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This is the first article in a blog series on emergency savings and financial security. Check out the second blog article, “A Lot of Americans with Financial Struggles Focus on the Present, Don’t Worry about the Future.” A majority of Americans report that they would probably not have the funds needed to cover emergency expenses, according to a new poll. The poll, which was conducted by The Associated Press-NORC Center for Public Affairs Research (AP-NORC), found that approximately two-thirds of adults in the U.S. would struggle to afford a $1,000 emergency. The White House even issued a comment on the AP-NORC poll, stating that “there is still more to do” when it comes to improving the economy and helping Americans avoid financial disaster. In fact, the problem may be even worse than the AP-NORC study indicates. In 2015, the Federal Reserve conducted a poll that showed that nearly half of American adults are not in a financial position to pay for a $400 emergency expense. Most of the survey respondents said that they would have to sell their possessions or ask friends or family for financial assistance if a minor emergency arose. Paying for an Unexpected Emergency Expense
12 hours 12 min ago
The long weekend is almost here, and we at the Weil Bankruptcy Blog know that, if Mother Nature does not cooperate with your plans for the long weekend, the best hedge against getting stuck inside playing endless games of Heads Up! is to claim that you have work to do.  That’s where catching up on your blog reading comes in.  Once again, we have summarized below what you may have missed over the last couple of months.  Even if you may not be able to come back from the long weekend with an impressive tan, you still will be able to wow your colleagues with your bankruptcy expertise.  When Will We Be Able to Forget Frenville?
12 hours 34 min ago
On May 18th, James Shenwick delivered a lecture on personal bankruptcy in 2016 to Deliberate Solos. I.          IntroductionWhy do people file for bankruptcy today?●     Credit card debts ●     Business reversals and job loss●     Falling real estate values●     High housing costs ●     Student loans ●     Divorce ●     Medical bills and illness●     Guaranties of debtII.        Economic Conditions that are driving Personal Bankruptcy Filing●     4.9% unemployment rate●     The effective unemployment rate is 9.7%●     The unemployment rate for recent college graduates is 7.2%●     $935.3 billion of revolving (credit card) debt as of January 2016●     The foreclosure rate is 1.2%●     11.5% of homes are “underwater.”●     Student loans total approximately $1.4 trillion III.       What can a person with too much debt do?            A.        Do nothing-“Hope and Pray”B.        Negotiate an “out of court” workout with creditors Pros: ●     Save the legal fees in filing a bankruptcy petition and the Bankruptcy Court filing fees (usual minor in comparison to the amount of debt a debtor has).●     A workout may be a less “negative factor” on your credit report than filing for bankruptcy (“FICO Score”).

Read More from: Shenwick & Associates

12 hours 53 min ago
Everyone agrees that electronic transactions should be as safe as possible, but a PIN mandate will not prevent online or mobile fraud.

Read More from: BankThink

16 hours 10 min ago
We are a consumer bankruptcy law firm helping persons and businesses with their financial situation.  If you believe we can be of assistance to you, please contact us today at johnrogers@glasgow-ky.com  or toll-free at 1-888-651-9353 and put our experience to work for you.  We offer a free initial consultation and we are available to accommodate your schedule and meet with you on weekends or during the evening. We are located in Glasgow, Kentucky at 111 West Wayne Street, one block off of the Square in Glasgow.  Glasgow is conveniently located on the Louie B. Nunn Cumberland Parkway, for those traveling from west or east of Glasgow We are Certified, Consumer Bankruptcy Law, American Board of Certification… one of the few attorneys in Kentucky so certified www.abcworld.org We are an active member of the National Association of Consumer Bankruptcy Attorneys, serving as Kentucky State Chair of this organization. www.nacba.com We are also have been designated a debt relief agency by Congress and the United States Supreme Court and we provide legal assistance to consumers seeking relief under the Bankruptcy Code. Also, be sure to check out our other website address of www.bankruptcy.ky for more information on filing bankruptcy and John Rogers, Attorney at Law
17 hours 8 min ago
The Ninth Circuit BAP recently discussed on appeal the issue of whether a bankruptcy court may use the “fair and equitable” standard for confirmation in § 1129(b) to deny an oversecured creditor default interest on its claim to which it would otherwise be entitled under § 506(b). In Wells Fargo Bank, N.A. v. Beltway One Development Group, LLC (In re Beltway One Development Group, LLC), 547 B.R. 819 (9th Cir. BAP 2016), the Ninth Circuit BAP concluded that the fair and equitable standards for confirmation deal with treatment of an allowed claim post-confirmation, but that allowance of an oversecured claim is governed by § 506(b). The BAP held the bankruptcy court erred In using § 1129(b) to deny Wells Fargo default interest on its claim.

