… but still in the national top 10, meaning that 1 in 550 housing units in Illinois is now in foreclosure. That in turn translates to roughly 1 out of every 10 residential homes.
But the real scourge of the real estate market is that is has hollowed out entire blocks and permanently affected the ability of homeowners to move, sell, divorce, or refinance. Most are stuck, and many are stuck paying for more house than they actually have.
Posted in current affairs, current-events, data, debt, default, depreciation, economy, foreclosure, IL, individual, investments, liability, lists, loan, Middle class, mortgage, obama, property, reaffirmation, real property, research, short sale, state court, statistics, stimulus package, subprime, subprime mortgage
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:
- Applied Bank Unsecured Visa Gold Card
- First Premier Bank MasterCard
- Baby Phat Prepaid Visa RushCard
- Hooters MasterCard
- The Shack Credit Card
- Shell Select Member Card
- Visa Black Card
- JCPenney Rewards Credit Card
- Household Bank Premium Platinum MasterCard
Posted in article, bankruptcy, ch 13, cir 7, consumer, credit, credit card, credit cards, credit counseling, creditor, current-events, data, debt, economy, individual, means test, research, retail, subprime, wealth
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 Spock, circa Star Trek II, the needs of the many outweigh the needs of the few.
Posted in assets, attorneys, avoidance, bad faith, bankruptcy, business, business filings, case update, ch 11, ch 13, ch 7, cir 7, collateral estoppel, confirmed plan, consumer, corporation, credit, creditor, current-events, data, debt, discharge, ED, fiduciary, IL, individual, ND, opinion, research
Tagged liability of corporate principals
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.
Posted in adversary, bankruptcy, ch 13, cir 7, consumer, current-events, ED, IL, individual, ND, opinion, research, squires
In re Olde Prairie Block Owner, LLC
Opinion Issued by Judge: Jack B. Schmetterer
Click here to download and view the Opinion in .pdf format.
Posted in bankruptcy, ch 13, ch 7, cir 7, consumer, current-events, IL, individual, judge, ND, opinion, research, schmetterer
Tagged Data Formats, Document, Google Doc, Graphics Interchange Format, Judge Schmetterer, Limited liability company, Northern District of Illinois, PDF, Portable Document Format, Publishing
In re Lisa C. Davis, 08-16025
Issued December 16, 2010
By Judge Eugene Wedoff
The Issue: 11 USC 1325(b), introduced by BAPCPA in connection with the notorious hanging paragraph at 1325(a) – states that a plan of reorganization in Chapter 13 must commit all the debtor‘s discretionary income each month or pay creditors in full; or face dismissal. The issue in this case was whether 1325(b) requires the debtor to commit all discretionary income or pay all creditors in full when seeking to modify their confirmed Chapter 13 Plan.
The Upshot: No. 11 USC 1325(b) does not require the debtor’s full commitment of discretionary income or full payment of creditors when a confirmed plan is under consideration. When a debtor sought to modify her plan due to a change in circumstances that would have permitted her to pay less at the outset of the plan and shorten the plan’s commitment period if it had occurred before the initial plan was drawn up, the Court allowed her to use those lower numbers going forward regardless of whether the use of those figures satisfied 1325(b).
Ed. Note: Booyah! Chapter 13 debtors win.
Posted in 1322(b)(11), 1325(a)(5), 1325(a)(9), 1325(b), amendment, bad faith, bankruptcy, BAPCPA, ch 13, cir 7, confirmed plan, cramdown, current-events, disposable, ED, IL, income, judge, legislation, means test, median income, motion, ND, opinion, plan, research, wedoff
In re Braden J. Adolph, 09-32836
Issued: January 28, 2011
By: A. Benjamin Goldgar
The Issues: The proper use and interpretation of 11 USC 707(a) and (b), the dynamic duo of bankruptcy dismissal. Under consideration is the distinction between dismissal for cause via 707(a) and the presumption of abuse in 707(b).
The Upshot: Judge Goldgar engages in a close analysis of 11 USC 707 and determines that bad faith is not a reason to dismiss under 707(a) and only consumer debts can be excepted from discharge under 707(b) – especially in light of BAPCPA. In this case, where an Attorney seeks his fees from a business debtor of his Client, the Court finds him to be out of luck – not a consumer debt, and not a bad faith filing. Boom shakalaka.
Click here to view and download the opinion in .pdf format.
Posted in 707, bad faith, bankruptcy, Bankruptcy Rules, business, business filings, case update, ch 7, cir 7, consumer, corporation, current-events, data, debt, discharge, dismissal, docket, ED, fraudulent transfers, goldgar, IL, individual, judge, legislation, motion, motion to dismiss, ND, opinion, order, research, small business
Tagged Bankruptcy, Bankruptcy Abuse Prevention and Consumer Protection Act, Debt, law, Lawyers and Law Firms, Services, Title 11 of the United States Code, United States