Publications

Articles on Bankruptcy

Discharging Student Loans in Bankruptcy: Yes, it Can Be Done

By Joshua Gross
February
2017
Article
Page 26
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.

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.

Pages

Select a Different Subject