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Bankruptcy Judge Laura Grandy (politely) faulted other federal courts for failing to follow the Illinois mortgage statute and decisions by the Illinois Supreme Court.
While neither Social Security benefits nor post-petition income are estate property in Subchapter V, they must be included in an individual’s monthly operating reports, Bankruptcy Judge Jacobvitz says.
In transferring venue of a related case under Rule 1014(b), the bankruptcy court can move sua sponte and need not await a venue motion by a creditor or party in interest.
Fancy drafting by ‘brilliant financiers and lawyers,’ the judge said, didn’t validate an uptier transaction when the ‘effect’ was to release collateral without a two-thirds vote.
The self-insured retention can prevent a creditor from using the insurer exception to sue the insurance company with the debtor as a nominal defendant.
The ‘billing approach,’ not the ‘accrual approach,’ decides whether there is a priority claim for personal property and real estate leases more than 60 days after filing.
