Two years ago I wrote a blog item called 8 Pieces Of Life Changing Advice A Bankruptcy Lawyer Will Give You For Free. The blog was intended as a call to action for distressed debtors to seek legal advice, usually given for free, from a bankruptcy lawyer. One of the most important points I emphasized was […]
Over Exemptions The client is told she’ll have to pay something to the trustee in bankruptcy, and her heart sinks. But it doesn’t have to be that bad. Every Chapter 7 client wants a “no asset” case, when a debtor’s equity in his assets is less than allowed exemptions. But sometimes the client’s commissions are […]
I couldn’t be more excited to present March Madness:Bankruptcy Brackets. I’ve been blogging about celebrity bankruptcies and created infographics like The Baseball Bankruptcy Hall of Fame, The Flag of Bankrupt Presidents, The Bankruptcy Big House and others. So, I decided that it would be interesting, educational and fun to have a competition amongst all of […]
The Wolf of Wall Street depicts the meteoric rise and fall of über salesman Jordan Belfort, the creator of penny stock dealer Stratton Oakmont. At the beginning of the film Belfort is shown as a young man at the outset of a journey: starting his securities career at a prestigious Wall Street brokerage. However, had […]
Sonja Morgan’s movie project Fast Flash to Bang Time failed and she was forced to settle a lawsuit for $7 million. You’ll recall that Sonja is one of the stars of the reality show, Real Housewives of New York, RHONY. In her November 2010 Chapter 11 petition, Sonja listed $19.8 million in debt and $13.5 […]
Dorothy Hamill inherited a tradition of American Olympic Greatness: the heir apparent to the immortal Peggy Fleming, Hamill took the world by storm, winning a gold medal at the 1976 Olympics. Hamill’s bobbed hair and pixie smile soon caused the country and the world to fall in love with her, and success, fame and money […]
What do teachers, retailers, heating oil sellers and NFL players have in common? People who choose these professions must anticipate that their income will be concentrated during specific times each year, not delivered weekly, bi-weekly or monthly like most salaried employees. While teachers do receive their income over a nine month period when school is […]
The trial of former Commercial Mortgage & Finance CEO Anthony D’Agostino, who is charged with running a Ponzi scheme, started Monday. The case illustrates a difficult problem for both businesses and prosecutors: what is the line between business failure and fraud? Bankruptcy frequently brings close scrutiny to the assets, liabilities, income and expenses of a […]
For most, bankruptcy is a last resort. Understanding that that the rich and famous also sometimes stumble helps clients overcome feelings of failure and shame. During the year that I’ve been blogging, I’ve written about baseball-star-turned-bankruptcy-felon Lenny Dykstra, Bankrupt Presidents, The Real Housewives of Bankruptcy and the Baseball Bankruptcy Hall of Fame. A former beauty queen […]
Sonja Morgan’s anticipated battles with her newly appointed Chapter 11 trustee may make for great reality storylines when her hit Bravo series, Real Housewives of New York, returns for Season 6. Sonja lost control over her nearly 3-year-old Chapter 11 case when the bankruptcy judge appointed Ian J. Gazes as her Chapter 11 trustee. Sonja […]
