Happy President’s Bankruptcy Day everyone! Did you know that both Thomas Jefferson and Abraham Lincoln dealt with bankruptcy? Not the national debt, but their own personal bankruptcy. Is this something we as Americans should be ashamed of? On the contrary, I think it shows off the strength and resilience of our country and our democratic …
Presidents and bankruptcy: Jefferson and Lincoln Read More »
Grim economic news continues to pour forth. CBS News’ website has an articled titled “The Coming Foreclosure and Commercial Real Estate Storms.” You thought we were already in the middle of the foreclosure crisis? Well apparently there’s more to come. From the banks’ point of view, the longer they keep you on the hook, the …
Bankruptcy Bill has a unique post out today that lists the bankruptcy lawyer for each of the many celebrities who have filed for bankruptcy. And apparently I’m on the top of the list in its current form. While I appreciate the additional visibility for my own practice, I think “celebrity bankruptcies” underscore the fact that …
I’ve previously warned against working with debt settlement companies on the basis that many of them are scams and just take advantage of people. However, here’s one more reason to be wary of debt settlement companies: 1099-C…. the tax document you receive signifying income when a debt is forgiven. If you negotiate a settlement so …
1099-C and Forgiveness of Debt: Another reason to be wary of debt settlement companies Read More »
The latest unemployment news is out and it ain’t good. Economists were predicting a drop in unemployment claims. But instead the Department of Labor’s report showed an increase in the number of first-time filings for state unemployment benefits. What does this mean from a bankruptcy perspective for New Yorkers? Conventional wisdom says that bankruptcy filings …
Unemployment Update: Jobless claims up and bankruptcy to follow in New York Read More »
My friend and fellow bankruptcy lawyer David Leibowitz who practices in Illinois and Wisconsin has a very helpful post titled “Who is the United States Trustee?” where he really does a nice job of explaining it all. The main point is that the trustee is not a judge, but he or she makes decisions that …
There’s a good post today titled “Dykstra Mansion on the Market for $14.9 Million” on the WSJ’s Bankruptcy Beat. A couple points worth noting about Dykstra’s approach to home care for a property he originally tried to sell for $25 million: “The home was littered throughout with empty beer bottles, trash, dog feces and urine …
Having trouble selling your home? Don’t do a Lenny Dykstra. Read More »
Most New Yorkers’ interactions with a debt collector involve incessant calling, perhaps yelling and verbal abuse and in some cases threats and outright lying (which, for the record, is illegal). Today, however, NPR’s affiliate WNYC has a story where they actually talk to a young gentleman who works for a third-party debt collection company and …
I’ve written posts here previously warning individuals about debt relief companies, which often are guilty of creating more debt and no relief. But recent trends indicate that small business owners also need to watch out for debt relief scams specifically aimed at small businesses. This post on CreditSlips.org by Professor Bob Lawless notes an increase …
Small business owners: Watch out for debt relief scams like Corporate Turnaround Read More »
“Bruce Weiner Debt Case Studies” is a new recurring feature on this blog that will summarize some of the facts in a client’s bankruptcy case. The goal is to share the kinds of real world circumstances that lead people to bankruptcy and to demonstrate how the bankruptcy process and a good bankruptcy lawyer can help. …
Bruce Weiner Debtor Case Studies: Other people’s debt Read More »
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