Category Archives: individual

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

Stern v. Marshall (US S.Ct.)

Seal_of_the_supreme_court

Stern, Executor for Est. of Marshall v. Marshall, Executrix for Est. of MarshallSupreme Court of United States   Decided June 23
Click here to view and download the opinion in .pdf format.
The Question: Whether a bankruptcy court judge hadauthority under 28 U. S. C. §157 and Article III of the US Constitution to enter final judgment on a counterclaim filed by Vickie Lynn Marshall a/k/a Anna Nicole Smith (whose Estate is Petitioner) against Pierce Marshall (whose Estate is Respondent) in her bankruptcy proceedings.
The Upshot: As set forth in §157(a) Congress divided bankruptcy proceedings into 3 categories:
  1. Cases under Title 11;
  2. Cases arising in a Title 11 case; and
  3. Cases related to a case under Title 11.
With respect to the first 2 categories, “core proceedings arising under title 11, or arising in a case under title 11,” District courts refer proceedings to bankruptcy judges, who intern are empowered to enter a final judgment. §§157(a), (b). Pierce argued that the bankruptcy court lacked jurisdiction to resolve Vickie’s counterclaim because his own initial defamation claim against her was a “personal injury tort” – that is, the kind of thing that the bankruptcy court lacked jurisdiction to hear under §157(b) because it did not arise under title 11 or arise in a title 11 case.
The Decision: A majority of the Supreme Court agreed with Pierce and rejected the claim made by the estate of Anna Nicole that the bankruptcy court legitimately exercised jurisdiction over the counterclaim as an adjunct of the District Court or Court of Appeals. Instead the Court held that the 1984 Bankruptcy Act and §§157(c) and 1334(c) required that some matters be sent to the State or District courts for resolution, and nothing about this situation changed that basic division of labor.

In re Highlands of Montour, 10-21678 (ND IL ED) (J. Hollis)

In re: Highlands of Montour Run, LLC 10-21678

Opinion Issued June 08 ’11  By Judge Pamela S. Hollis

Summary: Creditor objected to approval of disclosure statement where plan contemplated using rents from apartment complex after the automatic stay had been lifted with respect to the apartment complex and creditor had asserted its right to take possession of the apartment complex and the rents.  Creditor’s objection was sustained on the basis that the rents were no longer property of the estate.

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

College Illinois goes Bust

Seal of Illinois. Center image extracted from ...

Image via Wikipedia

College Illinois lets parents invest today and lock in tuition for their kids down the line.  Now Attorney General Lisa Madigan has opened a review of the program. The commission has run a deficit of over $300 million for 2 years due to lax investment practices like its $12.8 million in Shorebank Corp., which collapsed last year.  Spokespeople for the commission say they were attempting to keep pace with the cost of higher-education … but lost everything instead. Oops! Now it looks like the system is out of money; and since investments are not guaranteed, the investors (parents) appear to be out of luck.

Via couriernews.suntimes.com

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