Lynch Law Offices, P.C.
Call Us Now for a FREE Consultation:
800-491-7493
Offices in Four Convenient Locations

May 2015 Archives

Bankruptcy conversion question settled by Supreme Court, p2

For some people, bankruptcy is an unforgiving process. There are strict rules about what can and cannot be included in a petition, and there are strict written and unwritten rules about what you do after you have filed. It seems unfair, for example, that the government can take your tax return after you have filed (under certain circumstances; see our April 6, 2015, post for details).

Bankruptcy conversion question settled by Supreme Court

The U.S. Supreme Court has handed down a decision that will, according to bankruptcy professionals, settle a long-standing question about conversions and undistributed funds. We wrote about the case when the court agreed to hear it in January (see our Jan. 10, 2015, post).

The best-laid rules of bankruptcy law gang aft agley p3

If nothing else, the case we have been talking about should convince everyone that bankruptcy is not a do-it-yourself proposition. One state's law may not only differ from bankruptcy laws in other states, but it may differ from the federal Bankruptcy Code as well. Worse yet, states may adhere to federal laws on some parts of bankruptcy but not on others.

The best-laid rules of bankruptcy law gang aft agley p2

We are picking up the discussion, from our April 30 post, about life insurance payouts and Chapter 7 bankruptcy. The subject came up in a case not from Illinois but from Idaho, a case that shows just how complicated, confusing and, at times, unfair the law can be. Illinois and Idaho are not too far apart in terms of bankruptcy laws: Both require debtors to follow the state's, not the federal government's, exemption scheme.

Bill aims to prevent student loan defaults from resulting in license loss

Sometimes, a person will end up facing financial difficulties that put them at risk of defaulting on student loans they hold. As we touched on in a previous post, here in Illinois, student loan defaults can be particularly impactful on individuals whose work requires them to hold a professional license. This is because, under current state law, a person who defaults on their student loans could end up having professional licenses they hold suspended or revoked in connection to the default.

How Can we Help You? Contact An Attorney

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Four Convenient Office Locations To Serve You

Toll Free: 800-491-7493 Fax: 888-691-8337

Five Convenient Office Locations To Serve You

Lisle Office - DuPage County
1011 Warrenville Road
Suite 150
Lisle, IL 60532

Map & Directions

Lockport Office - Will County
900 South State Street
Second Floor, Suite A
Lockport, IL 60441

Map & Directions

Aurora Office - Kane County
1444 North Farnsworth
Suite 100
Aurora, IL 60505

Map & Directions

Palatine Office - Cook County
800 East Northwest Highway
Suite 700
Palatine, IL 60074

Map & Directions

Chicago Office - Cook County
1 S Dearborn
Suite 2100
Chicago, IL 60603

Map & Directions

Toll Free: 800-491-7493 Fax: 630-960-4755