IN THIS ISSUE
- Bankruptcy Laws Favoring Small Business Chapter 11 Reorganizations Extended Through March 27, 2024
- Debt Limits Increase for Chapter 13s; Making Reorganization More Affordable for Debtors
- Amendments to the Chicago Human Rights Ordinance Impose New Requirements on All Chicago Employers
- 2022 Illinois Legislation Impacting Seniors and Loved Ones Including Those Currently Eligible For, or Who May Seek Eligibility For Medicaid for Long-Term Care
- Credit Scoring for Commercial Drones
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Bankruptcy Laws Favoring Small Business Chapter 11 Reorganizations Extended Through March 27, 2024
By Steve Jakubowski and Julia Jensen Smolka
Telephone: 312.456.0191 and 847.698.9600, Ext. 2231
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Say you are a small business and overwhelmed with debt. Your assets are hocked and your cash flow doesn’t cover your monthly obligations. Sure, you’ve made some mistakes, but you’re an honest debtor and just need a fresh start.
If your debts are less than $7.5 million, there’s good news. Under the newly enacted Small Business Reorganization Act, businesses or individuals in business with debts of $7.5 million or less can reorganize under a streamlined process that keeps them in control of their business and gives a fresh start by simply committing to pay creditors an amount equal to the projected disposable income over the next 3 to 5 years.
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Debt Limits Increase for Chapter 13s; Making Reorganization More
Affordable for Debtors
By Steve Jakubowski and Julia Jensen Smolka
Telephone: 312.456.0191 and 847.698.9600, Ext. 2231
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On, June 21, 2022, President Joe Biden signed the Bankruptcy Threshold Adjustment and Technical Corrections Act which increased the debt limits of chapter 13 bankruptcy proceedings to a combined total of $2,750,000. Previously, the Bankruptcy Code limited chapter 13 eligibility to individuals with unsecured debts of no more than $465,275 and secured debts of no more than $1,395,875. Additionally, under the new law, debtors no longer are required to limit debts in specific categories as secured and unsecured. Total combined unsecured and secured noncontingent, liquidated debts need only not exceed $2,750,000 to be eligible for chapter 13. |
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Amendments to the Chicago Human Rights Ordinance Impose New Requirements on All Chicago Employers
By Jonathan R. Ksiazek
Telephone: 847.698.9600, Ext. 2282
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On April 27, 2022, the Chicago City Council approved amendments to the sexual harassment provisions of City of Chicago Human Rights Ordinance. These amendments expand training obligations, update employers’ obligations to provide their employees with a written sexual harassment policy and update the definition of sexual harassment, among other changes, effective July 1, 2022. |
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2022 Illinois Legislation Impacting Seniors and Loved Ones Including Those Currently Eligible For or Who May Seek Eligibility For Medicaid for Long-Term Care
By Anthony B. Ferraro
Telephone: 847.698.9600, Ext. 2286
The Illinois winter legislative session began on January 4, 2022 and ended on April 9, 2022.
This article summarizes some of the session's highlights that impact seniors and those who are currently eligible for Medicaid or who may seek eligibility for Medicaid for long-term care.
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Credit Scoring for Commercial Drones
By Vincent T. Borst
Telephone: 312.456.0182
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Drones–officially named Unmanned Aircraft Systems–are experiencing robust growth. During 2020, the drone fleet grew on average by 7,850 units each month. The Federal Aviation Agency forecasts that there will be 1,144,000 drones in the U.S. by 2025.
But the cost of drones is also increasing fast. The acquisition cost of a drone in 2016 averaged less than $3,000 for a reasonably capable unit; today a single multirotor drone and sophisticated radar payload package can approach $75,000 to $100,000.
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ABFJournal Q&A
Checking in with the Robbins DiMonte Merger
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Riccardo A. DiMonte, President
Telephone: 847.698.9600, Ext. 2218
Andrew M. Sachs, CEO
Telephone: 312.456.0197
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President Riccardo A. DiMonte and CEO Andrew M. Sachs participated in a Q&A with ABF Journal. DiMonte and Sachs discussed what the first few months of the RD merger were like, why the two firms merged, how the collaboration expanded each firm's offerings, and future expectations and goals of RD.