Read More from: Creditors' Rights

18 hours 10 min ago
At the end of a Chapter 13, you may still owe some interest on taxes included in bankruptcy. But not nearly as often as the IRS would have you think. It’s a huge let down to think after all the payments in a Chapter 13, not everything went away.  But in a narrow slice of situations, it happens. Here’s the deal:  if the tax is one that’s dischargeable in Chapter 13 according to the Bankruptcy Code, then no interest is due at discharge. If, however, the tax was a non dischargeable tax which was paid in full through the plan, then the IRS is entitled to interest. That interest covers the period after the filing of the bankruptcy case.  Any interest on the tax that accrued before filing is part of the tax claim in the case. To figure out whether you really owe the interest on tax the IRS now claims, you need to know not just what taxes you paid in the case, but which ones were dischargeable. Taxes not discharged in Chapter 13 Section 1328 of the Bankruptcy Code tells us what debts can be discharged in Chapter 13.  Like a lot of law, it does so by referencing other parts of the Code.
18 hours 14 min ago
Atlantic City, N.J., is in the midst of a financial crisis that has been in the making for years. Increased competition and a host of unfortunate spending and hiring decisions have led to a state of affairs that currently features the nation’s highest home foreclosure rate, junk bond credit status an alarmingly large budget deficit. More recently, public officials have fought whether schools should be funded at the expense of shutting down city government, or vice versa, as if either would be an acceptable outcome. How to fix Atlantic City? That question is now being bitterly debated at all levels of government in an unusual combination of bipartisanship and acrimony that pits the Republican governor and the Democratic senate president against the Republican mayor and the Democratic assembly speaker. Gov. Chris Christie proposes a state takeover of nearly all of the city’s operations, including the right to deal directly with municipal employee labor unions, dissolve city agencies and sell off the city’s assets. The mayor, who earlier supported a similar version of the governor’s plan, now opposes it and prefers an alternate plan from the assembly speaker that would allow the city to retain control, at least for now.

Read More from: WSJ.com: Bankruptcy Beat

18 hours 29 min ago
In guidance on banks' resolution plans, regulators effectively have made important policy decisions about liquidity transformation that were not subject to notice and comment.

Read More from: BankThink

18 hours 40 min ago
Receiving Wide Coverage ... Overturned: A $1.27 billion penalty against Bank of America was overturned Monday by a federal appeals court. A three-judge panel said federal prosecutors failed to prove Countrywide Financial, later acquired by B of A, had defrauded Fannie Mae and Freddie Mac when it sold them troubled loans in 2007 and 2008. While it found Countrywide knew it was selling faulty loans there was a lack of evidence of intent to deceive at...

Read More from: BankThink

18 hours 43 min ago
Earlier this month, clothing retailer Aeropostale filed for Chapter 11 bankruptcy.  Aeropostale has also announced that it will be closing 113 stores in the United States, as well as all of its 41 stores in Canada.  The retailer wants to use its bankruptcy to restructure its business and reduce its debt.  It plans to stay in business but the company will likely be sold. Sales on the Decline Aeropostale’s sales have been on a steady decline recently, with sales falling 18% last year.  In March, the company said it expected to have a loss between $24 million and $29 million in the first quarter of this year alone. Aeropostale has about 14,500 employees in all 50 states, Puerto Rico, and Canada. Aeropostale reported that it has secured $160 million in financing in order to keep its doors open and pay its employees while it navigates through the bankruptcy. Ongoing Legal Dispute

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

19 hours 13 min ago
[wsj-responsive-image P="//art.wsj.net/api/photos/38210027/smartcrop?height=499&width=749" J="//art.wsj.net/api/photos/38210027/smartcrop?height=639&width=959" M="//art.wsj.net/api/photos/38210027/smartcrop?height=853&width=1280" caption="In this May 3, 2016 photo, the St. Paul Cathedral is pictured in St. Paul, Minn. It has been nearly three years since Minnesota opened a path for lawsuits by victims of long-ago childhood sexual abuse. The Archdiocese of St. Paul and Minneapolis filed for bankruptcy protection last year." credit="Associated Press" placement="Inline" suppressEnlarge="false" ] Hundreds of sexual-abuse victims say the Archdiocese of St. Paul and Minneapolis shielded $1.7 billion in assets. The Wall Street Journal has the Daily Bankruptcy Review article here. (Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”)

Read More from: WSJ.com: Bankruptcy Beat

20 hours 43 min ago
The Law Offices of Jeffrey Scholnick examine the causes of the five most common injuries sustained in car accidents, and share advice on post-accident medical treatment. Over 3 million Americans are injured annually in vehicle accidents, according to the National Highway Traffic Safety Administration. Car accident injuries, similar to the causes of an accident, vary widely. Some injuries, however, are common to car collisions. The type and extent of vehicle occupant injuries depend upon several factors: whether the driver or passengers were wearing seat belts, the direction of crash impact (front, side or rear), which way the occupants were facing at the time of the collision, whether the car was traveling at a low or high speed at the moment of the crash, and the prevalence and deployment of airbags. All car accident injuries can be categorized as either impact injuries or penetrating injuries. Impact injuries occur when a part of the body makes contact with the car’s interior. An impact injury would occur, for example, if the driver’s head were to bump the headrest during a fender bender. Penetrating injuries are defined as injuries involving the cutting, laceration or scraping of skin. A piece of shattered glass from the side window scraping the driver’s left arm during a side impact collision would qualify as a penetrating injury. Both categories of injuries range from minor bruises and scrapes to more serious internal injuries or lacerations that require stitches.

