7th Circuit

Inventory Liens Always Prevail over Reclamation Claims, Indianapolis Judge Says

BAPCPA amendments were a mess but cleaned up one issue on reclamation, according to Judge Graham.

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Indiana Southern District

Indiana

Chicago Strikes Out on Priority Status for Post-Petition Parking Fines

Clever drafting of chapter 13 plans prevents collection of post-petition parking fines.

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Courts Split on Whether Claims for Overpayments of DSOs Are Themselves DSOs

Status of claims for overpayment of domestic support obligations begs for appellate review.

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The Unlimited Wedding Ring Exemption Has Some Limits, Illinois Judge Says

Opinion traces the thousand-year history of wedding and engagement rings.

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Debtor Can’t Reaffirm an Auto Loan by Waiving Discharge of the Debt

Chief Judge Gorman requires strict adherence to Section 524(c) in reaffirming a debt.

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Illinois Central District

Notre Dame Football Tickets Are Not Exempt Property, South Bend Judge Holds

Notre Dame football tickets are not necessary for a fresh start.

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Indiana Northern District

Indiana

Seventh Circuit Opines on Method for Calculating ‘New Value’ Defense

Average daily sales suffice to show the date when new value was advanced.

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Reperfecting a Mortgage Isn’t Grounds for a Fraudulent Transfer

Mistakenly cancelling a mortgage can result in a preference but not a fraudulent transfer if the cancellation is later rescinded.

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Existence of a Committee Precludes Tolling the Statute for Adverse Domination

The statute is tolled only if the creditors’ committee is denied standing to sue.

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