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Riccardo A. DiMonte
Telephone: 847.698.9600, Ext. 2218
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Thomas J. Cassady
Telephone: 847.698.9600, Ext. 2267
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Riccardo A. DiMonte and Thomas J. Cassady prevailed in a contested mortgage foreclosure action in the Circuit Court of Cook County that was affirmed on appeal. The case also generated a separate consumer rights case in federal court which was also successfully defended and dismissed. Affirming a judgment in favor of the Bank, the Illinois Appellate Court First District held that the borrowers’ appeals were untimely, that the trial court abused the use of non pro tunc orders to revest itself with jurisdiction to grant a stay of enforcement in favor of borrowers, that appellate jurisdiction was lacking, and that the issues raised in the appeal were moot. After the Appellate Court dismissed the borrowers’ appeals, the federal court lawsuit against the Bank was likewise dismissed.” Old Second National Bank, N.A. v. Karolewicz; 2022 IL App (1st) 192091 (March 18, 2022).
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Anthony B. Ferraro
Telephone: 847.698.9600 x 2286
Anthony B. Ferraro was featured in the July/August spotlight for the Illinois Chapter of National Academy of Elder Law Attorneys discussing how he began practicing elder law and what he enjoys most about the practice area. Click here to read the full feature.
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Rita W. Garry
Telephone: 312.456.0285
Rita W. Garry authored “A New Regime for Financial Institutions’ Cybersecurity Requirements” published June 16 in the American Bar Association’s Business Law Today publication. Click here to read the full article.
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Andrew W. Lapin
Telephone: 312.456.0372
Andrew W. Lapin authored "Legacy Fast-Food Owners Have an Opportunity to Grow Wealth" published July 6 with QSR, the leading source of news and information about the limited-service restaurant industry. Click here to read the full article.
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Laurie A. Martin Montplaisir
Telephone: 312.456.0292
Laurie A. Martin Montplaisir was a co-presenter on "Lender Liability" for the 2022 Secured Finance Network Independent Finance Roundtable on April 7. She discussed the history and developments in lender liability and the analysis of a recent lender liability case.
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Patrick D. Owens
Telephone: 847.698.9600, Ext. 2216
Patrick D. Owens was elected Chair of the Illinois State Bar Association's Trusts and Estates Section Council and the continuing second year Chair of the Association's Federal Taxation Section Council.
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Cornelius "Con" F. Riordan
Telephone: 312.456.0767
Cornelius F. Riordan authored "6 Questions About Construction Delays, Repercussions " published in the Hotel Management magazine. Click here to read the full article.
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Julia Jensen Smolka
Telephone: 847.698.9600, Ext. 2231
Julia Jensen Smolka was the speaker at the April meeting of the Advocates Polish American Attorney Association. She led a round table of attorneys for a one hour Continuing Legal Education seminar titled “Taking Your Law firm To the Next Level.” Julia discussed management and insurance issues, and hiring, finding talent and networking ideas.
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Richard Lee Stavins
Telephone: 312.456.0371
Richard Lee Stavins authored "Explaining Real Estate Tax Timing in Illinois: A One-Time Solution Continues 88 Years Later" published in the July/August 2022 Issue for the Chicago Bar Record, a publication of the Chicago Bar Association. Click here to read the full article.
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RD CHICAGO
Telephone: 312.782.9000
Fax: 312.782.6690
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RD PARK RIDGE
Telephone: 847.698.9600
Fax: 847.698.9623/9624
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Publication of this legal newsletter by Robbins DiMonte, Ltd. is not intended as a solicitation of legal representation, but rather educational purposes only as well as to give you general information and a general understanding of the law. It is written entirely by members of the firm. We welcome any comments or questions about topics covered in this or any issue. This newsletter is not intended as a replacement for individual legal advice. The contents of this publication may be quoted or reproduced if credit is properly given to the source.
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