By Robert (Bob) Schuman, Owner/Managing Broker, Network Financial Group Is it 2008 again? For us in the mortgage industry, we woke up this week feeling as if during the night, we were transported back to 2008 when the mortgage industry basically collapsed. Then, Fannie Mae, Freddie Mac, and the FHA were the exceptions. As of March 25, 2020, like everything...
From the Editor – Claims
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By The Honorable William Houston Brown (Retired)
Postpetition traffic tickets not administrative expense. Affirming the bankruptcy court’s decisions, the district court held that the City of Chicago did not have administrative expense claims under § 503(b) for traffic fines incurred after the filing of Chapter 13 cases. Under the test of Reading v. Brown, 391 U.S. 471 (1968), the City argued that the debtors’ postpetition fines were liabilities of their bankruptcy estates, because the Municipal Code established prima facie responsibility for the fines in the person in whom the vehicle is registered . . .
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