Here is a switch, I just covered this in my sports column, but it is relevant here too.
The Tribune Co. has filed for Chapter 11 bankruptcy protection in Delaware.
They have said in a news release, that the Chicago Cubs,...
Preferential payments while insolvent – must prove insolvent at time of payment
Civil - BankruptcyBaldi v. Samuel Son & Company, Ltd., Nos. 08-1022 & 08-1136 Cons. (11/24/08). Appeal, N.D. Ill. E. Div. Aff'd.Dist. Ct. did not err in denying Trustee's request to recover several payments that debtor had made within four...
new bill updates
Mortgage Foreclosure ActSenate Bill 2725 (Haine, D-Alton; Harris, D-Chicago) creates a 90-day stay in Illinois courts of action in any pending mortgage foreclosure. It also prohibits the filing of any new mortgage foreclosure action during...
New Illinois Bankruptcy caselaw
In re: Kreisler, No. 06-3881 (10/20/08). Appeal, N.D. Ill., E. Div. Reversed and remanded.Bankruptcy Court erred in invoking doctrine of equitable subordination to essentially reduce priority of claim that debtors had purchased at discount...
How to extend the life of your car
Below is a link to an article I found about how to get the most life out of your car.Many of my clients find themselves in bankruptcy with a huge car payment (or 2)
This extra money could go a long way to get one out of debt, so if you...
“Your guide to the law” from the Chicago Bar Association
Here is a posting that I came across for a free legal guide.
Note, that it is always wise to talk to a lawyer to get exact advice based on your unique position.
I offer free bankruptcy consultations, so pick up the phone and...
New legal blog link
Click the tag below to see some of the top blog sites for law related issues.
Launching Spanish Bankruptcy website
We have been up to some exciting things lately. We have launched our Spanish version of Chicago Bankruptcy Network, or "Red de la bancarrota de Chicago" en Espanol! The site is located...
Updated Median Income Figures for Means Test Calculations
As of Cases filed on or after October 1, 2006, the US Census bureau has issued new figures to compare a debtor's income against the for Median Income Level for their family size in their state.
The new figures are as follows for Illinois:
Family...
Bankruptcy and credit reports
I am often asked 'How long will bankruptcy stay on my credit report?'
Under the Fair Credit Reporting Act, bankruptcy filing can remain on your credit report for up to 10 years. However, most debtors are able to get new credit shortly after...