Help Center

ABI Blog Exchange

It’s happening across the country. It could happen to you. Innocent Walworth County residents are receiving phone calls from someone trying to collect on a debt or loan, but the loan doesn’t exist or the amount owed is incorrect. Sometimes the voice on the other end threatens to send you to jail for failure to pay. This frightening scenario is being experienced by Walworth County consumers more and more. It’s called fraudulent collections or fake collections, and sometimes referred to as “phantom debt collection”. Fraudulent collections are making headlines once again. The Consumer Financial Protection Bureau has filed a lawsuit against more than a dozen debt collectors, payment processors, and related entities for failure to stop fraudulent collection tactics. The complaint accuses many debt collectors located in Georgia and New York of harassing consumers about “phantom” debts. Consumers were harassed, threatened, and deceived in order to collect on debt that was not even owed.   How Can A Walworth County Resident Recognize a Fake Debt Collector? In today’s day and age, we are all always on alert for scam artists, online and offline. As consumers victimized in the aforementioned lawsuit paid millions of dollars on debts that were fake, the fraudulent debt collectors do a really good job of convincing people. How else could they fool so many people?

Read More from: Wynn at Law, LLC

4 years 1 month ago
Prior to the enactment of the Bankruptcy Code in 1978, the Fifth Circuit took a stringent approach to the payment of attorney’s fees – holding that public policy supported restricting attorney compensation in bankruptcy cases and that attorneys should not expect to receive the same compensation as if working for a non-bankrupt concern.  Congress enacted section 330 of the Bankruptcy Code to address this policy and to allow bankruptcy attorneys to receive reasonable compensation comparable to compensation allowed in non-bankruptcy cases.  Congress, however, did not initially provide guidance on what constituted reasonable compensation, and courts developed the actual, or material, benefit standard under which compensation was awarded if the services provided actually resulted in an identifiable benefit to the bankruptcy estate.  Congress stepped in, again, in 1994, amending section 330 to foreclose the actual benefit test.  Following the 1994 amendments to section 330, the Second, Third and Ninth Circuits all dropped the actual benefit standard.  On the other hand, in the 1998 In re Pro-Snax decision, the Fifth Circuit adopted the actual benefit standard and, since that decision, applications for compensation under section 330 of the Bankruptcy Code in the Fifth Circuit have been evaluated retrospectively under the “hindsight” or “material benefit” standard.
4 years 1 month ago
Assets Discovered Every once in a while if you file enough chapter 7 bankruptcy cases, you are going to come across a case where there is an asset available for administration. It may be a higher than expected tax refund in which the trustee can make a claim. It may be an inheritance which was+ Read More The post Negotiating With The Bankruptcy Trustee: Be Reasonable appeared first on David M. Siegel.
4 years 1 month ago
With good planning, advisory boards can increase a bank's visibility, credibility and sales.

Read More from: BankThink

4 years 1 month ago
This is the next post in Plan Proponent’s series on the confirmation-related recommendations in the ABI Commission Report (and, in particular, its Exiting the Case piece). In this post, we’ll cover the Commission’s recommendations regarding “Default Plan Treatment Provisions” in Section E.1 of the Report. The Commission addresses 2 common plan provisions: (i) those that provide that the failure of a class to vote on a plan  is a deemed acceptance and (ii) those that provide for the deemed assumption/rejection of executory contracts that are not otherwise expressly assumed/rejected before confirmation. On the one hand, those provisions provide certainty where there might otherwise be uncertainty. On the other hand, it is not clear whether they’re permissible and/or or might have undesired consequences. Deemed Plan Acceptance Provisions

Read More from: Plan Proponent

4 years 1 month ago
Back in the mid-to-late ‘80s, when Dennis Miller had a massive mullet (and his stand-up performances were much more likely to be attended by you and your friends than your distant aunt and uncle who worked on the ’72 Nixon campaign), his “Weekend Update” features on Saturday Night Live were often enriched by little segments featuring writer and comedian A. Whitney Brown, who, with just the right amounts of sarcasm, compassion, wit, and insight, would give us “The Big Picture.” Read more here.
4 years 1 month ago
Thomas Hoey Jr., the owner of Long Island Banana Corp., is facing a federal criminal indictment on charges that he looted employee pensions.
Patrick Kovarik/Agence France-Presse/Getty Images
Thomas Hoey Jr., the owner of a bankrupt Long Island, N.Y., produce distributor, is facing a federal criminal indictment on charges that he looted his employees’ pension plan. The charges come on top of another criminal case related to drugs and the death of a sexual partner, for which Mr. Hoey is scheduled to be sentenced this week. The U.S. Attorney for the Southern District of New York alleged last week in court papers that Mr. Hoey drained an employee profit-sharing plan set up in 2003 of $838,000 by the end of 2012.Mr. Hoey allegedly transferred the money to the company’s corporate bank account to pay wholesalers and his personal credit-card bill, according to the complaint. Charges on the credit-card bill included family vacations and payments to the university that Mr. Hoey’s son was attending. The indictment alleges that Mr. Hoey “unlawfully, willfully, and knowingly, did embezzle, steal, abstract, and convert to his own use, and to the use of another, moneys, funds, securities, premiums, credits, property, and other assets of an ‘employee welfare benefit plan or employee pension benefit plan.’”

