Time Of Essence Clauses and Installment Payments: How Late Is Too Late?

In Handler v. Johnson, 2015 WL  4506712 (N.D.Ill. 2015), a bankrupt debtor’s adversary moved to reopen a case after the debtor was late on two installment payments under a settlement agreement. The creditor, a lawyer who previously represented the debtors in unrelated litigation, sued to recover about $21K in attorneys’ fees owed from the prior representation.  The debtors previously …