Illinois Bar Journal


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Articles on Bankruptcy

From the Discussions - Can these debtors keep their home after bankruptcy? August 2016 Article, Page 31 Q. H & W have $75K equity in a home and own an underwater rental property. Can they keep the home and let the rental property go in bankruptcy?
Yes, Income Taxes are Dischargeable in Bankruptcy By Robert V. Schaller July 2016 Article, Page 32 The Bankruptcy Code allows debtors to discharge income taxes if they wait long enough before filing and didn't commit fraud or evade paying tax.
From the Discussions - Bankruptcy after stipulating to denial of discharge May 2016 Article, Page 40 Can someone who stipulates to a bankruptcy denial of discharge file later under Chapter 13 on the same debt?
Can Debtors Discharge Divorce-Based Attorneys’ Fees in Bankruptcy? February 2015 Column, Page 50 In Chapter 7, no; in Chapter 13, maybe.
Is Discharging Student Loan Debt in Bankruptcy Getting Easier? By Paul B. Porvaznik November 2014 Article, Page 540 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.
Property Tax Sales and Bankruptcy after Alexandrov v. LaMont By Andrew J. Hawes July 2014 Article, Page 346 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.
Bankruptcy and the Series LLC: Can Creditors Pierce the Veil? By John T. Wagener and Kenneth D. Peters May 2014 Article, Page 236 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?
Correspondence from Our Readers October 2013 Column, Page 494 More on recorders and red-flagging; Bankruptcy and divorce.
Three Rules for Drafting Marital Settlement Agreements in Anticipation of Bankruptcy By Matthew M. Benson September 2013 Article, Page 474 These three rules can help keep your work for a divorcing client from being undone when one of the parties files for bankruptcy.
Protecting Settling Plaintiffs When a Defendant Goes Bankrupt By Christopher B. Lega April 2013 Article, Page 200 Most settlement agreements ignore an important risk - that the defendant will file for bankruptcy shortly after settlement. Here's how to protect plaintiffs.
Chapter 13 Bankruptcy: Tips for Representing Creditors By Faiq M. Mihlar and Heather M. Giannino March 2012 Article, Page 150 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.
Are Inherited IRAs Exempt from Creditors in Bankruptcy? By Justin F. Polach December 2011 Article, Page 628 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.
Claim against public utility deemed to fall within jurisdiction of circuit court December 2011 Illinois Law Update, Page 610 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.
Estop that Lawsuit: Judicial Estoppel and the Bankruptcy Debtor-Turned-Plaintiff By Christopher B. Lega May 2011 Article, Page 250 Judicial estoppel can derail a plaintiff who filed for bankruptcy but then brought a lawsuit he failed to reveal in the bankruptcy case.
Bankruptcy lawyers are “debt relief agencies,” high court rules By Helen W. Gunnarsson July 2010 LawPulse, Page 342 As such, they may not advise clients to incur additional debt and must label themselves "debt relief agencies" in ads.
LLC Members by Default? By Lin Hanson June 2010 Column, Page 328 If an LLC member loses her shares, to what extent does a creditor stand in her shoes?
Federal standard time By Helen W. Gunnarsson February 2010 LawPulse, Page 66 New laws standardize the way time periods are calculated in federal court.
The new-lawyer Q and A February 2010 Column, Page 108 Does bankruptcy affect my lottery winnings?
Chapter 7 is Alive and Well Despite the “Means Test” By Matthew M. Benson September 2009 Article, Page 470 The "means test," which was expected to render Chapter 7 bankruptcies largely unavailable, only affects a handful of debtors.
Creative ways to fend off foreclosure By Helen W. Gunnarsson March 2009 LawPulse, Page 116 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.
Asked and Answered February 2009 Column, Page 104 How do I add a creditor to an old bankruptcy case?
Asked and Answered March 2008 Column, Page 151 Should I do a bankruptcy search?
Bankruptcy’s fresh-start policy trumps foregone creditor claims November 2006 Illinois Law Update, Page 584 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.
Suing Defendants Who Later Declare Bankruptcy: Vacating a Dismissal for Want of Prosecution By Anna-Katrina S. Christakis and 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.
The Impact of an Employer’s Bankruptcy on Employees By Travis J. Ketterman June 2006 Article, Page 304 This article looks at how workers can protect their rights when their employer enters bankruptcy.
Family Law and the New Bankruptcy Code By John J. Johnston March 2006 Article, Page 128 The new Code amendments have a major impact on family law - here are key provisions, issues, and strategies.
Bankruptcy practice after bankruptcy reform By Helen W. Gunnarsson January 2006 LawPulse, Page 10 Dire predictions notwithstanding, serious consumer bankruptcy practitioners appear still to be in business. Costs have gone up, though, and let the dabbler beware.
Will bankruptcy reform cause domestic violence? By Helen W. Gunnarsson December 2005 LawPulse, Page 614   Part of the purpose of the bankruptcy reform legislation is to increase pressure on debtors. Will that pressure explode into physical rage?  
Advantage to Creditor: Understanding Preference Actions and Available Defenses By Edward S. Margolis November 2005 Article, Page 590 The bankruptcy reform law adds some new pro-creditor wrinkles to defending preference actions.
Bankruptcy Reform for Non-Bankruptcy Lawyers By Bruce C. Scalambrino October 2005 Article, Page 518 Though bankruptcy reform may be bad news for consumers and their attorneys, creditors will find much to like in the new law.