Illinois Bankruptcy Lawyer Blog

Mortgages in default and foreclosed homes now account for just over 7.3-million homes. The report for April released by Lender Processing Services shows that there is at least some sign of an improvement in the foreclosure crisis with the number of loans 90 days or more delinquent declining from March. However, there are more than 4-million homes in default nationwide and deterioration levels remain excessively high with two loans rolling to a "worse" status for every single loan that has improved. The overall volume of mortgages moving from delinquent to current status declined to a three-month low supported primarily by "artificial cures" associated with the Obama administration"s housing relief program known as HAMP.

Read the full article from Housing Predictor

In re: Exide Technologies, 08-1872

Issued June 01, 2010

Heard in U.S. 3rd Circuit Court of Appeals

Summary In a Chapter 11 case, the District Court's affirmance of the Bankruptcy Court's grant of Debtor's motion to reject an agreement to sell substantially all of its industrial battery business on the ground that the agreement was an executory contract, subject to rejection under 11 U.S.C. section 365(a), and that rejection terminated the debtor's obligations under it, is vacated and remanded as: 1) the agreement is not an executory contract because it does not contain at least one ongoing material obligation for the other party; and 2) because the agreement is not an executory contract, the debtor cannot reject it. Read More