Chicago's Legal Latte

In this podcast, attorney Tim Hughes discusses whether filing for bankruptcy can help individuals facing harassment from creditors.

In this podcast, Lavelle Law attorney Steve Migala summarizes the Federal Reserve Board's new Main Street Lending Program (Program). The Program operates through three facilities offered to small and medium-sized businesses: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF). Each facility is highlighted in this podcast.

Lavelle Law attorney Patti Levinson explains the benefits of using the collaborative process for a divorce during the COVID-19 crisis.

Many times, an insurance company will try to obtain what’s called a “recorded statement” after a person is involved in an accident. Attorney Nicholas Dollenmaier explains why that is probably not a good idea and why you should obtain counsel before providing one.

Lavelle Law Attorney Kelly Anderson explains what has changed with real estate transactions in the era of COVID-19 and how buyers and sellers can be prepared for it.

Zoning regulations are designed to maintain community standards while also permitting personal privacy rights. But from time to time, an owner wishes to alter the existing use of a parcel and needs to obtain relief from those zoning ordinances. This podcast, with attorney Ted McGinn, is designed to provide a basic understanding of land use and the procedure to obtain relief.

An employee stock ownership plan (an “ESOP”) is a type of employee benefit plan regulated by the Internal Revenue Code (the “Code”) and the Employee Retirement Income Security Act of 1974 (“ERISA”). Employees who are ESOP participants are in many ways treated similarly to shareholders of their company. This applies to bankruptcy as well, which means that ESOP participants are effectively “last in line” and usually get nothing if the company is liquidated. However, recent case law suggests that this treatment may not apply to repurchase obligations toward former employees. Repurchase obligations may be treated as debt, which may give an ESOP participant higher priority in bankruptcy putting them next in line after the senior secured lender. In this podcast, Lavelle Law attorney Roman Perchyts answers questions about ESOPs and bankruptcy and addresses concerns that banks may have regarding the priority of repurchasing obligations in bankruptcy.

For those co-parenting, many questions may arise as to how best to handle the challenges to parenting time COVID-19 may pose. In this podcast, Attorney Colleen Hurley of Lavelle Law discusses how family law cases have been impacted by COVID-19, how courts view co-parenting during this time, and best practices.

In times of unrest, having the right protections for your family, business, assets, and other valued possessions are of the utmost importance. Given the tumultuous times in which we find ourselves, an estate plan (wills, trusts, health care/financial powers of attorney, child guardianship, etc.) has become even more important. Without these documents and correct structure, it is almost guaranteed that there will be major problems in the event of an unexpected death or disability. In this podcast, estate planning attorney, Ryan Gardner, addresses things to consider and key documents to ensure that you and your loved ones are protected, both during a crisis and afterward.

A new chapter in the Bankruptcy Code, Subchapter V, recently took effect. It provides small business debtors greater flexibility to reorganize under Chapter 11. The process is more streamlined and accessible than traditional Chapter 11 and there is more control of structure and payments of small business reorganizations. Subchapter V provides small businesses much-needed relief in light of the ongoing COVID-19 pandemic. In this podcast, Attorneys McGinn and Hughes discuss Subchapter V and how it can help you save your business.