Chicago Bankruptcy Blog – Law Office of William J. Factor

Boston Judge Allows Conversion to Chapter 13 Just to Prevent the Sale of a Home

December 29th, 2017

As reported by the American Bankruptcy Institute on December 29, 2017, a Boston Judge Allows Conversion to Chapter 13 Just to Prevent the Sale of a Home Consumers are entitled to convert a Chapter 7 case to Chapter 13 even if the only reason is to pr… Read More

Eleventh Circuit Joins Ninth in Allowing Appellate Counsel Fees for a Stay Violation

December 6th, 2017

According to the ABI’s Rochelle’s Daily Wire: The Eleventh Circuit ruled that a debtor is entitled to recovery of attorneys’ fees incurred in upholding a judgment for violation of the automatic stay, siding with the Ninth Circuit’s de… Read More

Bankcrupty Chapter 13 text on Document form and Gavel isolated on office desk.

Most Districts Opt Out of National Chapter 13 Plan

December 5th, 2017

Research by Bloomberg Law shows that only about 13 of a total 94 judicial districts will use the national Chapter 11 plan form. The others all have local forms (although Bloomberg Law hasn’t independently confirmed if or how many of these conform w… Read More

Court Rules Engagement Rings are Exempt

November 28th, 2017

On Nov. 20, Bankruptcy Judge Jack B. Schmetterer of Chicago ruled that a wedding ring and an engagement ring are exempt as “necessary wearing apparel” without regard to value, as long as the wearer is still married to the person who gave it. Judg… Read More

Ariane Holtschlag Receives Prestigious ABI Award

November 16th, 2017

Ariane Holtschlag, 35, was named to the American Bankruptcy Institute’s (ABI) “40 Under 40” honoring innovators, disruptors, and rebels who represent the future leaders in the insolvency industry. A leader in FactorLaw’s sophisticated Consume… Read More

Categories: Uncategorized

Household Debt Rises

November 16th, 2017

The Federal Reserve Bank of New York said Tuesday that household debt totaled $13 trillion in the third quarter ended September 30, an increase of 0.9% from the previous quarter. This marks the 13th straight quarterly increase (not adjusted for infla… Read More

Categories: Uncategorized

Pre-bankruptcy Tuition Payments not Subject to Clawback

September 27th, 2017

It is not uncommon for a chapter 7 bankruptcy trustee to sue an educational institution to recover pre-bankruptcy tuition payments parents make on behalf of their children. The theory is that such payments benefit the child, not the parents, and can… Read More

Tax Liens And Judgments No Longer Used To Calculate Credit Score

August 6th, 2017

According to the website, http://www.720creditscore.com/blog/credit-system-changing-july-1/, as of July 1, tax liens and civil judgments will no longer impact a person’s credit score, as calculated by the three major credit agencies: Experian, Equi… Read More

Categories: Uncategorized

Discharge Injunction Violation Results in $90,000 Award

June 9th, 2017

A recent case in the District Court, Romanucci & Blandin, LLC et al. v. Lempesis, affirmed a judgment by the Bankruptcy Court awarding $90,000 for an especially egregious violation of the discharge injunction, including damages for emotional dist… Read More

Categories: For Creditors, For Debtors

Tags: automatic stay, bankruptcy, Chapter 7 Bankruptcy, discharge, discharge injunction litigation

Investment concept, Investor calculating profits on stock market exchange.

Protection from Creditor Harassment: the FDCPA

June 7th, 2017

Creditor harassment can be a big problem for people thinking about bankruptcy. Debt collectors may harass or abuse someone, make false or misleading statements, or take other improper actions. The Fair Debt Collection Practices Act is one tool that p… Read More

Categories: For Debtors, Illinois Bankruptcy

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