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“northern district of illinois”
This post was prepared by yours truly, with contributions from Phil Bradford, a financial web content writer. Phil graduated from New York University School of Law and recently joined Herald University as a reporter. He has also written for websites such as debtfreeguys.com and disabilitycanhappen.org An now, on with the post… Those who’ve exhausted their financial options or...
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This case in the Bankruptcy Court for the Northern District of Illinois, Eastern Division, resulted in a Summary Judgment finding despite the assertion by the Debtor-Defendant of his 5th Amendment Right to be free from self-incrimination. Specifically, this Adversary Case arose from the Chapter 7 Bankruptcy filed by Arthur Friedman ("Debtor"). Creditor-Plaintiff, American Eagle Bank...
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The “good faith” defense articulated in 11 U.S.C. 550(b)(1) applies as long as the transferee: (1) is an immediate or mediate transferee under §550(a)(2); (2) took the transfers for value; (3) took the transfers “in good faith;” and (4) took the transfers “without knowledge of the voidability of the transfer avoided.”
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The 7th Circuit found that the phrase “for cause” as used in the Bankruptcy Code embraces conduct that, even if not a violation of required procedures, avoids repayment of a debt without an adequate reason. In other words, the case was dismissed because the Schwartzes failed to pay as much of their indebtedness as they...
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The Bankruptcy Court pries apart a Motion for Judgment on the Pleadings brought by banks and servicers that claim to be entitled to collect mortgage payments from the Debtor while peering into the world of securitized mortgages - the process of bundling loans into trusts, slicing trusts into securities, and trading those securities on Wall...
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In re Olde Prairie Block Owner, LLC, 10-022668 Opinion Issued by Judge: Jack B. Schmetterer Click here to download and view the Opinion in .pdf format.
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