Tag Archives: Chapter 7 Bankruptcy
Hanging Onto Your Car After You File An Indiana Bankruptcy
Many auto loan companies are somewhat patient with regard to late payments. But it is best not to depend on the kindness of strangers. Legally, the lender can repossess your vehicle after just one missed payment, in most cases. In a place like Indiana, such a sudden loss is highly disruptive to say nothing… Read More »
Special Issues In An Indiana ‘Grey Bankruptcy’
Medical bills are one of the leading causes of bankruptcy filings among all age groups. But this problem is especially acute for people over 55. The number of filers in this age group has doubled since 1994, even as overall bankruptcy filing statistics have fallen significantly. Even if they have medical insurance or Medicare,… Read More »
Should I File Chapter 7 Or Chapter 13 Bankruptcy In Illinois?
Over the years, several Supreme Court Justices have declared that the Bankruptcy Code gives an “honest but unfortunate debtor” a fresh start. The vast majority of all debtors are honest, although the occasional fraud cases, like the 2016 Dance Moms bankruptcy saga, always make the headlines. Moreover, the vast majority of bankruptcy debtors are… Read More »
The Different Types Of Bankruptcy
The Bankruptcy Code provides for several different types of consumer bankruptcy, but nearly all these voluntary petitions fall under either Chapter 7 or Chapter 13. Both these plans have some things in common. In each case, the debtor must undergo pre-filing debt counselling, as well as a post-filing financial management class. Both types trigger… Read More »
Court Decision Highlights What Bankruptcy Can And Cannot Do
In a March 2017 opinion, the Indiana Supreme Court distinguished between an in rem proceeding against property and an in personam proceeding against individuals to deny mortgage relief in a Chapter 7 case. McCullough v. CitiMortgage involved a long-running dispute between the homeowners and a mortgage company. According to court documents, in the early… Read More »
What Happens To Property In A Chapter 7?
Probably because of the procedural nickname (“liquidation”), many people erroneously believe that they will lose most or all their property after they declare bankruptcy in order to pay their creditors. After all, that’s essentially what happens in Monopoly and some other finance-based party games. This belief does have some basis, because debtors do indeed… Read More »
New Republic Airways To Emerge From Bankruptcy
The Indianapolis-based regional airline submitted a Chapter 11 reorganization plan to a bankruptcy judge, and if it is approved, Republic should emerge from bankruptcy sometime in the first quarter of 2017. A protracted contract dispute with its pilots meant that the carrier could not fulfill its obligations to United, American, and Delta, forcing the… Read More »
Chicago Schools Mull Bankruptcy
Faced with a $1 billion deficit and almost no way to make up the difference, the Chicago Public Schools are once again contemplating bankruptcy. But what would happen if a petition is filed? Both Governor Bruce Rauner and Mayor Rahm Emanuel have floated Chapter 9 bankruptcy as the best available option, as the state… 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 »
Bankruptcy Month
Some observers believe that venerable retailer Sears may be getting a head start on the unofficial holiday that does not involve a gift exchange or warm nostalgic feelings, and so no one wants to celebrate it. Just as the busy holiday shopping season started, Sears announced that it was closing several K-Mart locations and… Read More »
