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Illinois Bankruptcy Roundup

In re Cole,(Bkrtcy.C.D.Ill.)
Bankruptcy – Single debtor with no dependents was entitled to “means test” deductions for both motor vehicles that she owned.
A single Chapter 7 debtor with no dependents, in applying the “means” test to determine whether her Chapter 7 case was presumptively subject to being dismissed as an abuse of the provisions of that chapter, was entitled to deduct, as “applicable monthly expense amounts,” motor vehicle ownership and operation expense deductions for each of the two motor vehicles that she owned. A bankruptcy judge in Illinois noted that the “means test,” as a measure of when a Chapter 7 case is presumptively subject to being dismissed as an abuse of the provisions of that chapter, is a purely objective test, based on a snapshot of the debtor’s financial circumstances on the date of bankruptcy filing, that is designed to eliminate judicial discretion.

In re 1518 West Chicago Ave., LLC,(Bkrtcy.N.D.Ill.)
Bankruptcy – Debtor retained ownership interest in rents assigned to mortgagee prepetition, despite appointment of receiver.
Under Illinois law, a Chapter 11 debtor-mortgagor, which had owned mixed use real property that had been foreclosed upon and sold by the mortgagee to a third party prepetition, retained an ownership interest in the rents assigned to the mortgagee, notwithstanding the appointment of a receiver in the foreclosure proceedings. The debtor’s ownership interest was subject to the mortgagee’s “perfected and enforced” security interest in the property, the bankruptcy court noted. The court rejected the mortgagee’s argument that, because of its prepetition perfection and enforcement of its security interest in the rents, the funds were not property of the estate but were, instead, the property of the mortgagee and the mortgagee alone.

In re Knight-Celotex, LLC ,(Bkrtcy.N.D.Ill.)
Bankruptcy – Motion to transfer venue of bankruptcy case did not have to be filed in court where case was pending.
The United States Bankruptcy Court for the Northern District of Illinois, as the court in which still-pending bankruptcy cases were first filed by certain affiliated limited liability companies (LLCs), had jurisdiction to decide whether a bankruptcy case filed in New Hampshire by the debtor-LLCs’ principal should be transferred to the Northern District of Illinois, as the proper venue for the debtor-principal’s related case. The motion to transfer venue did not have to be filed with the New Hampshire bankruptcy court where the principal’s Chapter 7 case was pending, but could be filed in the Northern District of Illinois, as the site of first-filed bankruptcy case by any affiliated debtor.

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1 Response
  1. michael grimes ,united companies ,26#s

    Hi where are you doing operation at on my company I need to come too yall, michael grimes

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