Real life Stories

Bankruptcy Attorney in Northbrook, Illinois Case Study

07/28/11

Here’s the case of Mr. Wade.  Mr. Wade lives in Northbrook, Illinois.  He has not filed a bankruptcy before.  He is a homeowner, a single-family home worth $1.2 million, and he has a loan against it of $1 million.  So technically, he’s got $200,000.00 worth of equity in the property if he were able to [...]

[more]

Why So Many Sports Franchises Have Filed Bankruptcy

07/22/11

Although bankruptcy filings by sports teams have been historically rare, a recent smattering of filings have turned into a trend.  The Los Angeles Dodgers have recently joined the Phoenix Coyotes, the Chicago Cubs, the Texas Rangers and several other sports teams that have filed for bankruptcy within the last 20 years.  Why is this becoming [...]

[more]

Chapter 7 Bankruptcy: Do You Qualify? How is Eligibility Determined?

07/14/11

Qualifying for Chapter 7 Bankruptcy: The Story of Toni Braxton In October 2010, six-time Grammy Award winner Toni Braxton filed for bankruptcy a second time. In her Chapter 7 bankruptcy petition, Braxton claimed debts of between $10 million and $50 million, which grew even worse when a heart condition – diagnosed as microvascular angina – [...]

[more]

What is a straw buyer and what are the consequences? Is this an option to consider if I can’t qualify the home I want?

06/30/11

A straw buyer is a fake buyer set up to defraud the mortgage company.  If an individual cannot qualify for a loan for a particular home, due to bad credit or some other reason, it may seem like a solution to ask a relative or friend to purchase the home and pay them.  However, this [...]

[more]

Billionaire Bankruptcies?

06/27/11

As reports surface that wealthy socialite Patricia Kluge has filed for Chapter 7 bankruptcy protection, many have wondered:  how can you file for bankruptcy when you are a billionaire? When United State bankruptcy laws were drafted, the focus was pro-debtor.  The idea was to provide a fresh start for people who had suffered under the [...]

[more]

Anna Nicole Smith will live forever in stunning new Supreme Court decision in Stern v. Marshall!

06/24/11

The Supreme Court issued a second opinion arising from the seemingly endless litigation over claims against the estate of the late Pierce Marshall (Anna Nicole’s elderly husband of one year before his death).  In this 5-4 split opinion released yesterday (June 23, 2011), the Supreme Court significantly limited the scope of Bankruptcy Courts’ jurisdiction to [...]

[more]

Depression, Financial Ills and Bankruptcy

06/24/11

Recently in San Diego, two extreme examples of apparent financial woes have led to tragic ends. http://www.signonsandiego.com/news/2011/jun/07/services-held-two-familie... http://www.signonsandiego.com/news/2011/jun/22/court-documents-show/ I am not trained in the matters of the impact of financial burdens on one’s mental health. I am a counselor, however, a counselor at law. As such, one of my primary duties is to listen to [...]

[more]

Private School Tuition in Chapter 13 Bankruptcy

06/16/11

Everyone filing for Chapter 13 bankruptcy knows they will make a plan that must be approved by the bankruptcy court in order for them to proceed.  But what may be included in that plan?  The Bankruptcy Code uses vague terminology such as “fair” and “reasonable” to define what costs a debtor can claim are necessary [...]

[more]