Settlers' Housing Service, Inc. v. Schaumburg Bank & Trust Co. (In re Settlers' Housing Service, Inc.)

FINDINGS OF FACT AND CONCLUSIONS OF LAW

Jack B. Schmetterer, United States Bankruptcy Judge

This adversary proceeding, related to a voluntary Chapter 11 bankruptcy case, is before the court for decision after trial. The debtor in the bankruptcy case, Settlers’ Housing Service, Inc. (“Settlers’” or the “Debtor”), is an Illinois nonprofit corporation organized and operated to fulfill the housing needs of recently arrived legal immigrants. After incurring large amounts of debt to acquire properties in August of 2008, the properties failed to generate enough revenue to pay the loans and Settlers’…