THE BANKRUPTCYSERVICES.NET NEWSLETTER
http://bankruptcyservices.net
Bankruptcy Information on the Internet
June 3, 1999 Issue 28
Dan Stanley, Editor
[email protected]
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IN THIS ISSUE
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=> N.Y. BANKRUPTCY LAWYER THREATENED AFTER SUCCESSFUL
REORGANIZATION
=> AVENUES OF RELIEF UNDER THE BANKRUPTCY CODE
"CHAPTER 7" Part one of a three part series
=> How to Be Featured as our Guest Columnist
=> Subscribe/Unsubscribe information
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N.Y. BANKRUPTCY LAWYER THREATENED AFTER SUCCESSFUL
REORGANIZATION
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New York art dealer, Andrew Crispo, "has been at odds with
the McDermott Will lawyers several times over the three-year
span of the proceedings. He has complained that the attorneys
were controlling the bankruptcy estate's purse strings too
tightly."
When the estate's Trustee, McDermott Will attorney, Robert
Weiner, refused to approve a $2,000.00 check for him on April
22, Mr. Crispo became hostile to one of the firm's paralegals
saying that he had photos of the 4-year-old daughter of one of
the attorneys who had worked on the case, knew where she
played and would kidnap her unless paid immediately - according
to the criminal complaint filed in U.S. District Court in
Manhattan.
The McDermott Will attorney whose daughter was threatened (and
whose identity is being withheld) helped handle the affairs of
the Chapter 11 estate so successfully that all creditors have
been paid - with interest - leaving Mr. Crispo several million
dollars to spare, according to Mr. Weiner.
Last fall Mr. Crispo also filed a motion to disqualify Mr.
Weiner as trustee on the grounds that he was moving too slowly
and was being "too miserly with the money being pooled"
- allegations that Mr. Weiner has denied. (From The New York Law
Journal, May 27, 1999)
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AVENUES OF RELIEF UNDER THE BANKRUPTCY CODE
CHAPTER 7
Part one of a three part series
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By Mark Bromley
http://bankruptcyservices.net/html/states/wisconsin/~Bromley.htm
Almost any person or business organization is eligible for
Chapter 7 relief: it is available to individuals, partnerships,
corporations, limited liability companies and limited liability
partnerships. U.S. citizenship is not required: the person
filing bankruptcy, called the debtor, can be a citizen, an
alien resident, or merely own property in U.S. There is no
requirement that the debtor have any certain amount of debt
or that their income is less than their expenses.
There are some exclusions from Chapter 7 relief: the debtor
must not be a railroad, insurance company, or bank.
When a debtor files bankruptcy, a bankruptcy estate is created;
the estate owns all interests of the debtor and the debtor'
spouse in community property as of the commencement of the case
as well as any inheritance or divorce settlement the debtor
acquires or becomes entitled to acquire within 180 days of the
petition date.
What does not go into the estate are any earnings for services
performed by an individual debtor after commencement of the case.
The debtor's right to have post-bankruptcy earnings free from
creditors' claims is the main benefit of filing a bankruptcy
case. Debtors also have the right to claim some things, like
household furnishings, insurance policies, and homestead equity,
free of the claims of their creditors. The items which debtors
can keep for themselves in this way are called exempt assets,
because they are exempted from the things which could be taken
to pay debts.
The object of a Chapter 7 bankruptcy is to obtain a court order
eliminating the debts which existed on the date the bankruptcy
court received the petition in bankruptcy. This order is called
the Order of Discharge, or simply, the discharge.
Another major benefit of a bankruptcy petition is freedom from
telephone collection calls and lawsuits. When a bankruptcy
petition is filed, the court orders all such activities stopped;
a stay automatically goes into effect. The stay brings all claims
against the debtor and debtor's assets before one court, gives
the debtor a break from collection activity, and a chance to
reorganize its finances, and reduces the incentive to be an over
zealous creditor, by treating all similarly-situated creditors the
same.
If a creditor violates the stay, that is an act in contempt of
the Bankruptcy Court's order, which is subject to the broad power
of the court to remedy violations of its orders; the Court may
award actual damages, including costs and attorneys' fees, and in
appropriate circumstances, punitive damages, to an individual
injured by a violation of the
automatic stay.
--
To get the entire series of Mr. Bromley's articles send a blank
email to
[email protected]
--
Mark Bromley has been practicing bankruptcy and tax law for the
past twenty years. He is certified as a specialist in business
bankruptcy law by the American Bankruptcy Board
of Certification. He is a member of the American Bankruptcy
Institute, the American Bar Association, and is Chair of the
Wisconsin Bar Association's Bankruptcy, Insolvency, and Creditors'
Rights Section; he has been a director of that section since
1987. Mr. Bromley has extensive experience with regard to tax
issues related to bankruptcy proceedings, and specializes in farm
credit problems. His bankruptcy practice, though focused on
Chapter 11 and Chapter 12 reorganizations, also includes
representation of both debtors and creditors in Chapters 7, and 13.
Mr. Bromley's contact information can be found at:
http://bankruptcyservices.net/html/states/wisconsin/~Bromley.htm
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How to be Featured as a Guest Columnist
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Mark Bromley knows that newsletter advertising is the best way
of reaching a highly targeted audience on the Internet. He also
appreciates the fact that free advertising is the best buy.
That is why he sent me the article reprinted above.
You probably have some consumer-oriented articles of your own
that you would like to see published. So why not scan one of
them into your computer and send it to me (about 500
words is best but fewer is ok). If you only have a hard copy and no
scanner you can fax it to me at:
(603) 658-1533
Remember that you can use your article to refer the readers to
your website or your office. If you don't have a
website you can refer them to your directory listing. If you need
help figuring out what the URL of your directory listing is
just tell me.
Send all articles to the Editor:
[email protected]
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Daniel Calvin Stanley, Jr.
Bankruptcy Services, Inc.
[email protected]
653 Richmond Road, Amissville, Virginia 20106
