Section Newsletters

Articles on Collections and Bankruptcy

Help Your Client (And Yourself) Stay Out of Hot Water — What to Look for When Preparing a Case to Make Sure Disclosures Are Complete and Discharge Is Not in Jeopardy By Andrew S. Erickson Commercial Banking, Collections, and Bankruptcy, March 2025 As a Chapter 7 panel trustee, the author shares issues they have encountered for practitioners to consider. The author stresses the importance of actually looking at the records provided by the client and asking follow-up questions on anything that is unclear prior to filing. 
1 comment (Most recent April 1, 2025)
Lender Is Entitled to a Prepayment Penalty Equal to the Amount of Bid at Foreclosure Sale By Kevin J. Stine Commercial Banking, Collections, and Bankruptcy, March 2025 The Appellate Court in Wilmington Trust, National Association v. Thor Palmer House Retail, LLC, 2025 IL App (1st) 241085, No. 1-24-1085 (February 20, 2025) affirmed that a lender is entitled to charge a prepayment penalty as provided for in the loan documents equal to the amount bid at the foreclosure sale.
Now Comes the Spring By Hon. Michael J. Chmiel Commercial Banking, Collections, and Bankruptcy, March 2025 An introduction to the issue from the editor.
Representing Creditors in Bankruptcy: Key Considerations for Effective Representation By Julia Jensen Smolka Commercial Banking, Collections, and Bankruptcy, March 2025 This article examines prohibited activities under Section 362(a), including the nuances of filing mechanics liens, modifying the stay, the implications of preferences, and the motions creditors may file to protect their interests.
Central District Local Bankruptcy Rules Become Effective October 1, 2024 By Sumner Bourne Commercial Banking, Collections, and Bankruptcy, October 2024 In February 2024, the bankruptcy court for the Central District of Illinois announced that it would begin the local rules process -- for the first time in its history. The court issued draft proposed rules with a public comment period that expired February 29, 2024. The authorization for local rules and authority of the bankruptcy court was approved by order of the district court on September 5, 2024.
Supreme Court Clarifies That Courts Must Stay Rather than Dismiss Cases Referred to Arbitration By Stephen I. Lane Commercial Banking, Collections, and Bankruptcy, October 2024 In Smith v. Spizzirri, a court cannot deny a party's request for a stay pending arbitration and dismiss the case. Section 3 of the FAA compels the court to issue a stay.
Update on Artificial Intelligence in the Illinois Courts By Hon. Michael J. Chmiel Commercial Banking, Collections, and Bankruptcy, October 2024 To some extent, the fury involved with Artificial Intelligence has slowed, but be advised AI continues to evolve and impact the fray of legal practice in Illinois and beyond.
Welcome to the Fall of 2024 By Hon. Michael J. Chmiel Commercial Banking, Collections, and Bankruptcy, October 2024 A note from the editor. 
What Is the Judicial Performance Evaluation Program?: Insights From a Facilitator By Mitchell L. Hoffman Commercial Banking, Collections, and Bankruptcy, October 2024 Under the Illinois Supreme Court program for mandatory judicial evaluation, judges are confidentially evaluated by the attorneys who appear before them and the court staff who serve in their courtrooms

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