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American Airlines seeks to leave bankruptcy protection, merger possible

airplane mergerBankruptcy and the pilots

American Airlines, whose parent group is AMR, has been under Chapter 11 bankruptcy protection since 2011, according to a December 7, 2012 Thomson Reuters News & Insight article. The company filed for bankruptcy because it needed to cut costs, namely $1 billion per year, mostly in labor costs. The AMR pilots union, Allied Pilots’ Association, has agreed to, after extensive and trying negotiations, a new contract. This contract not only gives fair and standard pay, but also 13.5% equity in AMR.

One problem that has arisen, though, through lengthy negotiations, is that the pilots have little confidence in AMR’s management, which includes CEO Tom Horton.

Is a merger in sight?

U.S. Airways Group Inc has, after some speculation, given a merger proposal to AMR. This would help AMR get out of bankruptcy, so the company is now making two plans—one to leave bankruptcy protection alone and is also working on details of a merger. While U.S. Airways would like to see a company that is split 70-30, in terms of AMR creditors holding 70% of the stock and U.S. Airways shareholders holding 30%. Some from AMR say that the 70% number might need to be close to 80%. If the two companies merged, the resulting company would be worth about $8.5 billion, just as much as Delta Air Lines Inc. Not all AMR creditors are onboard with a merger, though. It remains to be seen how and when American Airlines will emerge out of bankruptcy and whether or not the two airlines will merge.

Mathematical methods given the green light by judge

There are currently 15 cases involving banks, including Credit Suisse and Bank of America that deal with mortgages. These cases have been consolidated as the Federal Housing Finance Agency (FHFA) is the plaintiff and the banks are the defendants. The FHFA oversees US government giants Fannie Mae and Freddie Mac. In this lawsuit, which began…Continue Reading

Bronx bankruptcy attorney discusses overdue accounts for credit cards increased in September

Credit card companies celebrated too soon for having low delinquencies accounts, as reported by LowCards in an October 16th, 2012 news article. Earlier this fall the five major credit card companies reported near-historical lows in the amount of delinquent accounts they had. However September revised all of that celebration by showing reports of increases in…Continue Reading

Checking bank account statements regularly better protects consumers against fraudulent spending

Being aware of even small charges can help save a person from credit card fraud. A local news Channel 8 article published on October 22, 2012 reported that keeping track of small purchases helps protect a credit card consumer from major credit damages. Statistics show that roughly 10% of Americans are affected by credit card…Continue Reading

Failure to file bankruptcy petition in time leads to sale of couple’s house in foreclosure

New York Judge rules to uphold the sale of a New York couple’s home even though the couple filed for bankruptcy relief and protection. The New York Law Journal reported in an October 12th, 2012 article that the couple filed for bankruptcy only hours after their home was foreclosed upon, yet the court would not…Continue Reading

Bronx bankruptcy attorney comments on company’s inability to remove stay on New York couple

A 2007 judgment allowed Beach Lane Management Inc. a judgment against a New York couple. According to an October 3rd, 2012 New York Law Journal article the court further granted the Beach Company the right to seek compliance from the couple. In 2011 the Beach Company sought compliance from the couple through a contempt order.…Continue Reading

Bank of America still finds themselves in the courtroom for their 2008 actions

Withholding important information from their shareholders results in Bank of American Corporation paying a high monetary settlement, as reported by Reuters in an online article published September 28th, 2012. Bank of America will be paying $2.43 million to shareholders who bought shares of the investment bank Merrill Lynch & Co. as a settlement for holding…Continue Reading

New York takes Chase to Court for Stearns’ actions

New York is seeking fraud actions against JPMorgan Chase & Co., as reported by Reuters on October 1st, 2012. New York Attorney General, Eric Schneiderman, filed a civil suit against Chase early October for the mortgage-backed securities that were packaged and sold by Bear Stearns. Chase bought Bear Stearns in early 2008. Chase stated that…Continue Reading

