial Banking, Collections, and Bankruptcy, October 2006 Recent legislation of interest.
Bankruptcy law and family court By Hon. Barbara Crowder Bench and Bar, September 2006 “I’m a state court judge (or lawyer). I don’t need to know no ‘stinkin’ federal law!”
Bankruptcy may sound death knell for subsequent civil action By Michael J. Marovich Civil Practice and Procedure, September 2006 A potential client comes to your office to discuss a possible new civil case. He tells you that he wishes to file a civil matter seeking money damages against some person or company and asks if you will handle it for him.
New bankruptcy law changes for nonresidential landlords and tenants By Jack H. Tibbetts Commercial Banking, Collections, and Bankruptcy, September 2006 The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 became effective October 17, 2005.
Response to article by John B. Kincaid, “Attorney’s Retaining Lien, Circa 1889” in Trial Briefs, March 2006 By Eugene Crane Civil Practice and Procedure, June 2006 Bankruptcy changes the rights of parties to the proceeding even if valid elsewhere.
New bankruptcy law changes for nonresidential landlords and tenants By Jack H. Tibbetts Real Estate Law, May 2006 The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 became effective October 17, 2005.
Who says bankruptcy isn’t interesting? By Terry Sharp Commercial Banking, Collections, and Bankruptcy, May 2006 If you are an insolvency lawyer interested in bankruptcy, debtors’ rights, and creditors’ remedies, the recent Supreme Court decision Central Virginia Community College v. Katz, 126 S.Ct. 990 (2006), is a “must read.”
Chapter 9 Bankruptcy in Illinois: The obvious now has precedent By Michael G. Cortina Commercial Banking, Collections, and Bankruptcy, March 2006 Since the Bankruptcy Reform Act of 1994, there has been little question as to the lack of eligibility of municipalities in Illinois for relief under Chapter 9 of the United States Bankruptcy Code.
Deferred compensation plans: How the new bankruptcy law affects them and an update on IRC Section 409A By Donna F. Hartl Commercial Banking, Collections, and Bankruptcy, March 2006 As most people are aware, a new bankruptcy law goes into effect after October 17, 2005.

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