Entries categorized as ‘current affairs’
To use PACER/RACER you must now agree to be bound by the following redaction policy (Rule 9037. Privacy Protection for Filings Made with the Court)
Rule 9037. Privacy Protection for Filings Made with the Court
a) REDACTED FILINGS. Unless the court orders otherwise, in an electronic or paper filing made with the court that contains an individual’s social-security number, taxpayer-identification number, or birth date, the name of an individual, other than the debtor, known to be and identified as a minor, or a financial-account number, a party or nonparty making the filing may include only:
(1) the last four digits of the social-security number and taxpayer-identification number;
(2) the year of the individual’s birth;
(3) the minor’s initials; and
(4) the last four digits of the financial-account number.
b) EXEMPTIONS FROM THE REDACTION REQUIREMENT. The redaction requirement does not apply to the following:
(1) a financial-account number that identifies the property allegedly subject to forfeiture in a forfeiture proceeding;
(2) the record of an administrative or agency proceeding unless filed with a proof of claim;
(3) the official record of a state-court proceeding;
(4) the record of a court or tribunal, if that record was not subject to the redaction requirement when originally filed;
(5) a filing covered by subdivision (c) of this rule; and
(6) a filing that is subject to § 110 of the Code.
c) FILINGS MADE UNDER SEAL. The court may order that a filing be made under seal without redaction. The court may later unseal the filing or order the entity that made the filing to file a redacted version for the public record.
d) PROTECTIVE ORDERS. For cause, the court may by order in a case under the Code:
(1) require redaction of additional information; or
(2) limit or prohibit a nonparty’s remote electronic access to a document filed with the court.
e) OPTION FOR ADDITIONAL UNREDACTED FILING UNDER SEAL. An entity making a redacted filing may also file an unredacted copy under seal. The court must retain the unredacted copy as part of the record.
f) OPTION FOR FILING A REFERENCE LIST. A filing that contains redacted information may be filed together with a reference list that identifies each item of redacted information and specifies an appropriate identifier that uniquely corresponds to each item listed. The list must be filed under seal and may be amended as of right. Any reference in the case to a listed identifier will be construed to refer to the corresponding item of information.
g) WAIVER OF PROTECTION OF IDENTIFIERS. An entity waives the protection of subdivision (a) as to the entity’s own information by filing it without redaction and not under seal.
Categories: 9037 · Fed. R. Bankr. Proc. · IL · ND · bankruptcy · ch 11 · ch 13 · ch 7 · cir 7 · consumer · current affairs · current-events · data · filings · individual · legislation · notice · opinion · research · right to privacy
2009 Filings Through June
Consumer Bankruptcy Filings Rose 36.5% in First Half, ABI Says By Linda Sandler for Bloomberg (July 2)
U.S. consumers made 675,351 bankruptcy filings in the first half, a 36.5 percent increase from a year ago, according to the American Bankruptcy Institute.
June filings by consumers totaled 116,365, up 40.6 percent from the same period in 2008, the ABI said in a release. The monthly rate of consumer filings slowed, however, declining by 6.8 percent from May 2009.
“Consumers are turning to bankruptcy as a last financial resort,” said ABI Executive Director Samuel Gerdano.
Gerdano said in the release he expects 1.4 million new bankruptcy filings by year end.
ABI uses data from the National Bankruptcy Research Center.
Categories: current affairs · data · debt · economy · filings · income · individual · lists · means test · median income · research
Can’t say too many good things about this diagram; honest, to the point, great use of Web 2.0 techniques to tell a complex story.
America's Love Affair with Credit
Categories: FDCPA · article · bailout · bank · bankruptcy · bubble · ch 13 · ch 7 · consumer · credit · credit cards · credit counseling · creditor · crisis · current affairs · current-events · data · debt · disposable · economy · fair credit reporting act
Tagged: credit cards
Bankruptcy's Back
From MSN Money By Liz Pulliam Weston
It looks as if last year’s reform law did not really stem the enormous flood of bankruptcies after all. Here are the states with the highest bankruptcy rates. advertisement By Liz Pulliam Weston The lull in bankruptcy filings may already be a thing of the past. Consumer bankruptcy cases plunged to a 20-year low in the first three months of 2006, reflecting the passage of a tough new bankruptcy law last year. But the pace of new filings is already on the rise. Courts now see an average of 2,000 new filings a day — four times the number that were filed in November 2005 after the bankruptcy law went into effect, according to Chris Lundquist, founder of Lundquist Consulting, which tracks bankruptcy trends. If filings continue to rise at anything like this rate — which is not a given, but certainly a possibility — we could see close to 1 million filings by the end of the year. That would still be significantly less than the record filing levels that drove passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. But it would be a pretty clear indication that the bankruptcy juggernaut was just stalled, not cured, by the new law. [read the full piece]
Categories: BAPCPA · Middle class · article · bailout · bankruptcy · blogging · blogs · bubble · business filings · ch 11 · ch 13 · ch 7 · consumer · credit cards · credit counseling · creditor · crisis · current affairs · current-events · data · debt · disposable · economy · elderly · empty-nest · filings · foreclosure · fraud · income · individual · investments · jobs · lists · means test · median income · mortgage · real property · research · short sale
Are you paying your bankruptcy lawyer enough? Not according to this piece posted Jan 28 in the ABA Journal by Debra Cassens Weiss :
Kirkland & Ellis Seeks Fee of $18.50 a Minute for Bankruptcy Work
Kirkland & Ellis has requested a fee of $1,110 an hour in a corporate bankruptcy [which] breaks down to $18.50 a minute … for its representation of titanium dioxide-maker Tronox Inc. Two other law firms are seeking nearly as much, requesting hourly rates in excess of $1,000… They are Sidley Austin, in the restructuring of the Tribune Co., and Skadden, Arps representing Circuit City. Bankruptcy law professor Lynn LoPucki of the University of California at Los Angeles told the wire service that fees for lawyers and other professionals in bankruptcy cases are growing at four times the rate of inflation. “As the economy gets worse, the bankruptcy lawyers are charging more,” LoPucki told Bloomberg.
Ed. Note: Members of the firms in question could not be reached for comment. I was informed by staff that they were having a money fight.
Categories: Bankrupt · article · assets · audit · bailout · bankruptcy · bubble · business filings · careers · case update · ch 11 · current affairs · current-events · research · work