Radio station may be playing their last tune after filing for bankruptcy

Pembrook Pines Mass Media a New York media company may be able to keep their radio station assets according to an October 2, 2012 New York Law Journal article. Back in 2009 a default judgment was entered against Pembrook Pines Mass Media and Pfuntner for defaulting on their loans. Along with the judgment a forbearance…Continue Reading

State court better suited for foreclosure proceeding

Foreclosure proceedings were commenced and one of the residents of the building made a motion to remove the case to federal court as reported by the New York Law Journal in a July 23rd, 2012 news article. However, the District Court remanded the case because the removal to federal court was improper as the Defendant…Continue Reading

Failure to provide all of the information leads the court to deny New York woman’s bankruptcy

A New York Bankruptcy judge denied a woman’s petition for bankruptcy after finding that there were numerous inaccuracies in the application, as reported by the New York Law Journal in a September 17th, 2012 article. The woman sought relief through a Chapter 7 bankruptcy but the court found that she failed to list all of…Continue Reading

Consumer use of credit cards declines significantly

In a September 10th, 2012 Reuters’ online article it was reported that the consumer credit debt fell for the first time in nearly a year. Many experts believe that Americans are attempting to reduce their credit card use and debt while the economy remains rocky. The consumer’s credit shrank remarkably in July, nearly lowering roughly…Continue Reading

Bronx bankruptcy attorney comments on small American town filing for bankruptcy.

Another American city slowly resolves their financial troubles. Central Falls the smallest city in Rhode Island has their officials working hard to emerge from bankruptcy, as cited by Reuters on September 3rd, 2012. The small city had been facing financial issues for several years, which became one large financial issue. Before filing for bankruptcy the…Continue Reading

The Deep South finds itself in deep financial troubles

Alabama is working diligently to formulate a favorable plan to get Jefferson County’s financial woes under control, as reported by Reuters in an August 30, 2012 article. The state’s government is hopeful that a settlement plan will be established by the end of this year. Jefferson County filed for a Chapter 9 bankruptcy last year…Continue Reading

Bronx bankruptcy lawyer comments on New York business filing for bankruptcy

Another private New York business has filed for bankruptcy as reported by Reuters on August 29th, 2012. Bain Capital LLC filed a bankruptcy petition seeking a Chapter 11 protection for its small cable-box repair company. Although the company repairs roughly 2 million cable boxes yearly, they have found themselves in severe debt. The company listed…Continue Reading

Students start to lose interest in higher education due to high interest rates on student loans

U.S. lawmakers, educators and policymakers are working together to find a solution to the large amount of debt students are taking on, as reported by a May 8th, 2012 Reuters news article. The average American  student who seeks an undergraduate degree leaves college with roughly $29,000 in student loans, which over time rise because of…Continue Reading

Student loan debt does not only affect the student but the school as well

High student loan debt may have a greater effect on the U.S. economy, as reported by Reuters in an online article published August 20th, 2012. Experts claim that colleges and universities throughout the nation have continued to increase their tuition, and now younger generations have to decide whether the high debt is worth the higher…Continue Reading

Bank of America eliminates credit card protection services after a lawsuit settlement

A $20 million settlement has resulted in the Bank of America Corporation to stop offering and selling credit protection services to their consumers, as reported in an August 21st, 2012 Reuters online article. The settlement was the result of a class action suit filed against the Corporation, which had allegedly changed the credit protection terms…Continue Reading

Advantages of Chapter 13 bankruptcy filing

There are several advantages to filing for a Chapter 13 bankruptcy rather than a Chapter 7. One of the main advantages is for those individuals whose property is close to foreclosure.  Filing for a Chapter 13 bankruptcy helps save the property from being foreclosed, however, mortgage payments must still be paid. Another significant advantage to…Continue Reading

Lawsuit against Capital One dismissed on grounds they were not properly informed

A lawsuit against Capital One for allowing unauthorized withdrawals through ATM machines has been dismissed, as reported by the New York Law Journal in an article published on April 20th, 2012. Royal Arcanum sought damages against Capital One and its ex-vice president, Herrnkind, for Capital One’s failure to have two officers sign off on each…Continue Reading

Student loan debt does not only affect the student but the school as well

High student loan debt may have a greater effect on the U.S.’s economy, as reported by Reuters in an online article published August 20th, 2012. Experts claim that the colleges and universities throughout the nation have continued to increase their tuition, and now younger generations now have to decide whether the high debt is worth…Continue Reading

Bankruptcy judge rules that company may not give large bonuses to their executives.

