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 […]
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 […]
Coupons, discounts and two-for-the-price-of-one deals assault consumers in print, over the airwaves and on the web. Almost every business will offer a new customer special value to bring them in the door. Bankruptcy lawyers are no strangers to this reality: nearly every bankruptcy lawyer I know offers a free initial consult to prospective clients. Even a […]
Real estate agents and brokers may believe that they don’t truly earn their commissions until settlement, but that’s not the controlling law in Maryland and many other states. Maryland Real Property Article Section 14-105 states that in the absence of a special agreement to the contrary, a listing agent earns their commission when a binding agreement […]
The bankruptcy process is filed with obstacles and milestones: hiring an attorney, filling out complicated forms and pulling the trigger to file the case itself. On top of all this is at least one public appearance: meeting with the trustee. In Chapter 7 the trustee’s meeting should follow careful planning and execution. In Chapters 11 […]
Kraken Investments consigned the classic “Madonna and Child” painting by Botticelli to crooked NY gallery owner Lawrence Salander in 2006. The painting is valued at $9.5 million. Kraken, an Israeli company, probably thought it had dotted its “i’s” and crossed its “t’s” when it had Salander sign a consignment agreement agreeing that any disputes would […]
Two stories tell different sides of the US housing crisis. In Philadelphia, a struggling homeowner tells her story of a tortured loan modification nightmare: at one point it appears she is to be forced from her home because her payment was short thirty-five cents. With no accountability and no predictability, banks who offer loan modification […]
Debtors have options when their assets exceed exemptions. They can file chapter 11 or chapter 13 and make a stream of payments to buy back their property’s surplus equity. They can file chapter 7 and negotiate a buyback from the trustee, or else just release the assets outright. They can stay out of bankruptcy and […]
