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‘Chapter 20’ Debtors Can Strip Junior Liens, 9th Circ. Says A Ninth Circuit bankruptcy panel ruled Thursday that distressed homeowners who convert from Chapter 7 to Chapter 13 bankruptcy can strip wholly unsecured junior liens, joining a… Read More

On November 11, 2014, William Factor debated whether student loans should be dischargeable at the American Bankruptcy Institute’s Consumer Conference (Chicago). Taking the affirmative position, Mr. Factor argued that the law should be amended s… Read More

Yesterday, July 14, 2014, Illinois Attorney General Lisa Madigan filed lawsuits against two debt settlement companies, Broadsword Student Advantage LLC, and the Chicago based First American Tax Defense LLC. Read More

363 Case – A term that has come to describe a Chapter 11 case that is filed largely to facilitate the sale of the debtor’s assets pursuant to the protections of §363 of the Bankruptcy Code, as compared to a case filed to restructure the debtor�… Read More

What Is a Single Asset Real Estate Bankruptcy Case? Under the Bankruptcy Code, a single asset real estate means real property constituting a single property or project, other than residential real pr operty with fewer than 4 residential units, which… Read More

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

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