GCK On Law
Section 707(b)(1) – Primarily Consumer Debts
Under Section 707(b)(1) of the Bankruptcy Code, the court “may dismiss a case filed by an individual debtor under [Chapter 7] whose debts are primarily consumer debts * * * if it finds that the granting of relief would be an abuse of the provisions of [Chapter 7].” ...
Section 105(a) – Temporary Injunctions
Section 1123(b)(6) of the Bankruptcy Code provides that a plan may “include any other appropriate provision not inconsistent with the applicable provisions of this title.” Section 1123(a)(5) states that “a plan shall provide adequate means for the plan’s...
2025 Illinois Tax Amnesty Programs Offer Penalty and Interest Relief to Individual and Business Taxpayers
With Illinois Governor JB Pritzker signing House Bill 2755 on June 16, 2025 and the subsequent updates from the Illinois Department of Revenue, the fall of 2025 brings new opportunities for individuals and businesses to resolve past tax liabilities through limited...
When are Settlement Proceeds Taxable? Lessons from Mennemeyer v. Commissioner
Tax law provides that gross income includes all income from whatever source derived, including income arising from a settlement agreement. 26 U.S.C. §61(a). Any deductions or exclusions from this general rule are a matter of legislative grace, which means that...
Who May Claim Breach of Fiduciary Duty under 755 ILCS 45/2-7(f)? In re Estate of Piton, 2024 IL App (3d) 24005
In January of 1968, Patrick Piton wrote a will which left his estate to his parents provided that they survive him, then to his siblings provided that they survive him, and then to his niece and nephews in equal shares. During his lifetime, Patrick named his siblings,...