Avoid Mistakes When Planning and Filing Illinois Bankruptcy Cases

The best-planned bankruptcy cases go unnoticed. A few debtors glide through the system without attracting attention and receive full discharges in record time. Luck is not involved, but rather each successful debtor begins planning strategically a few weeks or months in advance. These debtors know something that you don’t.

Free - 2010 Bankruptcy Strategies Explained

Illinois Bankruptcy Options - Debt Consolidation

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Debt Consolidation Information & Services:

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Recent Notable Opinions of the Supreme Court of The United States:

Household Credit Services, Inc. v. Pfennig, No. 02-857 (2004), Argued February 23, 2004, Decided April 21, 2004, CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE SIXTH CIRCUIT. The Truth in Lending Act (TILA) regulates disclosures credit card issuers must provide consumers and authorizes a personal cause of action for consumers based on noncompliance. 15 U.S.C. 1637(a). These disclosures must include the amount of any finance charge. 1637(b)(4). A finance charge is defined as an amount "payable directly or indirectly by the consumer, and imposed directly or indirectly by the creditor as an incident to the extension of credit."  15 U.S.C. 1605(a). Nevertheless, the Federal Reserve Board definition under Regulation Z is inconsistent by "defining a finance" charge as excluding "charges for exceeding a credit limit" (over-limit fees). Held: Regulation Z is not an unreasonable interpretation of 15 U.S.C. 1605 because respondent does not challenge the Board's authority under 15 U.S.C. 1604(a) to issue binding regulations. The Court "must give effect to the unambiguously expressed intent of Congress". Chevron U.S.A. Inc. v. Natural Resources Defense Council, Inc., 467 U.S. 837, 842. However, if Congress "left a gap for the implementing agency to fill," the agency's regulation is "given controlling weight unless it is arbitrary, capricious, or manifestly contrary to the statute." even though contrary to an act of Congress.  Id. at 843—844.

Recent Notable Opinions from Illinois Bankruptcy Courts

In re Sims, Case No. 02-90737, Adversary No. 02-9040, April 6, 2004 before the Illinois Bankruptcy Court for the Central District. After the Sims initiated Illinois bankruptcy in a Chapter 7 proceeding, a creditor objected to discharge alleging fraud based upon the receipt of a large insurance settlement that the Sims spent prior to the date of filing. The Court nevertheless allowed discharge. Pursuant to 11 U.S.C. 727(a)(2)(A) debtors filing Illinois bankruptcy must be denied a discharge where it is found that the debtor, within one year before the date of filing, with the intent to hinder, delay, or defraud a creditor or an officer of the estate has transferred, removed, destroyed, mutilated, or concealed property of the debtor. An Illinois bankruptcy court must find that the debtor acted with actual intent requiring a showing of extrinsic evidence suggesting that fraud exists. In re Smiley, 864 F.2d 562 (7th Cir, 1989). Because direct evidence of a debtor's intent usually is unavailable, intent may be inferred from the circumstances surrounding the debtor's conduct. In re Smiley, supra at 566. The question of intent generally will depend upon assessment of the credibility of witnesses and the court's assessment of that credibility. In re Bonnett, 895 F.2d 1155 (7th Cir. 1989). The burden of proof is placed upon the party filing the complaint in an adversary proceeding to establish all elements of 11 U.S.C. 727 by a preponderance of the evidence. Grogan v. Garner, 111 S.Ct. 654 (1991).