Read More from: WSJ.com: Bankruptcy Beat

4 years 1 month ago
Thomas Hoey Jr., the owner of Long Island Banana Corp., is facing a federal criminal indictment on charges that he looted employee pensions.
Patrick Kovarik/Agence France-Presse/Getty Images
Thomas Hoey Jr., the owner of a bankrupt Long Island, N.Y., produce distributor, is facing a federal criminal indictment on charges that he looted his employees’ pension plan. The charges come on top of another criminal case related to drugs and the death of a sexual partner, for which Mr. Hoey is scheduled to be sentenced this week. The U.S. Attorney for the Southern District of New York alleged last week in court papers that Mr. Hoey drained an employee profit-sharing plan set up in 2003 of $838,000 by the end of 2012.Mr. Hoey allegedly transferred the money to the company’s corporate bank account to pay wholesalers and his personal credit-card bill, according to the complaint. Charges on the credit-card bill included family vacations and payments to the university that Mr. Hoey’s son was attending. The indictment alleges that Mr. Hoey “unlawfully, willfully, and knowingly, did embezzle, steal, abstract, and convert to his own use, and to the use of another, moneys, funds, securities, premiums, credits, property, and other assets of an ‘employee welfare benefit plan or employee pension benefit plan.’”

Read More from: WSJ.com: Bankruptcy Beat

4 years 1 month ago
Former Federal Reserve chair Paul Volcker is far from the first watchdog to suggest the U.S. regulatory system is badly in need of a common-sense makeover. Yet a confusing and ineffective structure remains the status quo.

Read More from: BankThink

4 years 1 month ago
Companies with proxy access shareholder proposals on their annual meeting ballots are confronting a notice of exempt solicitation filed by the California Public Employees Retirement System (CalPERS) and the New York City Pension Funds urging shareholders to vote in favor of the proposals.
4 years 1 month ago
The successor to Anglo Irish Bank Corp. is asking for a bankruptcy court-supervised auction of Boston’s Mandarin Hotel along with retail property that connects the Mandarin to the Prudential Center on Boston’s Back Bay, close by the Boston Marathon finish line.. Read 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.”) A heated copyright battle between broadcasters and TV-streaming service Aereo Inc. that made its way to the U.S. Supreme Court has finally come to an end in bankruptcy court, clearing the way for the now-defunct company to finish repaying other creditors, DBR (sub. req.) reports.

Read More from: WSJ.com: Bankruptcy Beat

4 years 1 month ago
The successor to Anglo Irish Bank Corp. is asking for a bankruptcy court-supervised auction of Boston’s Mandarin Hotel along with retail property that connects the Mandarin to the Prudential Center on Boston’s Back Bay, close by the Boston Marathon finish line.. Read 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.”) A heated copyright battle between broadcasters and TV-streaming service Aereo Inc. that made its way to the U.S. Supreme Court has finally come to an end in bankruptcy court, clearing the way for the now-defunct company to finish repaying other creditors, DBR (sub. req.) reports.

Read More from: WSJ.com: Bankruptcy Beat

4 years 1 month ago
Receiving Wide Coverage ... The Flash Unmasked? Are the world's financial markets so vulnerable that they can be brought down by some guy in the suburbs? That unsettling question is bound to reverberate throughout the industry in the wake of news that U.S. authorities are charging a London trader with triggering the May 2010 "flash crash" that temporarily sent stocks plummeting. Authorities say Navinder Singh Sarao frequently manipulated futures contracts prices by submitting and then canceling...

