In re Griffin Trading Company, Inc., 98 B 41742
Leroy G. Inskeep, Trustee v. Farrel and Roger Griffin, 01 A 00007
Opinion: In an Adversary case stemming from the Chapter 7 bankruptcy of a futures broker, judgement for Trustee is reversed due to lack of sufficient causation following remand from the District Court.
Opinion Issued October 30, 2009
By the Honorable Bruce W. Black
View and download the opinion in PDF format here
Categories: ED · IL · Inskeep · ND · adversary · assets · black · business filings · case update · ch 7 · cir 7 · current-events · judge · property · research · trustee
Millelliti Forrest filed a Chapter 13 bankruptcy petition on June 8, 2009 (No. 09 B 20874). Wanting to avoid a lien through the bankruptcy process, the petition indicated that Litton Loan Servicing’s “second lien is stripped from the property and will be paid as an unsecured creditor” due to the lack of equity in the debtor’s primary residence. Litton Loan Servicing objected.
In a memorandum opinion sustaining Litton Loan Servicing’s objection to the Chapter 13 plan, United States Bankruptcy Judge Jack B. Schmetterer ruled that the debtor may not strip off the junior mortgage because the Bankruptcy Code and Rules [Rule 7001(2)] and the Constitution require the debtor to file an adversary proceeding
Categories: ED · IL · ND · adversary · bankruptcy · case update · ch 13 · current-events · data · individual · judge · opinion · schmetterer
Tagged: lien
Chapter 7 and 11 Calls
Effective immediately new motions to be heard after Oct. 12 should be noticed for Tue or Wed at 9:30 a.m.
Effectivethe week of Oct. 5 motions and set matters to be heard that week will be set for Thu, Oct. 8.
Effective the week of Oct. 12 J. Wedoff will begin hearing cases on Tuesdays and Wednesdays [regular schedule]. New motions, status hearings, or other set matters now scheduled for a Tue or Wed after Oct. 12 will be heard on the Tue or Wed on which they are scheduled.
Any motion already noticed for a Thu after Oct. 12 will still be heard as set noticed unless movant chooses to re-notice for a Tue or Wed after Oct. 12.
Chapter 13 Call
Judge Doyle will continue to hear Judge Wedoff’s Chapter 13 call on Thursdays at the regularly scheduled times until further notice.
Thank you for your cooperation during the last month in rescheduling Judge Wedoff’s Chapter 7 and 11 matters for Thursdays
To view and download this information in pdf format click here
Categories: ED · IL · ND · administrative · adversary · business filings · call · case update · ch 11 · ch 13 · ch 7 · cir 7 · current-events · data · doyle · filings · notice · opinion · schedule · wedoff · work
2 roommates + 2 incomes
In re Bostwick, 2009 WL 1788046 (Bky.D.Minn. June 23, 2009)
Sounds like sanity could be returning to the Bankruptcy system, but you be the judge. As reported in this piece by Attorney Craig Andresen for the Bankruptcy Law Network, a court in Minnesota has ruled that unrelated roommates living in the same house or appartment constitute a “2-person household’ while at the same time not taking the roommate’s income into account when it came to the debtor’s Means Test. In other words, a debtor living with a roommate in Minnesota can make more money than his neighbor in Wisconsin or Illinois and still file Chapter 7 (or finish Chapter 13 in 3 years instead of 5). It’s actually an interesting and perfectly logical way to look at things – take a look and see if you don’t agree. The alternative can be downright ridiculous; just ask any consumer bankruptcy lawyer frustrated by the system (hint: that’s everyone …). [read the full article]
Categories: BAPCPA · Blogroll · Census Bureau · aoc · article · bankruptcy · blogging · blogs · case update · ch 13 · ch 7 · consumer · current-events · income · individual · means test · median income
Are you paying your bankruptcy lawyer enough? Not according to this piece posted Jan 28 in the ABA Journal by Debra Cassens Weiss :
Kirkland & Ellis Seeks Fee of $18.50 a Minute for Bankruptcy Work
Kirkland & Ellis has requested a fee of $1,110 an hour in a corporate bankruptcy [which] breaks down to $18.50 a minute … for its representation of titanium dioxide-maker Tronox Inc. Two other law firms are seeking nearly as much, requesting hourly rates in excess of $1,000… They are Sidley Austin, in the restructuring of the Tribune Co., and Skadden, Arps representing Circuit City. Bankruptcy law professor Lynn LoPucki of the University of California at Los Angeles told the wire service that fees for lawyers and other professionals in bankruptcy cases are growing at four times the rate of inflation. “As the economy gets worse, the bankruptcy lawyers are charging more,” LoPucki told Bloomberg.
Ed. Note: Members of the firms in question could not be reached for comment. I was informed by staff that they were having a money fight.
Categories: Bankrupt · article · assets · audit · bailout · bankruptcy · bubble · business filings · careers · case update · ch 11 · current affairs · current-events · research · work
Delicious/tag/bankruptcy