A federal bankruptcy judge denied Hawker Beechcraft Inc. its request to pay its top eight executives massive bonuses, as reported in an August 24th, 2012 online Reuters article. The company claimed that the bonuses were to be a reward to the executives for staying on with the company. However, the judge found that a $5.33…Continue Reading

Bankruptcy case was transferred out of New York for not being debtor’s primary residences

Judge Gerber, a Southern District Bankruptcy Court Judge which is located in New York, found that a textbook publisher’s bankruptcy will not be heard in a New York even though all parties involved agreed to such venue, as reported by the New York Law Journal in a June 26th, 2012 article. The judge found that…Continue Reading

Kodak’s financial struggle leads to the company having to sell part of its corporation

Eastman Kodak Company’s bankruptcy filing is finally coming to an end but it leaves the company having to sell pieces of their corporation off, as reported in an August 23rd, 2012 Reuters online article. Kodak announced in late August that they plan to sell a majority of their consumer imaging business to pay down their…Continue Reading

Bronx bankruptcy attorney comments on corporation defaulting on second major loan

Integrated Sensors Inc. defaulted on two major secure loans, causing their director to seek a Chapter 7 bankruptcy, as reported by a New York Law Journal article published August 13th, 2012. The secure loans were held by Economic Development Growth Enterprises Corp. (EDGE) and Utica Industrial Development Corp. (UIDC), both of the loan holders sought…Continue Reading

Chapter 7 assets general guidelines of what is allowed and not allowed to be liquated

Federal laws govern the process and procedures of all bankruptcies, however many states provide their own exemptions. For example in New York bankruptcy petitions, the debtor may decide in Chapter 7 petitions whether to follow state or federal asset exemption guidelines. Many individuals are unaware of the laws surrounding their assets when they file for…Continue Reading

The role of a Trustee in a Chapter 7 bankruptcy

A Trustees play a very important role in Chapter 7 bankruptcies, they essential act as judges for bankruptcy petitions. Once a bankruptcy is filed a Trustee is assigned to the case to review the terms filed.  Trustee must uphold all of the federal bankruptcy laws while reviewing each individual debtor’s case. Their main duty is…Continue Reading

Filing a Chapter 7 bankruptcy

The filing for a Chapter 7 bankruptcy may appear scary or intimating to some individuals. That’s why it is so important for a person to fully under the process. After the debtor’s attorney has collected all the required documents from the debtor and the debtor has completed a mandatory pre-filing educational class, then the debtor’s…Continue Reading

Bankruptcy lawyer discusses some general information regarding a Chapter 7 bankruptcy

Many individuals file for Chapter 7 bankruptcy. This type of bankruptcy is creates a fresh start for the debtor by discharging their all of their debt through liquidation. Upon filing for a Chapter 7 bankruptcy a bankruptcy court reviews the individual’s finances. The bankruptcy trustee then compares the debtor’s assets and income to their liabilities.…Continue Reading

Ritz Camera & Image files Chapter 11 bankruptcy protection

Ritz Camera & Image filed for Chapter 11 bankruptcy protection in June 2012. Ritz Camera is the largest specialty camera store chain in the U.S. Chapter The retailer faced liquidity problems and also had unprofitable stores. Under Chapter 11 bankruptcy, a corporation is protected for creditors and must reorganize its business. For Ritz Camera, that…Continue Reading

Madoff bankruptcy trustee tries to take legal action to block hedge fund manager’s settlement

In 2009, Bernard Madoff pleaded guilty to conducting an illegal Ponzi scheme. He is currently in federal prison, serving a 150-year sentence. Now, Irving Picard, the trustee for the case, has asked a judge to stop a $410 million settlement. This settlement will clear the case of a hedge fund manager who supposedly invested in…Continue Reading