Read More from: Scholnick Law

20 hours 47 min ago
The health and social care sector is currently facing its most significant challenge since the Southern Cross care-homes collapse in 2011. A financial crisis is on the horizon, resulting from the unwelcome trifecta of rising staff costs, significant funding cuts and a steadily increasing regulatory burden. In the five years since the Southern Cross collapse the sector has remained fragile, with insolvencies increasing by 722% from just 9 in 2011 to 74 in 2015. This trend shows no signs of slowing and today’s market conditions make it impossible to rule out the failure of another big provider or perhaps more worryingly, widespread distress across the industry.   The announcement of the sale of Bupa Home Healthcare to Celesio at the start of the year and concerns about the future of two of the UK’s largest providers, Four Seasons and Care UK have done little to restore confidence in the sector. In the last month Four Seasons announced an eye watering annual loss of £264 million for 2015 and Care UK saw its debt downgraded by ratings agency Moodys and with over 500 homes and 25,000 beds between them, any threat to them is a threat to the sector as a whole. 

Read More from: eSQUIRE Global Crossings

22 hours 3 min ago
Multip-Party Kaneko Art By Donald L. Swanson Two-party and three-party mediations can fit well into a one-and-done session model. But four and more parties are difficult to manage in a one-and-done. Consider this: in a four-party mediation that begins at 9:30 a.m. with a 30 minute joint meeting and a 30 minute caucus with each party, it’ll be noon before the mediator concludes the first round of caucuses. Many bankruptcy disputes are inherently multi-party, such as (i) plan confirmation disputes in the reorganization chapters: 9, 11, 12 and 13, and (ii) priority disputes among all types of competing claims. Additionally, many bankruptcy cases tee-up a cluster of disputes that are interrelated, intertwined and collectively multi-party. Extensive preparation efforts are needed in multi-party situations, before the parties can be ready for final mediation sessions. Such preparation efforts must bring structure and organization to the mediation process. There’s no sense having multiple parties show up at a mediation session, with a one-and-done expectation, only to find confusion about what all the disputes might be—let alone trying to find middle ground for them all.

Read More from: Mediatbankry

22 hours 43 min ago
On May 20, 2016 Intervention Energy and certain of its affiliates (collectively, “Intervention” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. According to the declaration of Intervention’s President, John R. Zimmerman (the “Zimmerman Declaration”), the Debtors primarily engage in the exploration and production of oil and natural gas primarily in North Dakota.  Debtors have interests in approximately 600 producing wells across the Bakken formation.  Debtors’ liabilities total approximately $140 million owed pursuant to a 2012 Note Purchase Agreement with EIG Management Company, LLC, as administrative agent.  See Zimmerman Declaration at 9-11 and 23-26. The Debtors are seeking to have their bankruptcy cases jointly administered under the lead bankruptcy case In re Intervention Energy Holdings, LLC., et al., Case No. 16-11247. A copy of the Zimmerman Declaration can be accessed here: Download Zimmerman Declaration. For further information, please contact a Thompson & Knight Bankruptcy and Restructuring Attorney.  For more information on the Thompson & Knight’s Bankruptcy and Restructuring Practice, please visit www.tklaw.com/bankruptcy-and-restructuring/.
1 day 12 hours ago
Timothy Bennett has joined law firm Seyfarth Shaw as senior counsel in the firm’s corporate department. Mr. Bennett focuses on distressed and special situations sectors and has worked with brokerages, hedge funds and banks. He has experience in bankruptcy claims, loan portfolios and interests in liquidating funds. Mr. Bennett earned his law degree from Seton Hall University School of Law. Michael Eisenband and Carlyn Taylor are now global co-leaders of the corporate finance and restructuring group at advisory firm FTI Consulting. Mr. Eisenband will focus on the restructuring practices, while Ms. Taylor will work on business transformation. Ms. Taylor, who has worked in the restructuring group since 2002, is based in Denver. New York-based Mr. Eisenband most recently was senior managing director with the restructuring group, where he has worked since 2004.

Read More from: WSJ.com: Bankruptcy Beat

1 day 17 hours ago
This is the second in a blog series on student loan debt and other money matters faced by college graduates. Check out the first blog article in this series, “Pay Back Your Student Loans before the Interest Charges Spiral Out of Control.” When students finish college and enter the real world, they may be unprepared for the financial obligations that come with getting a job, paying monthly bills like rent, utilities and car payments, and covering other necessary expenses. The reality is that debts can quickly pile up and become overwhelming. Although this is true for anyone, it’s especially likely for recent college graduates who have spent several years relatively insulated from serious financial responsibilities while attending school. One of the best ways to ensure that you do not end up buried underneath a mountain of debt after leaving college is to learn how to properly manage your personal finances. One money lesson that every college graduate would be best served by understanding is the importance of minimizing credit card debt.
1 day 17 hours ago

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