We have a number of clients who are employed by the Montgomery Public School system who will not be paid on time due to a ‘human error’ with the direct deposit pay system. A majority of our clients live pay check to pay check, so this error puts them in quite the bind. Some have payroll auto drafts that may incur additional fees due their wages not being paid as it should have been. In one news release, the MPS Superintendent Margaret Allen states that employees who are affected by additional charges can submit documentation to be reimbursed. Ms. Allen further states that the area banks are being notified and asked to waive any charges they may impose.
Many clients also have payroll deductions for their Chapter 13 payments. Once the funds have been issued, the Chapter 13 payment should be deducted. If the deduction is delayed by a few days, it should not affect your Chapter 13 case since the system is only required to remit the monies once a month to the Chapter 13 Trustee’s office anyway.
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Editor's note: Morning Scan will not publish on Monday, Sept. 5 in observance of Labor Day. We'll be back on Tuesday, Sept. 6. Wall Street Journal
Stressed out: Bank trade groups are mulling whether to sue the Federal Reserve to challenge the methodology it uses to perform its annual stress tests on financial institutions. Some banks believe the Fed is violating the Administrative Procedure Act by not allowing public input into the test, including from the banks...
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Wells Fargo has worked toward achieving gender diversity internally, now it's courting women-owned businesses. Sallie Krawcheck says if organizations wanted to fix the gender pay gap, they could Â-- easily. Meanwhile in Silicon Valley, the majors are promising to pay their male and female employees equally, and Accenture finds women on boards are twice as likely to have the right technology experience for a company as their male counterparts.
This opinion just seems a little crazy on the surface. The short version of the facts — The debtors paid for their daughter’s college education to the tune of almost $65,000, and the Trustee filed suit against the school, Sacred Heart University, to recover that amount as a fraudulent conveyance under §548 and the Mass.
Read More from: Georgia Bankruptcy Blog
The inconsistency between what millennials say on surveys and their actual behavior should make bank marketers skeptical about building programs around such research.
S is for Strip in my Bankruptcy Alphabet. Bankruptcy lawyers delight in stripping liens from people’s homes.
In any chapter of bankruptcy, a debtor can void judgment liens that have attached to assets that would otherwise be exempt.
In Chapter 13, tax liens and other statutory liens can be stripped off the asset if there is no value in the asset, after considering liens that were perfected earlier, for the lien in question to attach to.
But the crowning feat in Chapter 13 is to strip off a voluntary mortgage lien on a home.
Read More from: Northern California Bankruptcy Lawyer
The suggestion that any area has too many local institutions dismisses the importance of community banks and overlooks the dangerous effects of consolidation.
Clients who want the benefits of bankruptcy without any change in the way they want to live life have been the theme of my practice lately.
This seems to come out when we do a Schedule J budget in a Chapter 13: they want $300/month in recreation, $1400 in food, and $300 in clothing.
Those are figures that stand out in a bad way to a trustee.
A basic premise of Chapter 13 is that you must have money in excess of your on-going living expenses to qualify.
Usually, these days, clients are in Chapter 13 because there’s something they must pay: mortgage arrears, priority taxes, or a car or two.
Read More from: Northern California Bankruptcy Lawyer
Receiving Wide Coverage ... Call for consolidation: Deutsche Bank CEO John Cryan called for more consolidation in the profit-challenged European banking industry, just after a German magazine reported the bank had considered amd rejected a bid for rival Commerzbank. "It is undeniable that Europe's banks are stuck in a fundamental dilemma," he said in remarks prepared for delivery at a conference in Frankfurt. "We have become significantly more secure since the financial crisis. We maintain moreÂ...
United States statutes require the adoption of local bankruptcy rules for mediation and other alternative dispute resolution tools.
28 U.S.C. Sec. 651: Authorization of alternative dispute resolution
(b) AUTHORITY- Each United States district court shall authorize, by local rule adopted under section 2071(a), the use of alternative dispute resolution processes in all civil actions, including adversary proceedings in bankruptcy . . .
28 U,S.C. Sec. 652: Jurisdiction.
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How Soon After I File Bankruptcy Can I Buy A House? is one of the most common questions I get. Of course, there are different types of bankruptcy, Chapter 7 liquidation, or straight, bankruptcy, where you pay nothing to creditors. And, Chapter 13, or payment plan, bankruptcy, where you pay something to creditors over 3 [...]
The post How Soon After I File Bankruptcy Can I Buy A House? appeared first on Detroit Bankruptcy Lawyer Kurt O'Keefe.
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Fear of the unknown. The Ch. 11 process is unknown to many. C-level executives
dread discussions about bankruptcy options. We just recently filed a new Chapter 11 case and thought we would write a series of posts on basic Ch. 11 procedural matters so as to demystify the process.
Filing Chapter 11 (reorganization/restructuring) is a powerful tool that can be invoked by businesses and certain individuals pursuant to Title 11 of the United States Code (aka the “Bankruptcy Code”). As a practitioner, I am privileged to be able to facilitate such restructurings. Here is the first post in this series on Ch. 11 basics.
Read More from: Steel Valley Bankruptcy Blog
In a reopened Chapter 11 case, the debtor must file quarterly reports and pay quarterly United States Trustee (UST) fees. I’m leading with the conclusion with the hope that this post shows-up in a search engine where and when you need it most. After all, sometimes you just need a quick answer to a mundane question. This is that post.
This issue came up for us after we had reopened one of six jointly-administered Chapter 11 cases so that we could file a post-confirmation adversary proceeding. Honestly, I had not considered the issue of reporting and fees. However, a month after we reopened, our client forwarded two week’s worth of email exchanges between the debtor’s controller and the UST’s Office. Basically, “You’re missing a report for the last month of the case before you closed it and you’re past due on monthly reports and fees owing for the periods after you reopened.”
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Or rather, you can read about it here. Members include Professor David Skeel, whom many Slips readers will be familiar with.
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Industry fears about the Consumer Financial Protection Bureau's "UDAAP" authority recall steps Congress took in the '70s to rein in the Federal Trade Commission.
The challenges of running a business become exponentially greater when managers seem to be spending more and more of their time finding and training new team members than in actually executing strategy.