Section Newsletters

Articles on Bankruptcy

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.
Bill status report (Section Council action as of 11/28/05) By Stephen Olson Commercial Banking, Collections, and Bankruptcy, January 2006 Recently introduced legislation of interest.
Financial planning for retirement plan assets under the new Bankruptcy Code By James A. Nepple Business Advice and Financial Planning, January 2006 The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“BAPA”) is effective beginning October 17, 2005.
Bankruptcy 2005: New landscape for preference proceedings By Kevin C. Driscoll, Jr. Commercial Banking, Collections, and Bankruptcy, December 2005 Though largely noted for its reform of consumer bankruptcy law, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (New Code) makes notable changes to non-consumer bankruptcy law.
Section 105 bankruptcy sanctions By Bradley W. Small & Philip D. Speicher Commercial Banking, Collections, and Bankruptcy, December 2005 Section 105 of the Bankruptcy Code, although used sparingly, is an alternative source of authority permitting the Bankruptcy Court to impose sanctions against those attorneys who abuse the courts or judicial process.
The family lawyer’s guide to bankruptcy reform By Paul Osborn Family Law, October 2005 The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“BAPCPA”) makes the most substantial changes to the Bankruptcy Code since its enactment in 1978.
Revisions to Chapter 12 under the new Bankruptcy Code Provisions By Jeffrey A. Mollet Commercial Banking, Collections, and Bankruptcy, July 2005 The recent bankruptcy bill included changes to the provisions of Chapter 12. Among them are the following highlights:
Revisions to Chapter 12 under the new BankrCode provisions By Jeffrey A. Mollet Agricultural Law, June 2005 The recent bankruptcy bill included changes to the provisions of Chapter 12.
Small business afforded streamlined processing under Chapter 11 By Michael J. Chmiel Business and Securities Law, April 2005 Under the United States Bankruptcy Code,1 just about any person (i.e., company, corporation, individual, partnership, etc.) can pursue debt relief under Chapter 11, which provides for reorganization and/or liquidation.
Exploring the bankruptcy law issues a tort law practitioner faces in a Wrongful Death Act case By Mark L. Karno Tort Law, November 2004 The wife of one of your clients walks in the door of your offices in tears.
Seventh Circuit caselaw update By Sumner A. Bourne Commercial Banking, Collections, and Bankruptcy, May 2004 In re Crawford, 324 F.3d 539 (7th Cir. 4/1/03): Debtor filed a Chapter 13 plan that sought to pay one unsecured debt faster than other unsecured debts, and classified one non-dischargeable debt for full payment.
U.S. Supreme Court decides bankruptcy cases of interest By Jeffrey D. Richardson Commercial Banking, Collections, and Bankruptcy, May 2004 In our November 2003 issue I wrote an article about three bankruptcy decisions which were under review by the United States Supreme Court. I promised to keep you posted.
Helping corporate Chapter 11 debtors return to profitability By Janice Baugh Business and Securities Law, April 2004 Despite the recent turnaround in the economy, most experts are expecting the number of bankruptcies to maintain their current level in 2004.
Bankruptcy treatment of ipso facto clauses in intellectual property licenses By Beverly A. Berneman Commercial Banking, Collections, and Bankruptcy, February 2004 Attorneys who insert an "ipso facto clause" into an intellectual property license hope to give their client an "out" in the event that the other party files a bankruptcy.
Seventh Circuit rules: “Unpaid legal fees due debtors’ bankruptcy attorneys are discharged in Chapter 7” By Jeffrey D. Richardson Commercial Banking, Collections, and Bankruptcy, February 2004 On December 17, 2003, the Seventh Circuit Court of Appeals rendered a decision that will have a major impact on how Chapter 7 debtor attorneys negotiate and collect their attorney fees in bankruptcy cases for years to come.
U.S. Supreme Court to review recent bankruptcy decisions By Jeffrey D. Richardson Commercial Banking, Collections, and Bankruptcy, November 2003 The United States Supreme Court has agreed to review three recent bankruptcy appellate decisions of general interest to bankruptcy practitioners, including two decisions of the Seventh Circuit Court of Appeals.
U.S. Supreme Court to review recent bankruptcy decisions By Jeffrey D. Richardson Commercial Banking, Collections, and Bankruptcy, September 2003 The United States Supreme Court has agreed to review three recent bankruptcy appellate decisions of general interest to bankruptcy practitioners, including two decisions of the Seventh Circuit Court of Appeals.
Summary of bills considered by the Commercial Banking & Bankruptcy Law Section Council Commercial Banking, Collections, and Bankruptcy, March 2003    
Can a bankruptcy court enter a money judgment when it declares a debt nondischargeable? By Jeffrey D. Richardson Commercial Banking, Collections, and Bankruptcy, February 2003 In the September Bankruptcy Reporter advance sheets, a case is reported out of the United States Bankruptcy Court for the Western District of Oklahoma, In re Hamilton, 282 B.R. 22 (W.D. Ok. 2002).
Will bankruptcy wipe out your taxes? Probably not By Charles A. King & Julie-April Montgomery State and Local Taxation, February 2003 Often people and businesses have financial difficulties that result in the need to file for bankruptcy protection.
Fraudulent transfers under the bankruptcy code By Jill Murch Racial and Ethnic Minorities and the Law, August 2002 The old adage "nothing in life is free" is a time-honored principle that is embodied in the Bankruptcy Code's fraudulent transfer provisions.
Filing a proof claim in a bankruptcy case By Sumner A. Bourne Young Lawyers Division, June 2002 The first task in completing the claim form is to make sure that you have the correct entity entered in the name box of the claim form.
Chapter 12 DIP avoids landlord’s lien on crops By Jeffrey D. Richardson Commercial Banking, Collections, and Bankruptcy, December 1999 The United States Bankruptcy Court for the Southern District of Illinois has held that a Chapter 12 Debtor-in-Possession can use the lien avoidance powers granted a trustee to avoid the landlord's crop lien granted by Illinois statute in 735 ILCS 5/9-316.
Central and Southern District bankruptcy courts hold federal income tax “earned income credits” are exempt assets By Jeffrey D. Richardson Commercial Banking, Collections, and Bankruptcy, January 1999 Income refunds have always been a source of recovery for trustees in administering bankruptcy cases.

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