One creditor may file for an involuntary bankruptcy proceeding against a borrower, if the borrower has less than 12 creditors and the aggregate undisputed debts are $13,475 or less. If the debtor has more than 12 creditors and the aggregate total of undisputed debts is more than $13,475, then 3 creditors must jointly file for [...]

 
·        The Means Test is the standard adopted in the 2005 amendments to the Bankruptcy Code to prevent individual high wage earners from filing a Chapter 7 liquidation. However, if more than half of the individual’s debt is related to a failed business, the Means Test may not apply, thus making them eligible to file [...]

As part of the Wall Street reform which was recently passed, a new body was established.  It is called the Bureau of Consumer Protection and Professor Elizabeth Warren is the person most frequently named as a possible chair for that Bureau.  However, her appointment is opposed by those most affected by this new level of [...]

Back in 2009, the Fed was harshly criticized for its inability to handle the looming economic crisis.  Some, like Senator Chris Dodd, were calling for a vast reduction in the poser of the Federal Reserve.  However, that has all changed.  “Far-reaching bank reform legislation has been approved on Capitol Hill that will be signed into [...]

The cost of the US bail out was 700 billion in the last year and overall the cost totals some 3.7 trillion of taxpayer dollars according to the Special Inspector General for the Troubled Asset Relief Program.  He stated that: “the increase was due largely to the government’s pledges to supply capital to Fannie Mae [...]

http://www.heraldleaderphoto.com/2008/09/18/man-decorates-basement-with-10-worth-of-sharpie/
 Michael

Imagine the shock when the “star” of reality series Desperate Housewives of New Jersey found out that to lie in your bankruptcy is a federal crime and can result in having your discharge (the flushing of all the debts) denied altogether.  “A court-appointed trustee has accused the bankrupt star of “The Real Housewives of New [...]

New Bank Regulation Law – a joke??
Once again, I am impressed with local columnist, Ed Wallace.  He has insight and perspective which I do not find in the main stream media.  His latest column entitled “Nothing has Changed” deals with banking reform, or the lack thereof.  Although Congress recently passed what it calls “sweeping reform” [...]

An Illinois attorney, with 35 years of experience and no prior history of discipline, has had his license to practice law suspended for six months for calling a Judge a “narcissistic, maniacal, mental case, [who]… should not be on the bench.”  While I suspect some lawyers have thought such things about their Judges (and Judges [...]

I do not make this stuff up folks!  If you forget where you put your glasses, cell phone, etc. then here is a possible cure:  “It turns out that one of their simplest techniques — left-nostril breathing — improves spatial memory. That’s the kind that helps you remember where you put something.”  Plus, long term [...]