Bankruptcy and integrity play key roles in several campaigns across the country. This year, more races than ever implicate bankruptcy, debt and morality, raising the question whether voters are willing to overlook a candidate’s financial struggles when they cast their votes on November 6. In Massachusetts, well known bankruptcy personality Elizabeth Warren is in a […]
Guernsey Bank is a small, privately owned Ohio bank that is approaching bank foreclosures in a revolutionary way: they are fixing up homes and renting them out until the right buyer comes along. This practice is contrary to most banks’ tendency to credit bid on their foreclosure auctions, keep the usually beaten-up properties vacant and […]
From America’s Poorest Presidents: Bankruptcy, Insolvency and Extreme Financial Hardship: An ambitious but poor young man, Abraham Lincoln’s early life left him in financial ruin. When he was in his 20′s he bought a general store with a friend and business associate – an investment he would later regret. Before the store went bankrupt Lincoln sold his […]
In researching the article Baseball Bankruptcy Hall of Fame and its accompanying infographic, I tried to compile a true allstar team of MLB debtors. I discovered that every position in baseball, from infielder to outfielder, from pitcher to designated hitter, has been represented as a debtor in the Bankruptcy Court, except one: the catcher. I could […]
Ronald J. Drescher, Maryland bankruptcy attorney and founder of Drescher & Associates has launched a Facebook campaign to raise funds for an organization he believes in and volunteers for – Maryland Volunteer Lawyers Service (MVLS). Maryland Volunteer Lawyers Service (MVLS) the largest pro bono organization in Maryland, provides critically needed legal assistance to 3,700 low-income Marylanders each year. Through September […]
The mission statement of the United States Bankruptcy Court for the District of Maryland is to “promote social and economic order by reconciling the opportunity of debtors to a fresh start with the right of creditors to be paid.” A Google search of “fresh start bankruptcy” turned up about 2,560,000 results. A search of bankruptcy […]
When David Strumpf filed bankruptcy in January 1991 he probably thought that his bank account was safe. The automatic stay of Bankruptcy Code Section 362 protects debtors from their creditors, so he (and his lawyer) probably thought there was nothing to worry about from his bank. Although he owed the bank over $5,000, and was […]
When George W. Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act (“BAPCPA”) into law in April, 2005 panic beset the bankruptcy community. Many bankruptcy lawyers feared that BAPCPA would severely limit the rights of debtors under the Bankruptcy Code. Even worse, nobody knew what impact many of BAPCPA’s new restrictive features would have on […]
Daniel Martinez Galan and his wife, Janice Blackmore struggled to keep their heads above water as their dreams of building a stable of investment properties shattered when the real estate bubble burst in 2008. They exhausted their cash reserves even as the incomes from their properties plummeted. Shortages from their investment homes were as much […]
Courts around the country continue to refuse Chapter 13 debtors the right to make payroll contributions into their 401(k) plans at the expense of creditors.Two recent cases have continued this trend:In re Parks, No. 11-1366 (B.A.P. 9th Cir. August 6, 2012), and In re Jenkins, No. 11-16960 (Bankr. E.D. Tenn. July 5, 2012). The rationale behind these decisions (notwithstanding a […]
