Bankruptcy Blogs

“If I file for bankruptcy, will I get to keep my house and car?” This is an excellent question. One of the main jobs a bankruptcy attorney does is to analyze whether or not the property an individual has can be protected while still filing for bankruptcy.

In Illinois, an individual can protect up to $15,000 worth of equity in real estate property. In joint cases, where spouses are filing together, you can combine $15,000 per each spouse and protect up to $30,000 worth of real estate property.

The Fall 2010 edition of the Absolute Priority newsletter, published by the Cooley LLP Bankruptcy & Restructuring group, of which I am a member, has just been released. The newsletter gives updates on current developments and trends in the bankruptcy and workout area.

Often I’m asked whether or not someone can file a bankruptcy on their own? The answer is yes, but I will never recommend it. When the law changed on October 17, 2005, bankruptcy became much more complicated than it already was.
Before, an individual could get the forms, fill them out to the best of their ability, file it with the court, appear at the meeting, and the trustee would help them make any needed amendments.

In a decision that may create a significant roadblock for companies saddled with environmental clean-up liability to continue as a going concern, the Seventh Circuit in U.S. v. Apex Oil Company, Inc., 579 F.3d 734 (7th Cir. 2009) affirmed a district court injunction requiring the clean-up of a contaminated site in Illinois under section 7003 of the Resource Conservation and Recovery Act (RCRA) despite the company's bankruptcy. On September 27, 2010, the Supreme Court is scheduled to discuss whether to grant review of the Apex decision.