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When a Debtor files for bankruptcy relief, he or she must disclose all actual and potential property rights, even if he or she believes the property rights have no value. The general rule of thumb is “disclose, disclose, disclose.” Debtors rarely… Read More

Whenever a Debtor files Bankruptcy, a trustee is assigned to the case. Trustees are selected as part of the United States Trustee Program, which is overseen by the Department of Justice (DOJ). At times, instead of a U.S. Trustee overseeing the case,… Read More

FactorLaw’s own Ariane Holtschlag is slated as a speaker at the 32nd Annual Spring Meeting of the American Bankruptcy Institute. A Chicago bankrtuptcy attorney with prior speaking experience and ongoing involvement in bankruptcy matter, Ariane… Read More

In Illinois, Property Taxes are due each year. If a homeowner does not pay their Property Taxes a year after they are due, a lien will automatically arise on their home in order to secure those taxes. Eventually, a home can be sold for delinquent Pro… Read More

Personal income taxes are an important source of revenue for the operation of our Federal and State government. When the Bankruptcy Code was enacted, the laws made it very difficult to discharge tax debts in bankruptcy with the operations of the gove… Read More

Individuals after filing bankruptcy are often taken by surprise when they find out that they actually have to face their creditors in what is formally called a “Section 341 Meeting” or otherwise known as a “Trustee Meeting.” The trustee presi… Read More

Many individuals are still financially struggling to recover from what has been described as one of the worst economic climates since the great depression of the 1930s. In this current era of financial hardship, Chapter 7 Bankruptcy is seen as an alt… Read More