Tag Archives: Chicago Bankruptcy Lawyers
The Changing Face Of Bankruptcy And Student Loans
There is an old axiom among lawyers that “bad facts make bad law,” and the law regarding student loans and bankruptcy is an excellent example of this old saying. Congress passed the Bankruptcy Act in 1867, and passed substantive amendments in 1898. The Bankruptcy Code remained essentially unchanged until 1938, when lawmakers introduced the… Read More »
Valuing Assets In Bankruptcy Cases
Most bankruptcy exemptions in Illinois and Indiana are dollar-based as opposed to item-based. So, a certain amount of home equity is exempt as opposed to the houses themselves, and a certain amount of vehicle equity is exempt as opposed to the vehicles themselves. For the most part, these exemptions are quite generous and debtors… Read More »
Under Armour Tries To Recover From Sports Authority Bankruptcy
Share prices for the country’s second-largest sports apparel retailer have plummeted 20 percent in the last year as Under Armour struggles to find new customers to replace the bankrupt Sports Authority chain. Carter Harrison analysts had already predicted that the company might have to endure “a tougher period” after the firm lost one of… Read More »
What Happens During Bankruptcy?
Trilogy Capital Management, one of the last holdout creditors in the ongoing Caesar’s Entertainment Corp. bankruptcy, agreed to support the reorganization plan. This development is good news for the newly-christened Caesars Entertainment Operating Company Inc., because it will probably allow the company to emerge from Chapter 11 and return to business as usual. In… Read More »
Hard Times In The Oilfields
Two hundred and thirteen oil and gas companies in North America have filed bankruptcy since energy prices crashed in late 2014, and these companies have listed a collective $85 billion in debt. Things have been particularly tough in the oil exploration service industry, as 108 of these firms have filed bankruptcy in the last… Read More »
ITT Tech Bankruptcy Spills Over Into The Civil Arena
The bankruptcy trustee wants the judge to halt two civil actions against the bankrupt for-profit college, but government officials want the actions to proceed. Deborah Caruso, who is overseeing the bankruptcy on behalf of the judge, filed a motion to stay all pending Freedom of Information Act requests and consumer fraud lawsuits, including the… Read More »
Obstacles To Bankruptcy: Security Clearance
Many people who need to file bankruptcy hesitate to do so because they are afraid that a voluntary petition will mean the revocation of their security clearances. That fear is only partially true. Although the word “bankruptcy” does not appear in Department of Defense Directive 5220.6, which controls security clearance revocation, there is a… Read More »
Baseball And Bankruptcy
Another baseball season is coming to an end, and may people claim that winning is all in the numbers, from RBI and ERA to OPS and WAR. Other people say that the only number that matters in baseball is three, because when there are less than three outs in an inning, anything is possible,… Read More »
Trustee Files Motion To Convert In Yellow Cab Bankruptcy
Claiming that the company can no longer afford to pay its bills, U.S. Trustee Patrick Layng asked a bankruptcy judge to involuntarily change the tax company’s Chapter 11 reorganization to a Chapter 7 liquidation. Mr. Layng, who oversees bankruptcies in the Northern District of Illinois on behalf of the judge, added that Yellow Cab… Read More »
Court-Ordered Liquidation Begins At ITT Tech
Two New York-based companies will oversee the sale of the college’s thirty owned properties and 111 leases in Indiana and thirty-eight other states. A&G Realty Partners LLC expects a “high level of interest in the properties” since they “are well-built buildings in excellent condition, with good ceiling height and above-average parking, which can be… Read More »