Electronic mortgage registry settles with Delaware

System designed for simplicity causes damages MERS stands for the Mortgage Electronic Registration System. This system is designed to facilitate the transfer and recording of mortgages with ease because it is used throughout the nation. On July 13, 2012, Thomson Reuters wrote that MERS settled a case with the State of Delaware. According to the…Continue Reading

Judge tolls interest and fees on a loan and prevents foreclosure

A plaintiff in a foreclosure case, the mortgagee, wanted to foreclosure the defendant’s property according to a January 23, 2012 New York Law Journal Article. The defendant countered this, asking for dismissal. The defendant also wanted to toll, or delay the imposition of, the loan’s interest and fees from December 2009 to the present. This…Continue Reading

Auto loans: a new subprime lending area?

In recent years, auto loans have proved to be the safest for creditors. According to the Washington Post in an article from July 6, 2012, for example, Americans faced a rocky mortgage market during the same time. It seems that Americans are more likely to walk away from the home than to default on their…Continue Reading

County and its unsecured creditors want more time under bankruptcy protection

Jefferson County, Alabama, home of Birmingham, is currently under Chapter 9 bankruptcy protection. According to a Thomson Reuters August 1, 2012 article, it has been under bankruptcy protection since November 9, 2011. On September 28, 2012, it is supposed to present a plan to the court outlining its new financial plan, but the county would…Continue Reading

Olympic bankruptcy

At least two families of Olympic athletes are filing for bankruptcy, according to the New York Times in an August 8, 2012 article. Studies show that the biggest predictors of bankruptcy are medical problems and unemployment. Contrary to popular belief, it is not overspending. Gymnast Gabby Douglas’ mother has recently filled bankruptcy. She is a…Continue Reading

Large bankrupt New York law firm asks ex-partners for $104 million

A July 11, 2012 Thomson Reuters article discussed the reasons and conditions for the $103.6 million request by bankrupt law firm Dewey & LeBoeuf. The firm is the largest U.S. law firm to declare bankruptcy. It also had offices worldwide. In May, it filed for Chapter 11 bankruptcy. The chief restructuring officer held a meeting…Continue Reading

Proposed legislation will better regulate medical debt collection

Banks often hire debt collection agencies to collect long outstanding debts that borrowers owe. The Fair Debt Collection Protections Act (FDCPA) was enacted to regulate the ways in which debt collectors may interact with the borrowers. The regulations provide for penalties to the debt collectors who break rules and harass those in debt. Senator Al…Continue Reading

A lobbyist fighting against the banks

Lobbyists are very influential in Washington. They sway policymakers on all types of issues. Banks have a group of powerful lobbyists. Consumers are at a slight disadvantage, but one lobby highlighted in the May 31, 2012 edition of the New York Times lobbies for strict bank regulations, on the side of the consumers. The Times…Continue Reading

Libor scandal affects consumers too writes a Bronx bankruptcy attorney

After information regarding Libor manipulation surfaced, investigations began and fines were imposed on both sides of the Atlantic. Libor stands for London Interbank Offer Rate. This rate is calculated every weekday based on bank-supplied information and is one of the world’s most important numbers in finance. It determines how expensive it is for banks to…Continue Reading

Large New York law firm wants to award $700,000 in bonuses to employees that help it ‘wind down’ and finish the firm’s bankruptcy

The New York law firm Dewey and LeBoeuf, LLP went bankrupt for several reasons. One of the most prevalent reasons was its large guaranteed compensation packages and according to a July 5, 2012 Wall Street Journal article, the firm wants to keep it that way. The firm has 52 employees right now. Many attorneys and…Continue Reading

U.S. commonwealth’s bankruptcy request for public pension fund denied

United States bankruptcy law says that commonwealths and states cannot file for bankruptcy. Recently, municipalities have done so. A June 5, 2012 NPR article discusses a commonwealth—the Commonwealth of the Northern Mariana Islands—whose pension fund wishes to file for bankruptcy. The impact of this decision could be enormous. The case rests on the issue of…Continue Reading

For American Airlines, layoffs, reduced benefits and greater productivity are not enough–retiree benefits are on the line

Since 2001, AMR, American Airlines parent company, has lost $10 billion while other airlines became profitable—at least for the past few years. Last November, the carrier filed for Chapter 11 bankruptcy protection. Now, AMR is suing to stop providing healthcare and life insurance benefits for its retired employees, according to a July 6, 2012 Washington…Continue Reading

What do bank downgrades mean for consumers?

