Much to the shock of students and employees, ITT Educational Service Inc., one of the country's largest for profit schools with locations across the nation, including Illinois, shut down and filed for Chapter 7 bankruptcy earlier this month. A glimpse into the proceedings, as reported by the Wall Street Journal, provides insight into the bankruptcy process with regard to the role of the trustee. In the 12 days since the trustee was appointed to the Chapter 7 bankruptcy: She has already … [Read more...]
Archives for September 2016
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Will I Be Able to Purchase a Car After Declaring Chapter 7 Bankruptcy?
Bankruptcy can provide an opportunity for people struggling with a difficult financial situation to get a fresh start. Clients often wonder if they can qualify for a car loan following bankruptcy in order to get back and forth to work or to get their kids to school. How Will Bankruptcy Impact My Ability to Get Credit Often times bankruptcy is seen as a responsible step to getting your finances in order, but, of course, there is a period of time where you will have to reestablish your … [Read more...]
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Can I Sell My Car or Other Assets Before Filing for Bankruptcy?
When you are struggling financially, you may consider selling your car or home in order to get cash or decrease your expenses. You may sell anything you want even, if later, you end up filing for bankruptcy. However, the key is getting the fair market value for the asset. Getting a fair price and transferring assets is legal, but giving away a valuable asset for little or nothing is not. In the event you file for bankruptcy at a later date, at a minimum, the bankruptcy code requires you … [Read more...]
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College Tuition Payments and Bankruptcy | Peoria Illinois Bankruptcy Lawyer
If you are considering bankruptcy, you may want to hold-off on writing that tuition check to the college or university that your child attends. It has become increasingly common for trustees administering individual bankruptcy cases to treat tuition payments paid by a parent to a college on an adult child's behalf as a constructively fraudulent transfer. The trustee's logic is based on the premise that the student is receiving a consideration from the college, but the parent is receiving … [Read more...]
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