Author Archives: Jessica Holguin
Bankruptcy And Consumer Credit Reports
TransUnion and Equifax Information Services violated the Fair Credit Reporting Act by posting erroneous information on a post-bankruptcy credit report, according to court documents filed in an Illinois federal court. Mary Ahlers, of East St. Louis, says that the credit reporting companies recorded some debts as delinquent, as opposed to discharged, even after she… Read More »
Bankruptcy Filings Dip Slightly
According to the latest government statistics, distressed debtors have less money, owe less money, and are filing fewer voluntary bankruptcy petitions than they were a year ago. Nationally, consumer filings dropped 6 percent in the latest filing tally. The average debtor had a $2,668 monthly income to pay $2,590 in monthly expenses. In 2015,… Read More »
Casino Remains On Track To Exit Bankruptcy
In much the same way that consumers deal with debts in a Chapter 13 bankruptcy, Caesars Entertainment Corporation hopes that Chapter 11 will give it a fresh start. The company announced that about 90 percent of shareholders approved a merger between Caesars Entertainment Corporation, the bankrupt entity, and Caesars Acquisition Company. The merger is… Read More »
Post-Filing Activity In An Illinois Bankruptcy
Nearly five years after the buy-sell-trade company filed bankruptcy, the trustee is still seizing and selling THR’s assets. After locating a 2001 Chevrolet Suburban that belonged to the bankrupt company, the trustee almost immediately filed a motion to sell it at auction. Various state and federal agencies hold millions of dollars in liens against… Read More »
Prompted By Defective Airbag Imbroglio, Takata Files Bankruptcy
The Japanese manufacturer, which faces up to $24 billion in liability lawsuits, filed Chapter 11 Bankruptcy and said that its assets would be sold to a Chinese-led group. Attorneys for the Japanese manufacturer are probably hoping for a cramdown, a tool that’s also available in many consumer bankruptcies. Historically, Chapter 11 proceedings that also… Read More »
Using Bankruptcy To Protect Cash
Mostly because of the unfortunate “liquidation” nickname, many residents of Illinois and Indiana are afraid that if they file Chapter 7 bankruptcy, they will lose their savings. But in most cases, that is simply not the case. In both Chapter 7 and Chapter 13 actions, most assets are off limits to moneylenders, unless they… Read More »
Bankruptcy: Help For Student Loan Borrowers
Forty-four million Americans owe a collective $1.4 trillion in education debt, a staggering total that works out to just under $40,000 per graduate. Because of the large monthly payment, many borrowers must put off large purchases, like houses and cars. Furthermore, a significant percentage of these loans are in delinquency, which indicates that the… Read More »
Marsh Files Chapter 11; Seeks Buyer
Since 1931, thousands of Hoosiers have done most or all of their grocery shopping at a local Marsh Supermarket. But now, the company says it will close its 44 remaining locations if no one buys the chain within the next two months. As recently as 2006, Marsh operated 120 stores in three states. But… Read More »
High Court Rules Against Consumers In Bankruptcy Proceedings
Debt buyers may file proofs of claim on “zombie debts,” effectively denying bankruptcy debtors a fresh start, according to a new decision from the United States Supreme Court. In Midland Funding v. Johnson, the moneylender filed a proof of claim for a credit card debt that was well outside Alabama’s six year statute of… Read More »
Court Decision Highlights What Bankruptcy Can And Cannot Do
In a March 2017 opinion, the Indiana Supreme Court distinguished between an in rem proceeding against property and an in personam proceeding against individuals to deny mortgage relief in a Chapter 7 case. McCullough v. CitiMortgage involved a long-running dispute between the homeowners and a mortgage company. According to court documents, in the early… Read More »
