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DRAMATIC INCREASE IN THE ELDERLY FILING FOR BANKRUPTCY PROTECTION

1 week 22 hours ago

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The game isn’t very fair when the players are mismatched.

Though bankruptcy court is hardly a game, it’s been unfair when it comes to attorneys fees for the winning party.

California law provides that when a contract allows one party their fees if they prevail, the other party got their fees if they won.  So, even if the contract only provided that you pay my fees if I have to sue you to collect,  the statute made the right to fees reciprocal.

Only, bankruptcy courts have for decades held that the California statute didn’t control if the issue involved bankruptcy.

And then came Penrod in the 9th Circuit.

Read More from: The Soap Box

1 week 23 hours ago

Joe Baratta, Blackstone’s global head of private equity, said that he was drawn to the Sacramento, Calif., company because he believes its technology offers lenders a more efficient way to find customers.

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1 week 1 day ago

PayNow Corporate enables corporations, businesses and government agencies to pay and receive funds instantly by linking a unique entity number to their Singapore bank account.

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1 week 1 day ago

Merger announcements typically follow a tried-and-true formula of cutting costs to boost profit. WSFS, however, plans to reinvest $32 million in new tech initiatives after buying Beneficial.

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1 week 1 day ago

The Fed's order targets affidavits prepared by employees of CitiFinancial in connection with the company's exiting the mortgage servicing business.

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1 week 1 day ago

Capital One's dispute with Plaid raised questions about the ability of banks and aggregators to work together. But the end of that fight, and Capital One's deal with Finicity, show common ground can be reached — eventually.

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1 week 1 day ago

The Trump administration's stance on immigration is causing headaches for some banks, how a tiny black-owned bank is turning to fintech to turn itself around; why banks are rejecting Facebook's offer to share data and more from this week's most-read stories.

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1 week 1 day ago

The CFPB made changes to a rule that allows financial firms to be exempt from sending annual privacy notices to customers if they meet certain conditions.

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1 week 1 day ago

The bureau is expected to choose an option that could trigger court challenges after a judge yet again refused to halt the rule’s compliance date.

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1 week 1 day ago

Stephen Calk, the CEO of The Federal Savings Bank, expedited approval of a mortgage to the onetime Trump campaign chair in hopes of winning a job as Treasury secretary or housing secretary, a former bank employee testified Friday.

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1 week 1 day ago

The agency's settlement with Robert Moseley, Sr., and Robert Moseley, Jr., was enforced by the U.S. District Court for the Western District of Missouri.

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1 week 1 day ago

In In re Nine West Holdings, Inc., the United States Bankruptcy Court for the Southern District of New York overruled the U.S. Trustee’s objection to the debtors’ application to retain Alvarez & Marsal North America, LLC (“A&M”) to provide the debtors an interim CEO and certain additional personnel pursuant to section 363(b) of the Bankruptcy Code1. The U.S. Trustee filed the only objection to the debtors’ retention application, arguing that A&M and the interim CEO were “professional persons” under section 327(a) of the Bankruptcy Code2 and must be retained pursuant to this section rather than section 363(b).

1 week 1 day ago

Attorney Ed WoodsI recently read an article in the New York Times about the incidence of bankruptcy filings among older Americans.  I know from my own practice that I’ve seen more older clients in recent years than I did early in my career. Maybe this is a result of what the article discussed, or maybe not. At any rate, it’s an interesting topic.

Bankruptcy Filings Among Older Americans

According to the article, the rate of bankruptcy filings among those 65 or older has tripled since 1991, the year I first entered law practice. The article mentions several possible causes. Among these are vanishing pensions, rising healthcare costs, and inadequate savings. Also contributing to this phenomenon is the trend away from traditional pension plans to 401k type plans. This trend makes the individual more responsible for saving for retirement. Some people find this very hard to do given their current financial picture.

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

1 week 1 day ago

One of the bedrock pieces of the discharge of taxes in in bankruptcy is the requirement to have filed a return. No return, no discharge of that year’s taxes. But it gets more nuanced:  in California when the feds audit the debtor and change any of the elemental figures in a filed return return, the taxpayer […]

The post Tax Audit Aftermath-Did You Tell The State? appeared first on Bankruptcy Mastery.

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1 week 1 day ago

tax audit

We’re all about sharing these days, aren’t we?  So, did you share with the state tax authorities the outcome of your IRS audit?

While telling the Franchise Tax Board that you owe more taxes to the feds may seem like inviting trouble, you gain by doing so.

How?

You set those taxes owed to California up for discharge in bankruptcy.

And that’s a nice card to have up your sleeve.

Here’s why.

Taxes discharged in bankruptcy

A central requirement to wipe out tax liability in bankruptcy is the filing of a return.  Bankruptcy Code 523(a).

Taxes that are unassessed but still legally assessable when you file your bankruptcy case don’t get discharged.

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1 week 2 days ago

The funds have brought in record amounts thanks to lowered fees and more salespeople; ex-Goldman managing director says in suit he was blamed for trades.

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1 week 2 days ago

Customers Bancorp said Flagship Community Bank has temporarily withdrawn its application with the FDIC to acquire the digital bank.

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1 week 2 days ago

Hutchinson, Shockey, Erley & Co. in Chicago focuses exclusively on municipal securities.

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1 week 2 days ago

The agency’s move to offer a national charter for fintech firms will undermine state authority and give certain firms an unfair advantage.

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1 week 2 days ago

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