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James EzzellIn earlier blog posts, I went over some pretty broad figures while examining the scope of the SSA’s monthly monetary benefits available to individuals who qualify for various programs. In this blog post, I’d like to go into a little more detail on what the average individual actually receives each month.

SSA Average Monthly Benefits

According to the SSA’s 2015 Fact Sheet, almost 60 million individuals received some $883 billion in monthly monetary benefits. Those who received SSA retirement got, on average, $1,342.00 per month, while qualified disabled workers drew $1,166 per month. The article includes a few additional breakdowns and statistics for those who are interested.

Read More from: Bonds & Botes, P.C.

1 week 2 days ago

Although the Southern District of New York case we discuss in this blog entry is outside the restructuring context, we discuss it here because of the relevance of make-whole premiums in many restructuring deals and cases.  Indeed, courts in restructuring cases first look to standard contract/indenture interpretation cases (usually under New York law) to determine whether the make-whole premium has been triggered in a particular situation. 

1 week 2 days ago

Receiving Wide Coverage ...

Wells names senior team: Wells Fargo announced several management appointments Monday even as it continues to try to manage the fallout from its phony accounts scandal. Avid Modjtabai, who previously led consumer lending at the bank, has been named head of a new payments, digital and innovation group. Franklin Codel was named to replace her as head of consumer lending. The two managers were named by President and COO Timothy J. Sloan,...

Read More from: BankThink

1 week 2 days ago

Blooms in the desert — Bellagio (photo by Marilyn Swanson)

By: Don Swanson

I’m always hesitant to say something doesn’t exist . . . because I might have missed it.

–Nevertheless,  I’m going to give it a shot, knowing I can, later, edit-out any error brought to my attention.

My focus, here, is on whether bankruptcy courts within the Eighth Circuit Court of Appeals system (the Circuit where I reside) have local rules on mediation.

Bankruptcy Courts WITHOUT Local Mediation Rules

The following seven bankruptcy court districts within the Eighth Circuit system HAVE NOT adopted a local rule on mediation and, collectively, create a large swath of “mediation desert” (as defined here) across the central part of the United States:

Arkansas, Eastern District

Arkansas, Western District

North Dakota

South Dakota

Read More from: Mediatbankry

1 week 2 days ago

A couple of Student Loan topics this week,

Student Loan Crisis and NCT
Students Graduating

Bloomberg News does a nice job showing

the Student Loan crisis is worse than what

the government is telling us.

Student Loan Crisis – Defaults

For most contracts, default means you missed a payment, or, let your car insurance lapse.

But in Student Loan Land:

Read More from: Discharge Student Loan

1 week 2 days ago

Fall is one of the best times to purchase real estate in Walworth County. Although spring is normally considered the best time to purchase real estate, the autumn season can be an even better time to purchase. Our Walworth County real estate attorney, Shannon Wynn, lists several reasons why in the list below.


7 Reasons Fall is a Great Time to Buy Real Estate in Walworth County

1. Your competition is reduced. Many home buyers are looking to get into that new home before the school year starts. In the fall, those buyers are out of the picture.

Read More from: Wynn at Law, LLC

1 week 3 days ago

IMX Acquisition Corp., and three of its affiliates, have filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware (Case No. 16-12238).  The cases have been assigned to the Honorable Brendan Linehan Shannon.  The Debtors seek joint administration of these cases.  The Debtors’ petition can be found here.  The First Day Declaration is not yet available and the proposed claims agent is Kurtzman Carson Consultants, LLC.

Contact Norman L. Pernick and  Nicholas J. Brannick for more information.

1 week 3 days ago

taxes dischargeable

Got unpaid taxes for 2012?  October 16, those taxes reach the end of the line as priority claims in bankruptcy.

They lose their protected status and can be discharged in bankruptcy.

Discharged, as in, no longer a personal liability.  No longer entitling the IRS to levy and garnish because of a bankruptcy discharge.

Taxes collectible for 10 years from assessment, outside of bankruptcy.

That’s the view from 30,000 feet on discharging taxes in bankruptcy.  Let’s look at the details and see why October 15th is important if you have old taxes you haven’t paid.

