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Recent Articles by Leeders Law
Chicago Bankruptcy Blog
While Zillow is a good starting place to determine approximate value for your home when filing for bankruptcy, A better option would be a CMA -a comparable market analysis, or even better yet, a full blown appraisal. When you are close whether your exemption covers the equity in your home, it's best to be certain as to value to avoid liquidation issues with a chapter 7 bankruptcy case.
You will not get your car back by filing chapter 13 bankruptcy if the City seized your vehicle for unpaid tickets
Bad news for debtors.
A recent ruling by Judge Cassling in Chicago, clarifies provisions of the automatic stay in regards to returns of vehicles that were taken pre-bankruptcy filing.
Bankruptcy Caption: In re Bianca L. Avila
Bankruptcy No: 17 B 00870
In this case, the city of Chicago seized the debtor's vehicle prior to her filing a chapter 13 bankruptcy case. She sought to have the court order the creditor to return the vehicle because of her chapter 13 bankruptcy case.
Judge Cassling ruled that the exception to the automatic stay carved out by 11 U.S.C. § 362(b)(3), which reads “does not operate as a stay—under subsection (a) of this section, of any act to perfect, or to maintain or continue the perfection of, an interest in property to the extent that the trustee’s rights and powers are subject to such perfection under section 546(b) of this title….”
Therefore, since the city has a possessory lien on the vehicle which was perfected when they seized the vehicle, they are allowed to retain that lien and not be in violation of the automatic stay.
This differs from case law that requires a secured creditor, such as a car finance company, since their lien was not statutory, merely consensual (thru contract recorded against the title) to give back a vehicle upon filing of the chapter 13 bankruptcy.
Golfsmith Files for Chapter 11 protection due to golf's popularity on the downslide
Tiger Woods? He was often injured and his star tarnished with his off the course escapades. Or was it the economy? Golf is not a cheap sport. Greens fees, cart rental, buying golf clubs, golf glove, spikes, tees, and the countless golf balls, oh the lost balls. These all may have been factors leading to the chapter 11.
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Creditor Can't Claim Piece of NHL Star's Contract | Bloomberg BNA
Chapter 11 Bankruptcy case. Debtor, Jack Johnson (NHL'er) had assigned some of his income payments to creditor. Court rules that it was not a valid assignment and struck down under 11 USC sec 552.
Creditor Can't Claim Piece of NHL Star's Contract | Bloomberg BNA:
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