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Podcast - Panel for Consumer Commission discusses recommendations on BAPCPA's Credit Counseling requirement

Members of ABI’s Commission on Consumer Bankruptcy discuss the recommendations in the Final Report focused on the Code’s credit counseling and financial management course requirements, and asks the question: do the new provisions make a f… Read More
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Mack Industries - Agenda for Omnibus Hearing on July 17, 2019

We just posted a copy of the agenda for the upcoming Omnibus Hearing on the Mack Industries avoidance actions filed by our office. The next hearing will take place on July 17, 2019. Click here for to go to our Mack Industries page. Read More
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Categories: News

Chicago Appellate Court directs City of Chicago to release impounded vehicles when owner files Chapter 13 petition.

Seventh Circuit directs City of Chicago to release impounded vehicles and affirms holding in Thompson. Read More
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Notable parallels between the 2008-2009 financial crisis and today's high-risk alternative lending sector

This week, the American Bankruptcy Institute posted an article (which is reprinted below) identifying a growing trend that may impact a large sector of the economy: alternative lenders making risky loans. As many know, the 2008-2009 meltdown ensnared… Read More
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News stand. Mixed magazines and papers.

FactorLaw featured in Leading Lawyers Magazine, May 2019

An excerpt from the Leading Lawyers Magazine: “We are very much a family business, like many of the clients we are representing,” Factor says. “Providing top-notch service to our clients is the glue that holds us together. They’re getting the… Read More
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A lawyer is meeting with a new client, a young man in a suit and tie sits at the table. Share legal advice Explain the inheritance process Legal and financial business concepts

Court rejects "sufficiently rooted" test and holds bankruptcy estate does not include portion of bonus earned from prepetition employment

In In re Brown, Case No. 18-81242 (Bankr. C.D. Ill. May 9, 2019), Judge Perkins of the Central District of Illinois, concluded that property of the estate did not include that portion of a debtor’s annual bonus payable after the petition date t… Read More
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The Small Business Reorganization Act

Last month, the Senate Judiciary Committee reintroduced the Small Business Reorganization Act (SB 1091). SB 1091 is intended to streamline the process for small businesses (those with debts less than $2,566,050) that wish to use Chapter 11 to reorgan… Read More
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First Circuit adopts strict reading of numerosity requirement for involuntary petitions.

In In re Edgar A. Reyes-Colon, Nos. 17-1971, 17-1972, (1st Cir. April 24, 2019), the First Circuit rejected the contention advanced by the two creditors that filed an involuntary petition against a debtor with more than twelve creditors, that there i… Read More
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Categories: Uncategorized

Money inherited more than 180 days after petition date belongs to Chapter 13 bankruptcy estate

In Moore, the bankruptcy court for the Eastern District of Tennessee joined a majority of courts and held that money inherited outside of the 180 day window set forth in § 541 was still property of the chapter 13 estate. In the Moore case, the debto… Read More
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Beware of Bankruptcy Petition Preparers

Every now and then, a debtor will appear in bankruptcy court on a case that is set to be dismissed. The nervous debtor will stand at the podium, and the judge will ask the debtor why he or she has not filed certain required papers within the time pre… Read More
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