Three rules govern discharge of taxes

To wipe out taxes in bankruptcy, three rules must be met.  The first one, the “three year rule”, says taxes can’t be discharged until three years have passed since the tax return was last due.

1 week 4 days ago

NJ Student Loan ForgivenessThe NJ Legislature recently passed a bill that will ease the financial burden currently placed on grieving parents by student loan providers.

The sad reality is that parents who tragically lose a child often have a lot more to deal with than just making funeral arrangements and grieving over their loss. That’s because parents can be required to pay off their deceased child’s debts. This is a particular problem in New Jersey, where existing state law allows the NJ Higher Education Student Assistance Authority (HESAA) to continue pursuing payment for student loan debts from the parents of a borrower even after the borrower has died.

1 week 6 days ago

The Consumer Financial Protection BureauÂ's new regulation governing prepaid cards will disrupt consumer practices, drive up costs and wreak havoc on a fast-growing sector within the payments industry.

Read More from: BankThink

1 week 6 days ago

Current proposals about what to do with Fannie Mae and Freddie Mac that still focus on a government-backed solution are misdirected.

Read More from: BankThink

1 week 6 days ago

Upcoming Committee Formation Meeting: Friday, October 14, 2016, 11:00 a.m.

Case Name: Filip Technologies, Inc.
Case Number: 16-12192 (KG)

Location: Office of the US Trustee 844 King Street, Room 3209, Wilmington, DE 19801

The Debtors’ petition and list of twenty largest creditors can be found here.

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here.

Contact Norman L. Pernick and  Nicholas J. Brannick for more information.

1 week 6 days ago

Receiving Wide Coverage ... Deutsche's battle plan: Embattled Deutsche Bank said it was cutting another 1,000 full-time positions in Germany, on top of the 3,000 cuts it announced back in June. Separately, the Financial Times reports Deutsche is working on a public spinoff of a minority stake in its asset management division in order to boost capital. Any IPO would come only after it reaches a settlement with the U.S. Department of Justice over allegations it soldÂ...

Read More from: BankThink

1 week 6 days ago

Attorney Ed WoodsYes, I am referring to that Sears – the giant retailer. According to an article this week in TheStreet, Sears reportedly has “significant default risk” within the next one to two years. This would likely lead to a bankruptcy filing under either Chapter 7 liquidation or Chapter 11 reorganization. A Chapter 7 filing would mean that Sears would liquidate its assets in order to pay creditors while a Chapter 11 filing would be aimed at staying in business and trying to come out of bankruptcy in a much better financial condition.

Read More from: Bonds & Botes, P.C.

1 week 6 days ago

If Wells Fargo employees were fired for trying to stop the bankÂ's improper account practices, as has been claimed in court, it shines a spotlight on the need for more whistleblower assistance.

Read More from: BankThink

2 weeks 4 hours ago

wells fargo accounts


Fake Wells Fargo accounts opened without consent may adversely affect victims’ credit scores.

Are you affected?

Wells Fargo employees opened an estimated 500,000 unauthorized credit card accounts and more than 1 million deposit accounts.

Your credit score is figured in part on new credit accounts and available credit.  If you banked with Wells Fargo, their shenanigans may be messing with your apparent credit worthiness.

What’s a credit score

A credit score is the product of a mathematical formula, created by a for-profit company, predicting the risk that you won’t repay a loan.

2 weeks 6 hours ago

Banks must work to attract a diverse workforce through recruiting efforts, and to close the retention gap that sees institutions lose a higher percentage of women leaders compared to those who are men.

Read More from: BankThink

2 weeks 6 hours ago

Upcoming Committee Formation Meeting: Thursday, October 13, 2016, 11:00 a.m.

Case Name:  Garden Fresh Restaurant Intermediate Holdings, LLC
Case Number:  16-12174 (CSS)

Location: The Doubletree Hotel, 700 King St. Wilmington, DE 19801

The petition (including the consolidated list of the top 30 creditors) and the first day declaration are available through Epiq Bankruptcy Solutions, LLC.

Contact Norman L. Pernick and  Nicholas J. Brannick for more information.

2 weeks 7 hours ago