Over the past few years, the banking and financial industry has had its reputation tarnished. Every few weeks, in part to sovereign debt crises and shaky markets, banks have had their ratings downgraded. A June 22, 2012 NPR (via AP) article explains what this means for those besides governments and large corporations—consumers. The Federal Deposits…Continue Reading

Monroe College receives recognition for debt reduction and financial literacy initiatives

Monroe College, with campuses in the Bronx and Westchester, New York, as well as Syracuse University and Shaw University in Raleigh, North Carolina, each received recognition and a $10,000 grant from USA funds. The three colleges had outstanding programs for financial literacy and debt reduction according to a June 21, 2012 Daily News article. Monroe,…Continue Reading

Large New York-based multinational law firm tried to end its leases after it filed bankruptcy

Recently, the bankrupt law firm Dewey and LeBoeuf tried to terminate 25 leases. Fourteen of these leases were throughout the United States and the rest were in other countries according to a June 20, 2012 Thomson Reuters article. As the company shuts down, it has realized that it had no use for the office space,…Continue Reading

Mortgage rates stay at all time low for second week

More people bought previously occupied homes in May. That equaled the fastest growth in two years. A June 28, 2012 NPR article explains why low mortgages rates are beneficial for the current economy. Thirty-year loans stayed at 3.66%, a record low. That is an incentive for some to take out new mortgages. The interest rate…Continue Reading

Proposed law seeks to limit debt collectors in nonprofit hospitals

Patients in nonprofit hospitals have been reporting recently that they have been questioned and harassed by debt collectors. Often, this occurs even before treatment and debt collectors even solicit patients in the emergency room according to NPR’s June 27, 2012 article. Tore solve this issue, there have been congressional hearings called for by Senator Al…Continue Reading

Report says reverse mortgages are on the rise

A reverse mortgage is when a homeowner takes out a loan against their home. Reverse mortgages are available to people of age 62 and older and this type of loan is on the rise, according to a New York Times article published June 28, 2012. Over four times as many people aged exactly 62 took…Continue Reading

Bankruptcy does not prevent airline crash suit, judge rules

Air carriers Pinnacle Airlines Corp. and Colgan Air, filed for bankruptcy. The companies provided services for Continental Connection. A May 15, 2012 New York Law Journal article discussed a Continental Connection/Colgan flight that had crashed before the bankruptcy, near the Buffalo Niagara International Airport . The Chapter 11 bankruptcy was designed for airline reorganization. A…Continue Reading

In hopes of a management-union deal at American Airlines, judge delays ruling on union contracts

American Airlines, under Chapter 11 bankruptcy protection since November, is trying to save $1.25 billion in labor costs. According to a Thomson Reuters June 22, 2012 article, other airlines have gone through this process before and it made them more competitive. The labor cutting measures targets pilots, flight attendants and some ground crew. American Airlines…Continue Reading

Federal agency takes over pensions from large New York law firm during its bankruptcy

The Manhattan law firm Dewey & LeBoeuf recently filed for bankruptcy. Unfortunately, its pensions were underfunded by $80 million, according to a June 18, 2012 New York Law Journal article. The Pension Benefit Guaranty Corporation (PBGC) is the federal agency taking over Dewey and LeBoeuf pensions. The PBGC will provide benefits to Dewey and LeBoeuf…Continue Reading

Lower interest rates do not necessarily mean higher consumer borrowing

Recently, interest rates in have fallen.  Even though low interest rates mean that borrowing costs are low, businesses have used these low borrowing costs to their advantage much more than consumers according to a June 9, 2012 New York Times article. Consequently, during the first quarter 1 of 2012, businesses were borrowing more than ever…Continue Reading

