A Solvent Estate Must Be ‘Likely’ to Confer Standing on an Individual Chapter 7 Debtor
The Seventh Circuit doesn’t accept a debtor’s asset schedules as gospel in deciding whether there is appellate standing.
Court:
Assets Sold Free and Clear of a Multi-Employer Pension Plan’s Withdrawal Liability
The Seventh Circuit has yet to rule precisely on whether the bankruptcy court can sell assets free and clear of successor liability.
Change in Decisional Law Requires Plan Amendment in One Year, Seventh Circuit Says
To take advantage of a change in decisional law, a plan must be modified within the time limits imposed by Federal Rule 60(c), the Seventh Circuit says.
Court:
Plan Amendment Barred When Just a Few Claims Had Been Paid After Confirmation
Substantial consummation under Section 1193(b) was defined by the bankruptcy court to mean commencement of distributions to some but not all creditor classes.
A Receiver May Move to Dismiss an Involuntary Petition, but May Not Answer
Surprisingly, there is little authority on whether or how a receiver may respond to the filing of an involuntary petition.
Liens on Impounded Cars Are Judicial Liens that May Be Avoided, Seventh Circuit Says
The City of Chicago argued unsuccessfully that liens on cars are statutory because they arise automatically when the car is impounded.
Court:
Constructive Notice Won’t Save a Sale Under 363(m) Absent Actual Notice, Seventh Circuit Says
To be a good faith purchaser under Section 363(m), a purchaser must be given actual notice to those with an interest in the property. Constructive notice won’t suffice.
Court:
No Withdrawal or Jury Trial on Claims that Lawyers Violated Section 526
The district court opinion affirms the notion that bankruptcy courts have ‘core’ power without a jury to adjudicate claims of attorney misconduct.
Bankruptcy Is a Big Risk for Unmarried Couples Who Split Up
Family lawyers should be acutely aware that bankruptcy protections for former spouses don’t cover unmarried couples.
Court:
Chapter 13 Can Shield Preferences from Recovery
So long as the debtor is paying unsecured creditors what chapter 13 requires, the debtor is not obliged to pursue preferences.