ABI Blog Exchange

Friendly’s, Through Fribble-Tinted Glasses

Associated Press Restructuring lawyer Ross M. Kwasteniet is used to fielding calls about the companies he’s representing. But usually, the ensuing conversations center on the ins and outs of the struggling businesses—not childhood memories. Alas, now

Dodgers' argument fails to move bankruptcy judge

"The Dodgers failed again Wednesday to convince U.S. Bankruptcy Judge Kevin Gross that they need documents about other Major League Baseball teams." Read more here.

Chevys, El Torito owner files for bankruptcy

"The owner of Mexican restaurant chains Chevys Fresh Mex, El Torito and Acapulco filed for bankruptcy Tuesday, pressured by years of slipping sales and the country’s economic malaise, executives said. Cypress-based RM Restaurant Holding Corp. said

Face It, Bankers: You're Not Apple

For the vast majority of Americans, the role of the bank is to be there when the customer wants it to be there. Like the water company. Like the electric company.

Sagamore Hotel Checks Into Chapter 11

Getty Images The Florida owner of Miami Beach’s boutique Sagamore Hotel, which has hosted the Playboy Super Bowl party and celebrities like Kate Moss, checked into U.S. Bankruptcy Court on Thursday. Sagamore Partners Ltd. said in an emailed statement

Steve Jobs and Bankruptcy

Tech visionary Steve Jobs died yesterday. One of many items being circulated about him is a commencement address he gave at Stanford in 2005. I have copied it in its entirety below. However, I wanted to focus on one passage which speaks to what we do

BAP: Chapter 7 trustee cannot avoid erroneously discharged mortgage if discharge is rescinded pre-petition

Richardson v. Citimortgage, Inc. (In re Emerson), unpublished opinion, BAP No. 11-8015 (Oct. 7, 2011). The Bankruptcy Appellate Panel of the Sixth Circuit ("BAP") has rejected a trustee's efforts to avoid a mortgage that was mistakenly discharged

Means Test Deductions Do Not Include Mortgage Payments For Surrendered Property

The Chapter 7 means test permits debtors to deduct from income the amounts of the debtor’s monthly mortgage payments. Many people who are walking away from upside down mortgaged property file bankruptcy because they want to wipe out liability for...

Locating Old Tax Returns For Bankruptcy

Debtors filing bankruptcy need to submit their last four years of federal and state tax returns. While the state of Texas does not have an income tax, if you lived in another state and/or paid taxes in another state in the past four years, you will

The Daily Docket: Judge Inclined to Reject Dodgers Probe Request

A bankruptcy judge Wednesday said he is inclined to turn down a bid by the Los Angeles Dodgers to probe Major League Baseball’s dealings with other MLB members for proof Commissioner Bud Selig is treating the ball club unfairly. Read the Daily

Members May Be Insiders of an LLC Debtor in the Seventh Circuit

In a recent decision, In re Longview Aluminum, L.L.C., No. 10-2780, 2011 U.S. App. LEXIS 18302 (7th Cir. Sept. 2, 2011), the United States Court of Appeals for the Seventh Circuit affirmed the holdings of both the bankruptcy court and district court

Can I Afford To Hire An Illinois Bankruptcy Lawyer?

Link A person who needs to file bankruptcy can afford to pay a bankruptcy attorney, provided that bankruptcy attorney is willing to take payments in installments. For example, I often start my clients out with a minimum of $100.00 down and then

Open Range Communications Inc. of Greenwood Village, Colo. Files For Chapter 11 Bankruptcy Protection

Bankruptcy Strategies for Assisting Foreclosure Clients

Written by Craig D. Robins, Esq. For Those with Mortgage Problems, Bankruptcy Offers Options This post was my monthly column that was published in the September 2011 issue of the Suffolk Lawyer. It was aimed at general practitioners and non

Of Course You Can Qualify for a Mortgage After Bankruptcy, FHA Says

One of the things that troubles those considering filing personal bankruptcy is the fear that it might be impossible to qualify for a home mortgage after a chapter 7 or 13 case. Indeed, it would be a cruel irony if a bankruptcy filing freed you at

Play dead to get deceased's credit frozen?

Having to settle a deceased person's estate is hard enough without roadblocks from credit bureaus.

5 DIY ways to save big

Self-reliance can be your key to a fatter wallet. Try these simple do-it-yourself alternatives and save.

4 steps to donating after a disaster

Disaster strikes and you want to help. These steps will help you choose the right charity.

Buy a home without cash from parents

If the Bank of Mom & Dad can't help pay for your first home, check out these options.

Mortgage rates hit another record low

Rates probably would be lower if there were more loan officers to manage applications.