A turnaround for American Airlines

Bankruptcy plans and American Airlines labor relations challenges were discussed in a past post, but a June 15, 2012 US News article discussed positive strives the carrier is making. While under Chapter 11 bankruptcy protection, the airline, a large company, is shielded from creditors while it restructures its business. Revenue from American’s Latin America flights…Continue Reading

Lenders obligated to provide credit score reports to rejected applicants

A policy began in July of 2011 requiring lenders to notify applicants if are rejecting a free copy of the credit score used to make the decision as mentioned in a July 9, 2011 New York Times article.  Additionally, applicants that are adversely approved, that is approved, but not at the best possible rates, must…Continue Reading

Labor and union contracts holding American Airlines from exiting bankruptcy

American Airline’s parent company, AMR, recently filed for Chapter 11 bankruptcy protection. Articles have reported on the idea of a merger with US Airways, but after years of talk between labor groups and management, that idea seems to be out of the picture, putting pressure on AMR to resolve the nation’s third-largest airline’s finances by…Continue Reading

Local New York bank faces charges on mortgage fraud

  Arrests! Conspiracy! Grand larceny! 25-year prison sentences! Mortgage fraud! These are not the terms that you want to hear with regards to your bank and its former employees, but Abacus Federal Savings Bank is now facing allegations related to mortgage fraud, according to a June 1st, 2012 New York Times article. Abacus, a bank…Continue Reading

Bankruptcy discharges student loan debt in unique case

Federal bankruptcy law states that student loan debt cannot be discharged with bankruptcy except through rare circumstances under the “undue burden” standard. A May 25th, 2012 New York Law Journal profiled a case that involved an individual with a diagnosis of Asperger Syndrome, a form of autism. The U.S. Bankruptcy Court of the District of…Continue Reading

New York court rules in favor of bank in foreclosure case

A New York court ruled against a homeowner on his motion for a summary judgment to dismiss his mortgage foreclosure action, as reported by the New York Law Journal in an April 11th, 2012 article. The homeowner’s mortgage loan was modified in accordance with the guidelines established by the Home Affordable Modification Program. The homeowner…Continue Reading

Mortgage servicers follow new guidelines

According to a New York Times news article published April 10th, 2012 the Consumer Financial Protection Bureau outlined a preliminary plan to address a lack of clearness and accountability among mortgage servicers. “For too long, mortgage servicers have not been held accountable to their customers, and the result has been profoundly punishing to homeowners in…Continue Reading

Bronx bankruptcy attorney discusses New York rehabilitation agency’s bankruptcy

  Daytop Village, one of New York’s oldest and largest drug rehabilitations agencies announced that they filed for a Chapter 11 bankruptcy protection, as reported by the New York Times in an April 6th, 2012 news article. In a statement released to the media, Daytop stated that they filed because of “extreme financial pressure from…Continue Reading

Credit card interest rates on the rise

Interest rates on credit cards have increased in the last three months of this year, as reported by a New York Times news article published on April 10th, 2012. In the last year the average annual interest rate has increased roughly 4 percent, making the current interest rate average 12.46 percent. The credit-card industry has…Continue Reading

Bronx bankruptcy attorney comments on the number of bankruptcies dropping

Records have shown that bankruptcies filed in 2011 dropped from previously years, as reported by the New York Times in a January 12th, 2012 news article. According to the Credit Slips blog by Robert Lawless, a bankruptcy law professor at the University of Illinois College of Law, reported that roughly 1.4 million bankruptcies were filed…Continue Reading

Federal loan limit increases

The New York Times reported in a January 26th, 2012 news article that the Senate approved for to raise the federal debt limit. This will allow President Obama to borrow $1.2 trillion in an effort to keep the government operating at the current level. The debt increase was approved in a close vote 52-to-44 with…Continue Reading

New bureau created to help trouble borrowers

  The Consumer Financial Protection Bureau, (CFPB)  is now accepting complaints, questions and concerns from mortgage lenders. In a January 27th New York Times article it was reported that the bureau which originally started in 2010 was recently reformed to better protect and inform consumers on risky loans. In addition the bureau’s goal is to…Continue Reading

