The Bankruptcy Crisis in Chicago
By Steven R . Fox and J . Scott Bovitz
Steven R . Fox The Fox Law Corporation Encino , California
J . Scott Bovitz Bovitz & Spitzer Los Angeles , California
... Chapter 8 ...
[ Footnote : Mr . Bovitz acknowledges that Mr . Fox wrote the bulk of this article and Bovitz might just be looking for reflected glory in the joint byline . On the other hand , Mr . Fox acknowledges that Mr . Bovitz has a quirky sense of humor , is a master of meandering footnotes , and has “ improved ” this article with his editorial blue pencil . For the younger reader , who may never have seen a pencil , go to “ How A Pencil is Made ,” http :// www . generalpencil . com / how-apencil-is-made . html .]
The 1950s
This was a real crisis -- the kind that only bankruptcy professionals could love .
For 15 years , bankruptcy filings had increased . In a single day , 83 bankruptcy petitions were filed in
Chicago . Was this 2008 ? Nope . 1957 !
[ Footnote : For the facts cited in this article , your authors are relying upon semi-legible photocopies of newspaper articles from the 1950s . The vague chain of custody is mysterious to Mr . Bovitz . However , Mr . Fox swears that these newspaper clippings were given to him by a Chicago bankruptcy professional in the early 2000s . In short , we can ’ t really vouch for the truth of the matters discussed below . However , that doesn ’ t seem to matter much in federal court . See , Federal Rule of Evidence 902 (“ The following items of evidence are self-authenticating ; they require no extrinsic evidence of authenticity in order to be admitted : ... ( 6 ) Newspapers and Periodicals . Printed material purporting to be a newspaper or periodical .”). Also , our regular readers know that the rules of evidence are a bit more relaxed in the Chapter 8 column .]
In 1933 , during the worst of the Great Depression , debtors filed 3,955 bankruptcy petitions in the Chicago district court .
[ Footnote : Chicago Daily News , October 12 , 1957 , Bankrupt : in 10 Easy Payments ( hereinafter , “ Bankrupt in 10 ”).]
Elmore Whitehurst was acting director of the Administrative Office of the United States Courts . For the fiscal year ending June 30 , 1957 , Mr . Whitehurst estimated that bankrupts would file 72,000 bankruptcy petitions in the United States . In the same two-year period , the Northern District of Illinois would see a 42.3 % increase in filings .
[ Footnote : Chicago Sun-Times , May 8 , 1957 , page 26 . In the Bankruptcy Act of 1898 , judges were “ referees ” and petitioners were “ bankrupts .” According to
28 CONSUMER BANKRUPTCY JOURNAL Summer 2017 National Association of Consumer Bankruptcy Attorneys
The Bankruptcy Crisis in Chicago
By Steven R. Fox and J. Scott Bovitz
Steven R. Fox
The Fox Law Corporation
Encino, California
...Chapter 8...
[Footnote:
Mr.
Bovitz
acknowledges that Mr. Fox
wrote the bulk of this article and
Bovitz might just be looking for
reflected glory in the joint byline.
On the other hand, Mr. Fox
acknowledges that Mr. Bovitz
has a quirky sense of humor, is a
master of meandering footnotes,
and has “improved” this article
with his editorial blue pencil. For
the younger reader, who may
never have seen a pencil, go to
“How A Pencil is Made,” http://
www.generalpencil.com/how-a-
pencil-is-made.html.]
The 1950s
This was a real crisis -- the kind that
only bankruptcy professionals could
love.
For 15 years, bankruptcy filings
had increased. In a single day, 83
bankruptcy petitions were filed in
28
CONSUMER BANKRUPTCY JOURNAL
J. Scott Bovitz
Bovitz & Spitzer
Los Angeles, California
Chicago. Was this 2008? Nope. 1957!
[Footnote: For the facts cited
in this article, your authors
are relying upon semi-legible
photocopies
of
newspaper
articles from the 1950s. The
vague chain of custody is
mysterious
to Mr. Bovitz.
However, Mr. Fox swears that
these
newspaper
clippings
were given to him by a Chicago
bankruptcy professional in the
early 2000s. In short, we can’t
really vouch for the truth of
the matters discussed below.
However, that doesn’t seem to
matter much in federal court.
See, Federal Rule of Evidence
902 (“The following items of
evidence are self-authenticating;
they
require
no
extrinsic
evidence of authenticity in order
to be admitted: ... (6) Newspapers
and Periodicals. Printed material
purporting to be a newspaper or
periodical.”). Also, our regular
readers know that the rules of
Summer 2017
evidence are a bit more relax ��)���ѡ��
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