Tag Archives: Bankruptcy Code
Federal Court Closes Multiple Filing Loophole
The 2005 Bankruptcy Code reforms substantially changed the procedure regarding the automatic stay and eviction proceedings, and the law on this point is still rather uncertain. A New York bankruptcy court recently tried to make sense of the new rules, and since the judge interpreted federal law, the decision could impact bankruptcies in other… Read More »
‘Neither A Borrower Nor A Lender Be’
Five former students want a federal judge to classify them as creditors in the ongoing ITT Tech bankruptcy. The government began scrutinizing the Indiana-based for-profit school, which had 137 sites in 39 states, in 2014, as the Education Department looked into allegations of fraud regarding program offerings and students’ future job prospects. The hammer… Read More »
Asset Valuation Issues In Bankruptcy
Social media is the new frontier for bankruptcy trustees in Illinois and elsewhere. Curtis James Jackson III (a/k/a rapper 50-cent) raised some eyebrows in the trustee’s office after he posted an Instagram photo that appeared to show him posing with mounds of undeclared cash; he later explained that the money was all fake. Roughly… Read More »
Bankruptcy In The Ohio Valley
Although the gross numbers have dropped precipitously, the filing rate for all kinds of bankruptcies remains high in Kentuckiana. The number of cases has dropped by 40 and 44 percent in Kentucky and Indiana since 2010, but the states still rank eighth and sixth in terms of the number of filings per person. Statistically,… Read More »
What Kind Of Bankruptcy Is Right For You?
The underlying purpose of the Bankruptcy Code is to give the honest but unfortunate debtor a fresh financial start. Some people are burdened with unsecured debt, like credit cards and medical bills. Typically, debtors in these situations want to eliminate this debt as quickly as possible and start rebuilding their credit. Other people are… Read More »
Protecting Cash In Bankruptcy
Both Illinois and Indiana have wildcard exemptions that can be used on any otherwise non-exempt property, like savings accounts, rental property, vacation homes, boats, and so on. Although the dollar values are relatively high ($4,000 in Illinois and $9,350 in Indiana), they may be insufficient to cover a large amount of inherited cash, which… Read More »
Priority and Superpriority Bankruptcy Claims
In a recent bankruptcy case, Illinois reached a superpriority claim settlement agreement with the major coal producer Peabody Energy, reports MiningWeekly.com. Large coal producers, such as Peabody Energy, are sometimes allowed to self-bond so that they can operate mines without setting aside sums of money reserved for cleaning up their mining site in the… Read More »
Chapter 7 Bankruptcy: The Means Test
Chapter 7 bankruptcy is the most common type of bankruptcy for consumers and is designed to help average-income and low-income people who need help getting out of debt. More specifically, Chapter 7 bankruptcy is only available to bankruptcy filers who either do not have income or do not have income sufficient to repay their… Read More »