Legislation Pending for Student Debtors

The rising cost of higher-level education in the U.S. has forced thousands of current and would be college students to take out loans to help pay for their education. According to a “New York Times” Op-Ed article published on August, 27 2011, many schools have pushed students into private loans to help alleviate the rising…Continue Reading

NYU Professors Suggest Changes to Housing Finance System

Recent concern over the mortgage crisis has send hundreds of economists scrambling to find solutions to the financial crisis, in particular the housing finance system. While many argue for the continuation of direct assistance to those struggling with their mortgages, three professors at NYU Stern have suggested an alternative approach. According to an August 30,…Continue Reading

Bank of America Accused of Reneging on Mortgage Agreement

  The attorney general of Nevada, Catherine Cortez Masto, is accusing Bank of America of going back on a broad loan modification agreement agreed upon in October 2008, says “The New York Times” in an August 31, 2011 publication. The settlement came at the height of investigations into the predatory loan practices of several large…Continue Reading

Opting in to high debit card fees

Recently, the Consumer Federation of America made it a requirement for banks to give their patrons the choice to “opt in” or “opt out” of being able to overdraft their debit card transactions. If they “opt it” the bank will allow their debit card to still be processed even if there is not a sufficient…Continue Reading

New York Court Ruled that Collecting Agency Cannot Compel Arbitration on Behalf of Verizon & AT&T

A recent ruling, published in the New York Law Journal on September 9, 2011, has determined that the collection agency, Collecto, had no right to force arbitration on collection claims from AT&T and Verizon on former customers who failed to pay their bills. Judge Spatt declared that under the Fair Debt Collection Practices Act, the…Continue Reading

Financial Concerns for Recently Widowed

Losing one’s spouse comes with additional financial woes on top of the emotional. According to a New York Times article published September 3, 2011, the recently widowed may be more prone to falling into financial pitfalls. The death of a spouse can leave many financial issues left unattended, and women often take on these concerns.…Continue Reading

The Fifteen Year Mortgage

New mortgage plans are emerging that may save borrowers money and entice some to take out these loan plans. In recent years, 15-year mortgages have become more popular. These shorter plans save money in the long run for many consumers but have their own risks. In an August 21, 2011 article in the New York…Continue Reading

Federal Government to Sue Seventeen Mortgage Institutions

A September 3, 2011 New York Times article reported that the U.S. government is preparing to file suit against several  financial institutions that sold around $200 billion in mortgage-backed securities to Fannie Mae and Freddie Mac that later fell apart. These new lawsuits are the most recent legal action being taken against banks that are…Continue Reading

Bank of America Restructures Top Management

Following a steady decline in stock values over the past few years, Bank of America is letting go of two top executives. According to the September 7, 2011 “New York Times,” Sallie Krawcheck and Joseph Price are both being relieved from their top management level positions. Bank of America has struggled since the financial crisis…Continue Reading

Picking up the financial pieces after losing a spouse

Losing a spouse is an extremely gut wrenching event that completely changes a person’s life, especially their financial situation. A New York Times article published September 2nd, 2011 discussed the money challenges many widows face today. One challenge is many widows receive a large sum of money from an insurance settlement but many spend their…Continue Reading

Supporting your child after you are gone

Parents always want the best for their children they encourage them to achieve greatness. But sometimes being over involved in a child’s life can lead to a child never being able to be an independent mature adult. Of course then the next issue that a parent has to deal with is, who is going to…Continue Reading

Bronx Lawyer Discusses New Refinancing Plan

The White House may have plans to refinance loans owned by government-controlled mortgage companies Fannie Mae and Freddie Mac. These plans may help homeowners who are having difficulty paying high-interest rate mortgages. According to “A Lifeline for Homeowners”, published in the New York Times on August 26, 2011, a refinancing plan will seek to lower…Continue Reading

New Fees for Debit Card Use

  The use of debit cards has become pervasive throughout everyday life for many of us. Their ease of use and safety features provides us with convenience when purchasing goods and services. However, their widespread use may become slightly less common. According an article published on August, 27 2011 in the New York Times, some…Continue Reading