LEEDERS LAW
In the state of Illinois, bankruptcy exemptions are used to protect certain assets from being seized by the bankruptcy court and used to repay creditors. The purpose of these exemptions is to ensure that filers are able to maintain a basic standard of living and keep essential property after filing for bankruptcy.
Judge Harry C Dees, Jr. has ruled that Notre Dame football season tickets are not tangible, and thus sustained the chapter 7 trustee's objection to the exemption the debtor claimed in the bankruptcy case. This allows the trustee to liquidate...
This is the holy grail in bankruptcy, what every chapter seven debtor wants. A no asset report by the standing bankruptcy trustee means there are no assets to administer in the bankruptcy case for the benefit of creditors. It's either because...