LIBRARY

Why file a bankruptcy if I am not eligible for a discharge? There are time limits between bankruptcy filings as to when you are eligible to receive a discharge. These time limits depend on which chapter of bankruptcy you previously filed and which chapter of bankruptcy you are attempting to file now. The time limits […]

Mortgage Foreclosure: The In’s and Out’s of Standing to Sue Lack of Standing as an Affirmative Defense: Under Illinois law it has been held that a plaintiff is not required to allege facts supporting standing; rather it is the burden of the defendant to prove lack of standing. Therefore, a lender can sue a borrower […]

Who is the typical composite of a Consumer Debtor? Leslie Linfield, of the Institute for Financial Literacy, collected date and demographics to answer the simple yet unanswered question of who the “normal” Debtor is. By looking at demographics of people completing credit counseling and financial management courses, she was able to come up with data […]

Domestic Support Obligations and Bankruptcy Domestic Support Obligations, known as DSO, are typically not dischargeable. Domestic support obligations are defined in the Bankruptcy Code as covering debts to a spouse, former spouse or child of the debtor and not that is incurred from a divorce or separation or in connection with a separation agreement, divorce […]

Recent Court Decisions in Bankruptcy Bankruptcy is an ever changing area of law. Day to day cases are being heard. Some case are then appealed and taken up to higher courts where there becomes case law on certain issues. Below are a few areas cases that have come up recently as summarized by Best Case. […]

  Receiving large sums of money before or after a bankruptcy There may have been an unfortunate event in your life that is causing you to be receiving a large sum of money. Many clients want to wipe out their debt, then receive the money and move forward with their life debt free. There is […]

Liens in Bankruptcy While an underlying debt may be discharged, a lien survives the bankruptcy unless additional steps of taken to avoid the lien. In some cases, a lien cannot be avoided and therefore the lien remains about the bankruptcy is discharged. A common example of a lien that cannot be avoided through the bankruptcy […]

The Pros and Cons of filing Bankruptcy Bankruptcy is something that is not the best decision for everyone; depending on your debt, your income, assets, etc. There are many pros and cons to bankruptcy, most of which are not the same for every person. Since no two people have the exact same situation, this article […]

Considering filing bankruptcy? Things to know… If you are considering filing bankruptcy there is some general information that you should consider and make yourself aware of: What is a bankruptcy What types of bankruptcy are there Eligibility for bankruptcy Debts that are not discharged in bankruptcy What is bankruptcy? Bankruptcy can do several things for […]

Debtor Control of Bank Account Establishing Ownership for the Purposes of Finding Property of the Estate Scenario: Debtor has control over a bank account. The bank account is in the name of a company and did not show Debtor had legal title to the bank account. However, Debtor was the sole shareholder of the company […]