Tag Archives: Bankruptcy Chicagoland
Federal Court Closes Multiple Filing Loophole
The 2005 Bankruptcy Code reforms substantially changed the procedure regarding the automatic stay and eviction proceedings, and the law on this point is still rather uncertain. A New York bankruptcy court recently tried to make sense of the new rules, and since the judge interpreted federal law, the decision could impact bankruptcies in other… Read More »
Dischargeable Bankruptcy Debts
Mortgage underwriters talk a lot about debt-to-income ratio, and as a rule of thumb, a 43 percent DTI ratio is the ceiling for mortgage qualification purposes. The thinking is that people who owe more money than that cannot afford to pay it back, and therefore they are very poor credit risks. So, according to… Read More »
Your Bankruptcy And Your Security Clearance
Federal law clearly states that it is illegal to discriminate against people who file bankruptcy, yet the myth persists among some people that a voluntary petition adversely affects security clearances. One of the most important provisions in Department of Defense Directive 5220.6, which controls security clearance issuance, is in the preamble: “each [area] is… Read More »
Bankruptcy Month
Some observers believe that venerable retailer Sears may be getting a head start on the unofficial holiday that does not involve a gift exchange or warm nostalgic feelings, and so no one wants to celebrate it. Just as the busy holiday shopping season started, Sears announced that it was closing several K-Mart locations and… Read More »
Does Bankruptcy Mean School’s Out?
Although a threatened teacher strike never occurred, Governor Bruce Rauner is pressuring the Chicago School District to declare bankruptcy and start over. Many parents were concerned, not only because of the issues, but also because they feared major disruptions. During the last teachers’ strike in 2012, most of the district’s 652 campuses closed, and… Read More »
Protecting Cash In Bankruptcy
Both Illinois and Indiana have wildcard exemptions that can be used on any otherwise non-exempt property, like savings accounts, rental property, vacation homes, boats, and so on. Although the dollar values are relatively high ($4,000 in Illinois and $9,350 in Indiana), they may be insufficient to cover a large amount of inherited cash, which… Read More »
How to Obtain a Tax Lien Release in Illinois
It should come as no surprise that failing to pay your taxes in the United States can land you in a world of legal trouble. Penalties for failing to file or pay taxes on time can be stiff and often include fines, monthly late fees, and interest charges. If you do not pay your… Read More »
The Impact That Brexit May Have On Chicago
On Thursday June 23rd, citizens of the United Kingdom voted to leave the European Union. While you may feel that the British exit, or ‘Brexit’ as the world is calling it, from the European Union will not have a direct impact on you as a resident of Chicago, an article from the Illinois Policy… Read More »
Puerto Rico’s Debt Relief Bill
Although Illinois is drowning in public debt, we are certainly not alone. Recently, the media spotlight has been on the Commonwealth of Puerto Rico and the fact that it owes approximately $73 billion in public debt. Proposed debt relief plans for Puerto Rico are particularly interesting from a legal point of view given that… Read More »
Arch Coal’s Bankruptcy Disclosure Statement Under Scrutiny
Arch Coal, Inc., America’s second largest coal mining company, filed for Chapter 11 (or “reorganization”) bankruptcy in January of 2011. This is a massive company that even has a mine located nearby in the Illinois Basin. According to Arch Coal’s website, the company plans to eliminate over $4.5 billion in debt from their balance… Read More »
