by Matthew Gensburg | Apr 19, 2022 | GCK on Law
Section 707(b)(2) of the Bankruptcy Code states that “the court shall presume abuse exists if the debtor’s current monthly income reduced by the amounts determined under [sub]clauses (ii), (iii), and (iv), and multiplied by 60 is not less than the lesser of” (1)...
by Matthew Gensburg | Apr 13, 2022 | GCK on Law
Conversion is an unauthorized act, which deprives a person of his property permanently, or for an indefinite time. See, In re Thebus, 108 Ill.2d 255, 259 (1985). Accordingly, to prove conversion, the plaintiff must prove the following elements by preponderance of...
by Matthew Gensburg | Feb 23, 2022 | GCK on Law
Section 510(a) of the Bankruptcy Code provides that “[a] subordination agreement is enforceable in a case under this title to the same extent that such agreement is enforceable under applicable nonbankruptcy law.” However, while Section 510(a) provides for the...
by Matthew Gensburg | Feb 1, 2022 | GCK on Law
Courts have adopted two different approaches on the impact of section 348(f)(1)(A) with respect to changes in property value or net equity between the petition date and the date of conversion from Chapter 13 to Chapter 7. Section 348(f)(1) of the Bankruptcy Code...
by Matthew Gensburg | Jan 19, 2022 | GCK on Law
There is conflicting case law as to whether it violates the automatic stay for a creditor to sue the debtor in bankruptcy court on a prepetition claim, for example in an adversary proceeding. Although the language of Section 362(a)(1) of the Bankruptcy Code clearly...
by Matthew Gensburg | Dec 21, 2021 | GCK on Law
In general, a corporation is a legal entity that exists separately and distinctly from its shareholders, officers and directors, and such parties are normally not subject to corporate liabilities. Fontana v. TLD Builders, Inc., 840 N.E.2d 767, 775 (2005). See also,...
