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Bankruptcy Judge Enlists Help of Mediator

After realizing that one of his cases had come to a brief standstill, one bankruptcy judge decided to bring in another judge to put an end to the conflicts between the parties involved in the Chapter 11 case.

The judge hearing the business bankruptcy case of a financial institution realized that both parties, the institution and the creditors, were unable to reach a decision. In an effort to bring the case to a close, the judge appointed another judge in the district to act as a mediator between the two parties. The second judge will help the parties reach an agreement in which the institution will work out a plan to pay back the $7 billion it owes to creditors.

The mediating judge has until November 4th to work with both sides to reach a settlement. On that date, he will have to report to his fellow judge on whether the mediation failed, succeeded or needs additional time.

If you are filing for business bankruptcy in Illinois, it is a wise idea to have a Chicago bankruptcy lawyer on your side who can serve as your advocate throughout all proceedings. To get legal assistance, don't hesitate to contact Bizar & Doyle, LLC today.

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The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

Main Office: 123 W. Madison Street, Suite 205 Chicago, IL 60602
Phone Number: (312) 427-3100