Bankruptcy Filings are on the Rise
On July 24, 2024, the Administrative Office of the U.S. Courts released statistics for bankruptcy filings for the 12-month period ending on June 30, 2024. Personal and business bankruptcy filings rose 16.2 percent during that period, compared with the previous year. According to the Court’s statistics, annual bankruptcy filings totaled 486,613 in the year ending […]
The Supreme Court Rejects the Purdue Pharma Bankruptcy Settlement
It is rare that the Supreme Court takes a case concerning bankruptcy law. At the end of this term, the Court held that members of the Sackler family cannot be shielded from liability for civil claims related to the opioid epidemic and rejected a Chapter 11 bankruptcy plan that would have given billions of dollars […]
New Means Test Figures for Bankruptcy Cases Filed after April 1, 2024, in New York
There is good news for debtors considering filing for bankruptcy in New York. The Office of the U.S. Trustee Program (USTP) has released new Means Test income figures, and those figures have gone up. This means that more debtors will be able to qualify for Chapter 7 bankruptcy and for those debtors in Chapter 13, […]
OxyContin and the Purdue Pharma Bankruptcy
Earlier this year, the Supreme Court placed a stay on the Chapter 11 bankruptcy plan of Purdue Pharma, the manufacturer of the highly addictive opioid painkiller OxyContin. The justices agreed to hear oral arguments this December for the Biden administration’s appeal of a lower-court ruling approving the plan. There were no recorded dissents at the […]
The Consumer Financial Protection Bureau Is Set for New Leadership
In July 2010, the Consumer Financial Protection Bureau (CFPB) was created by Congress as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The main purpose of creating the Bureau was to increase the efficiency and accountability of our government by consolidating various consumer financial protection authorities that had existed across several different […]
New York State Court Update
Due to the COVID-19 pandemic, the New York State Court system abruptly closed the courts for most in-person operations in March 2020. On April 19, 2021, Chief Judge DiFiore announced that all judges and court employees will return to in-person operations by May 24. Her announcement stated, “it is time to return to our normal […]
The Covid 19 Impact on Bankruptcy Filing in New York
While the Covid-19 pandemic continues to speared and surge across the U.S., it has also been causing economic devastation in its path. Surprisingly, although the pandemic with its business lockdowns that has led to record number of unemployed Americans, there has been a significant decrease in bankruptcy petitions filed over the past few months. This […]
New Changes to Credit Score Calculation
Welcome to David I. Pankin, P.C.’s consumer financial updates. David I. Pankin is a Long Island bankruptcy lawyer with offices in Manhattan, Brooklyn and Melville. We’re happy to bring you recent updates about new changes to credit score calculations. A New FICO Formula Consumers creditworthiness is summarized using credit scores. There are only a few […]
Changes To The Loss Mitigation Program In The Eastern District Of New York
When a New York homeowner is struggling financially and facing foreclosure, they have a few options if they are seeking to retain their home. They can fight the foreclosure lawsuit in state court. They can try to obtain a loan modification in the Foreclosure Settlement Part of the Supreme Court under the supervision of a […]
Credit Card Default Judgments and New York State’s “Sewer Service” Rules Update
Towards the end of 2014, the New York State Court System announced a series of rule changes affecting default judgments in order to prevent so-called “sewer service” in consumer credit debt collection cases. A “sewer service” case involves questionable and often fraudulent service of process to a defendant, who is unable to defend against a […]