A new ruling by the Court of Appeals is great news for many New Yorkers who had been considering bankruptcy, but concerned that filing would cost them their rent-stabilized leases.

Per www.nytimes.com:

By NOV. 20, 2014

The COMI
(posted 20 hours 8 min ago)

For the holidays, we’re offering Saturday bankruptcy consultations. If you are in financial trouble, you hate to lose time from work to talk to a lawyer about bankruptcy.  Especially around the holidays, when you already have so much going on. But while you don’t want to lose time from work, I bet you do want […]The post Saturday Hours–Northern VA Bankruptcy Attorney by Robert Weed appeared first on Robert Weed.

Robert Weed
(posted 1 day 1 hour ago)

Protecting Tenants At Foreclosure Act Expires December 31, 2014
House with gavel above ready to strikePrior to the passage of the Tenant Protection Act in 2009, a tenants had very few rights when faced with the foreclosure (or trustee’s sale) of the property they called “home”.  Most likely the tenant’s lease would be terminated by the completion of the foreclosure.  In 2009 Congress passed the Tenant Protection Act intended to protect the tenant rights for a period of time, depending on certain factors.  In most situations the tenants could remain in the house for the term of the lease (assuming they were current on the rent payments) if the property was purchased by an investor at a foreclosure sale, or 90 days if the house was purchased by an owner with the intention to occupy it as their residence. The act also provides additional protections for Section 8 tenants.

(posted 1 day 22 hours ago)

Holy BibleI wonder how many Bankruptcy professors have posed a hypothetical about the exemption of a rare Bible worth lots of money? Well, a federal District Court in Illinois had to answer the question for real.
The Illinois person property exemption statute includes the debtor's Bible. A debtor in Southern Illinois asserted this exemption in a rare, first-edition Mormon Bible that she had acquired (for free) from her local library. Apparently, the library director had not been paying attention, as the 1830 Bible was appraised at at least $10,000.

Credit Slips
(posted 2 days 1 hour ago)

New York Fed President William Dudley insisted Friday that regulators are more like "fire wardens" than "cops on the beat." It's an analogy that says far more than Dudley likely intended Â-- and a comment he will likely regret. Here's why.

BankThink
(posted 2 days 1 hour ago)

In Episode 11 of Accredited Investor Markets Radio, host Chris Cahill talks with David Drake about trends in investing among family offices. Reflecting on his extensive family office experience in Europe and North America, Drake discusses how the number of wealthy families has grown and how advice given to them has become professionalized. The stakes for the high net worth families are very high, since by the third generation, 85% of wealthy families are no  longer wealthy, according to Drake.   
Learn more about David Drake at The Soho Loft and LDJ Capital.  

(posted 2 days 3 hours ago)

In “Can North Riverside, Illinois Pull a Detroit?” the Editorial Staff of Commercial Bankruptcy Alternatives answers in part a question which, in the aftermath of the Detroit bankruptcy case confirmation, attorneys will be asked by in-laws over turkey: “Can [insert city name] file for bankruptcy too?”  The article may be useful to the in-laws or the attorneys.
Read the full article here.

(posted 2 days 3 hours ago)

Speed Read

  1. Classes – turnover agreement was between creditors and not with the company, so neither it nor lock up changed rights being compromised
  2. Even if it had, judge found that rights were not so dissimilar – judge considered at a high level what FMS would suffer on liquidation compared with turnover and found that this would cause all reasonable senior lenders to “unite in a common cause”
  3. New Obligations – although not decided, concern raised by judge about ability of scheme to impose new obligations to indemnify new guarantees, at least directly. New obligation therefore deleted from scheme prior to sanction
  4. Stay provisons – scheme provisions preventing senior lenders taking action overseas deleted prior to sanction. FMS therefore free to commence actions in Germany
  5. Court confirmed jurisdiction over overseas companies and effect of law change to establish sufficient connection
  6. Court of Appeal has granted leave to appeal, to be heard in December.

continue reading >>>

(posted 2 days 4 hours ago)