Tag Archives: Chapter 13 Bankruptcy Chicago
Five Tips For Recovering From An Illinois Bankruptcy
Bankruptcy filings are down overall, but not in Chicago. In 2015, the Northern District of Illinois was the busiest bankruptcy district in the country. Many of these people filed bankruptcy to take advantage of the automatic stay. Section 362 of the Bankruptcy Code stops almost all creditor harassment, including repossession and foreclosure. Others sought… 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 »
What’s The Difference Between Chapter 7 And Chapter 13?
A number of times over the last hundred years, and perhaps most recently in 1998, the Supreme Court has reaffirmed that the purpose of the Bankruptcy Code is to give the “honest but unfortunate debtor” a fresh start. There is only one kind of honest, but there are several kinds of misfortune, which is… Read More »
Casino Remains On Track To Exit Bankruptcy
In much the same way that consumers deal with debts in a Chapter 13 bankruptcy, Caesars Entertainment Corporation hopes that Chapter 11 will give it a fresh start. The company announced that about 90 percent of shareholders approved a merger between Caesars Entertainment Corporation, the bankrupt entity, and Caesars Acquisition Company. The merger is… Read More »
Honk Honk: Parking Tickets And Bankruptcy
While the number of filings has declined overall, Chicago has the the highest number of non-business Chapter 13 bankruptcy filings in the country, and almost half of them list the Chicago Parking Bureau as one of the creditors. The Windy City is notorious for its high parking ticket fines and aggressive collection procedures. In… Read More »
Indiana Rejects Peabody Bankruptcy Plan
Concerns over future mine cleanup costs have put the energy giant’s Chapter 11 bankruptcy on hold, at least for now. The state of Indiana, along with some environmental groups, were among the only parties that objected to an $8 billion reorganization plan. Peabody said it would use a controversial though federally-approved plan to clean… 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 »
