Category Archives: ch 13

Bankruptcy filings down

According to a NY Times article, bankruptcy filings are down.  There are projected to be between 5 and 10% few filings this year.  There are a number of factors cited: access to credit, amount of consumer debt, and economic factors (unemployment and foreclosures).

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Illinois Foreclosure Statistics

7th Cir. Opinions

7th Circuit Opinion Summaries courtesy of Justia.com

United States v. Rogan

Bankruptcy, Criminal Law, Government, White Collar Crime

River Road Hotel Partners, LLC v. Amalgamated Bank

Bankruptcy

Bloomfield State Bank v. United States

Bankruptcy, Real Estate & Property Law, Tax Law

Costello v. Grundon

Bankruptcy, Commercial Law, Securities Law

CDX Liquidating Trust v. Venrock Assocs., et al

Bankruptcy, Business Law, Securities Law

Reedsburg Util. Comm’n v. Grede Foundries, Inc.

Bankruptcy, Utilities Law

Kimbrell v. Brown

Bankruptcy, Injury Law

Over 50, Out of Work, Family Stopped Loving Him

There, but for the grace of God, go I.

Mike Risinger from Over Fifty and Out of Work on Vimeo

Satan’s Credit Cards

This article in CNNMoney identifies 9 credit cards industry experts told CNNMoney were among the worst in America for nose-bleed interest rates and ridiculous fees. Here’s the list:

  1. Applied Bank Unsecured Visa Gold Card
  2. First Premier Bank MasterCard
  3. Baby Phat Prepaid Visa RushCard
  4. Hooters MasterCard
  5. The Shack Credit Card
  6. Shell Select Member Card
  7. Visa Black Card
  8. JCPenney Rewards Credit Card
  9. Household Bank Premium Platinum MasterCard

 

Harris v. Gander Partners (ND IL)

Harris N.A. v. Gander Partners LLC ,(N.D.Ill.)

Issue: When an LLC is in Chapter 11 reorganization, can a creditor collect directly from the principals of the company instead?

Answer: Apparently not in the Northern District of Illinois

Upshot: Here, the Court upheld an injunction entered by the Bankruptcy Court after determining that

  • The participation of these principles was essential to the company’s reorganization
  • If these principles were distracted by this lawsuit the reorganization would likely fail
  • Many other creditors would be harmed financially if this reorganization failed; and
  • The creditor seeking to collect only faced only a temporary stay, anyway.

In the immortal words of Spockcirca Star Trek IIthe needs of the many outweigh the needs of the few.

 

In re Shields/Springer v. Shields (ND IL ED)(J. Squires)

In re Earl W. Shields,  10-000943
800 Springer v. Shields, 10-00693

Issued:    February 8, 2011
By Judge: John H. Squires

Click here to download and view the Opinion in .pdf format.