What does the lower S&P credit rating mean to me?
On Friday August, 6 2011 S&P lowered the US government’s credit rating to a AA+. S&P noted that they have been contemplating this move for some time and finally made the decision primarily on political grounds. It looks bad when our government has such a hard time managing its budget, or agreeing on a budget. […]
What is the Discharge hearing for bankruptcy in Manhattan?
The last step in a chapter 7 or 13 bankruptcy case is a discharge hearing. This is where a judge finalizes the estate as settled and releases the debtor of his/her dischargeable debts. Certain debts like, certain taxes, domestic support debt, fines and penalties owed to the government, student loans and various other debts will […]
How to wipe out credit card debt
The answer to this question is not a simple one. There are several different strategies to getting out of credit card debt. Much of the issue depends on how much credit card debt you have. If the numbers are not overwhelming then the strategy is not as difficult. First, you should call the credit card […]
What questions will the Bankruptcy Trustee ask at my 341 meeting of creditors in New York
Here is an outline of what to expect in Manhattan (Southern District of New York) and Brooklyn (Eastern District of New York) Bankruptcy meeting of creditors. Currently, do to the COVID virus the meetings are being done over the phone or via zoom. You will still need your license and social security card with you. […]
What are the Requirements to file for Bankruptcy?
Anyone, whether or not a US citizen may file for bankruptcy as long as he/she has property, resides in the US or has a business in the US. The individual does not even need to live in the US as long as they have assets in the US. Children can file either through a court-appointed […]
Who is the US Trustee?
Every jurisdiction aside from Alabama and North Carolina have a United States Trustee. Since 1986 the United States Trustee program was created to perform many of the administrative duties of the court. This allows the Bankruptcy Court to focus on the legal disputes that may arise. The US Trustee also performs random audits on debtors […]
Who is the Bankruptcy Trustee?
When a debtor files for bankruptcy under chapter 7 or 13 of the U.S. Bankruptcy code a “bankruptcy trustee” is appointed by the US trustee. In certain Jurisdictions there are different titles given to the “bankruptcy trustee” but the purpose is the same. Since the US Trustee is unable to personally handle each and every […]
Large mortgage lenders off the hook?
Thanks to Jean Eaglesham for his article in the Wall Street Journal on page B1, printed on August 6, 2011 entitled “Criminal Mortgage Probes Fizzle Out”. During the 2005 and 2006 mortgage boom period that led to our recession Wamu, Indymac and New Century made about 25% of these home loans. The lending and accounting […]
Pensions cut in Rhode Island through Bankruptcy
Thanks to Michael Corkery of the Wall Street Journal for his article entitled “Bondholders Win in Rhode Island” on Page C1 on August 4, 2011. Central Falls, Rhode Island, is the second city in the US to file for Chapter 9 Bankruptcy. Chapter 9 Bankruptcy protection is a provision in the Bankruptcy code that gives […]
Tax Discharge and Bankruptcy for Attorneys
How to get Federal and New York State taxes discharged in bankruptcy One common myth regarding bankruptcy is that taxes cannot be discharged. While it is true that most taxes are non-dischargeable, through a rather complicated analysis, many taxes actually are dischargeable through bankruptcy. This will first focus on the taxes that are absolutely non-dischargeable […]