Read More from: BankThink

4 years 1 month ago
Walro v. The Lee Group Holding Co., LLC (In re Lee), 524 B.R. 798 (Bankr. S.D. Ind. 2014) – A chapter 7 trustee sought a court determination that (1) a debtor’s voting rights in a limited liability company (LLC) were property of … Continue reading →
4 years 1 month ago
Recently reported in Bloomberg Markets: an English-based horse racing syndication company is importing its investment opportunity to the United States. Highclere America is a joint venture between Harry Herbert and Bradley Weisbord to import English and European horses to compete for the larger purses here in the United States. Highclere America will make horse ownership more accessible by dividing up the costs associated with owning, training and managing a racehorse. Read more here.
4 years 1 month ago
Over the last few years, the US Department of Justice has reached settlements with nearly every major lender with regard to the lending procedures for FHA (Federal Housing Administration) loans. The legal basis for the settlements were alleged violations of the False Claims Act. The total recovery is about $3 billion dollars. In the wake of lengthy and expensive investigations and negotiations, lenders have basically . . . whined.  Jamie Dimon said the company was "thoroughly confused" by the FHA's investigations and said he was going to "figure out what to do." That task might be a whole lot easier due to Chase's competitor, Quicken Loans. On Friday, Quicken sued the Department of Justice and the Department of Housing and Urban Development, asking the court for a declaratory judgment and injunction that would halt the government's efforts to bring Quicken to settle its alleged FHA liability. I love this lawsuit!!! 

Read More from: Credit Slips

4 years 1 month ago
Federal Law It is true that the federal bankruptcy laws apply to every American in each state. However, there is a local flavor to filing bankruptcy depending upon which state you live in and in which County that you live in. For this reason, when considering bankruptcy, you want to find a bankruptcy law firm+ Read More The post Although It’s Federal Law, Filing Bankruptcy Is Truly Local appeared first on David M. Siegel.
4 years 2 months ago
A recent study by economists suggests that Chapter 13 debtors whose cases were confirmed and completed through discharge derive significant economic and health benefits from their filings as compared to Chapter 13 debtors whose cases were dismissed.This report, published on the National Bureau of Economic Research – a professional organization for economists – compared 500,000 bankruptcy records with tax records and foreclosure records.The study compared Chapter 13 debtors whose cases were approved and completed successfully to discharge to Chapter 13 debtors whose cases were dismissed. Successful Chapter 13 debtors:
  • saw annual earnings 25% higher after bankruptcy – compared to their pre-bankruptcy earnings.

Read More from: The BK blog

4 years 2 months ago
Probably one of the most frequent problems I encounter with new cases clients bring to my office is the lack of documentary evidence. No one bothers to put down in writing that agreement with the brother-in-law or "friend" about the business they were starting together, the house one was going to buy (by signing on the mortgage) and which the other was going to "own" (by going on the title) and paying the mortgage, the investment they were going to make together, or any other manner of legal arrangements. Then, when things "go south" and the "owner" does not pay the mortgage or the business fails (or even prospers, in which case you will see fights over profits), the differences in each person's understanding of what was agreed becomes painfully obvious. But what's worse is that the prospective client has nothing in writing to back up his side of the story. It becomes a "he said / she said" dispute hard to win in court. Convincing a judge or jury of the rightness of your position is now just a coin flip. Personal injury attorney Paul Samakow discusses this problem well in a recent article. I commend it to you:
Good day my friends. Hope you will read my latest article. Last week I advised that I was running for President. So far, no contributions. No problem, I still love you.
4 years 2 months ago
This is the next post in Plan Proponent’s series on the confirmation-related recommendations in the ABI Commission Report (and, in particular, its Exiting the Case piece). In this post, we’ll cover the Commission’s recommendations regarding post-confirmation entities and claims trading. The Commission addresses post-confirmation entities and claims trading in the context of disclosure. As a starting point, Section 1125 of the Bankruptcy Code requires a plan proponent to file a disclosure statement that contains “adequate information.” Section 1125(a) contains a rather exhaustive list of what constitutes adequate information. Additionally, courts tend to rely on 8 factors or so to assess the adequacy of a disclosure statement. As the Commission points out, the gist of Section 1125 (and such factors) is whether the “disclosure statement identifies and explains material aspects of the debtor’s business, chapter 11 case, and proposed plan so that creditors and other stakeholders can make an informed decision about voting on the plan.” Post-Confirmation Entities

Read More from: Plan Proponent

4 years 2 months ago

ABI sites use cookies and similar technologies to improve your web experience. By using our sites, you are agreeing to our Privacy Policy and Terms of Service, including our Cookie Policy.