Tag Archives: Chicago Chapter 7 Bankruptcy Lawyers
Prominent Real Estate Investor Files Bankruptcy
A huge shareholder lawsuit in Northern Illinois may have pushed the onetime “King of Downtown Orlando” over the financial precipice. Ten years ago, Cameron Kuhn employed seventy people, owned twenty choice properties in downtown Orlando, and was expanding into new markets in northern Florida, Georgia, and Louisiana. But then the real estate market crashed… Read More »
ITT Tech Bankruptcy Spills Over Into The Civil Arena
The bankruptcy trustee wants the judge to halt two civil actions against the bankrupt for-profit college, but government officials want the actions to proceed. Deborah Caruso, who is overseeing the bankruptcy on behalf of the judge, filed a motion to stay all pending Freedom of Information Act requests and consumer fraud lawsuits, including the… Read More »
Trustee Files Motion To Convert In Yellow Cab Bankruptcy
Claiming that the company can no longer afford to pay its bills, U.S. Trustee Patrick Layng asked a bankruptcy judge to involuntarily change the tax company’s Chapter 11 reorganization to a Chapter 7 liquidation. Mr. Layng, who oversees bankruptcies in the Northern District of Illinois on behalf of the judge, added that Yellow Cab… Read More »
The Trustee Is Not…
Indiana and Illinois both have rather generous bankruptcy exemptions, so most debtors get to keep their homes and retirement accounts, even in a Chapter 7. However, ancillary assets like rental houses or second vehicles are sometimes more difficult to protect under either the standard or wildcard exemptions. Sadly, some people do not file necessary… 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 »