Client Review below:" I contacted Jim seeking counsel as one of the 2000 defendants in the Celsius crypto bankruptcy clawback case. After a few short conversations with him, I quickly knew he was the right person for the job. Once the retainer was paid, Jim dropped everything and fully dedicated himself to my case. In just a matter of a few days, Jim had negotiated a very favorable settlement. I highly recommend Jim if you find yourself in a similar situation and are in need of representation" My pleasure to help! Thanksfor the review. Jim

Join the Chapter 13 Academy‘s free webinar Thursday August 15 at 2 pm EDT for the inside scoop on claims process and pitfalls from a pair of experienced Chapter 13 trustees. You can submit questions in advance when you register. Did I say it’s free? The post Navigating Claims in Chapter 13 appeared first on Bankruptcy Mastery.

I’ll be gone for two weeks   I’m leaving for the longest vacation since I became a Virginia lawyer in 1985. If you want to talk to a qualified bankruptcy lawyer right away, I can suggest these two.  Michael Sandler, in Woodbridge.  Or Ashley Morgan, in Herndon. I’d like to talk to you the week of August 26 If you can wait, [email protected] will get in touch with you on Thursday August 22 or Friday August 23 to schedule a Zoom appointment for the following week. For the most complete consultation, please fill in my Be Happy form.  When you send in the Be Happy, Vanessa will give you priority scheduling as soon as I get back. We’re going to Paris and Ruoen. My wife’s novel begins in medieval Paris My wife’s PR business did not survive Covid. So she’s writing a novel. Part of it takes place in Paris and Ruoen, so we are going to visit.  It’s right after the Olympics, so it should be less crowded and maybe more fun. For most people, bankruptcy works Here’s more info on the five ways bankruptcy gives you a new start.   The post I’m out until August 26 appeared first on Robert Weed Bankruptcy Attorney.

I’ll be gone for two weeks   I’m leaving for the longest vacation since I became a Virginia lawyer in 1985. If you want to talk to a qualified bankruptcy lawyer right away, I can suggest these two.  Michael Sandler, in Woodbridge.  Or Ashley Morgan, in Herndon. I’d like to talk to you the week of August 26 If you can wait, [email protected] will get in touch with you on Thursday August 22 or Friday August 23 to schedule a Zoom appointment for the following week. For the most complete consultation, please fill in my Be Happy form.  When you send in the Be Happy, Vanessa will give you priority scheduling as soon as I get back. We’re going to Paris and Ruoen. My wife’s novel begins in medieval Paris My wife’s PR business did not survive Covid. So she’s writing a novel. Part of it takes place in Paris and Ruoen, so we are going to visit.  It’s right after the Olympics, so it should be less crowded and maybe more fun. For most people, bankruptcy works Here’s more info on the five ways bankruptcy gives you a new start.   The post I’m out until August 26 appeared first on Robert Weed Bankruptcy Attorney.

Celsius Bankruptcy Claw Back Adversary Proceedings in SDNY Bankruptcy Court Settlement UpdateJim Shenwick, Esq. is proud to announce that he just settled another Celsius Bankruptcy Claw Back Adversary Proceedings in the SDNY.The client had been sued for over $700,000. Based on a review of Exhibit A to the Complaint, which listed the transactions to be clawed back, we discovered that Exhibit A overstated the transactions in the relevant 90-day period, the cryptocurrency valuation was incorrect, and the client had a "New Value" defense.When all was settled, the client paid back a small percentage of the $700,000 sought.Clients who are being sued for preference clawback's should contact Jim Shenwick, EsqJim Shenwick, Esq  917 363 3391  [email protected] Please click the link to schedule a telephone call with me.https://calendly.com/james-shenwick/15minWe help individuals & businesses with too much debt!

4th Cir.: David v. King- Former Trustee Has No Authority to Act Following Conversion, Including to Seek Compensation for Professionals Ed Boltz Tue, 07/30/2024 - 17:19 Summary: Byron David filed for Chapter 7 bankruptcy in July 2018, with Donald King appointed as the Chapter 7 Trustee.  While still a Chapter 7 case,  King obtained approval under 11 U.S.C. § 327 to employ his own law firm to represent him as the Trustee.    The case was converted to Chapter 11 in April 2019, with King again appointed as the Chapter 11 Trustee. King did not, however,  apply for court approval to retain his law firm for Chapter 11 work.  The case was converted again, this time  to Chapter 13 in May 2020, ending King’s role as trustee.  After the final conversion, King sought retroactive approval to employ the law firm for work done during the Chapter 11 phase. The Court of Appeals determined that "the trustee" (Emphasis  kinda in the original) in § 327(a) refers to the currently serving, active singular trustee, not a former trustee.  Upon conversion of the bankruptcy case, King’s authority to act as trustee was terminated under § 348(e), meaning he could not apply to retroactively employ professionals.  The court rejected King’s arguments based on equity and previous cases where current trustees were allowed to file after-the-fact applications, emphasizing that those cases did not involve former trustees. Judge Wilkinson, dissenting, argues that bankruptcy courts, recognized as courts of equity, should retain the discretion to grant after-the-fact authorizations for professional services performed under § 327(a). He disagrees with the majority's interpretation that limits such authority to current trustees only.  Commentary: While the impact of this case is likely to be largely just an admonition to  trustees and their attorneys to not make this same $43,668  mistake as the Chapter 7/11 trustee made here,  it does also both indicate that the conversion of a case to another chapter should serve as a "hard stop" for the previous trustee (with even  post-conversion obligations and residual duties almost certainly being administrative  "trustee time" and not legal services)  but also that the possibility of conversion should always restrain trustees from being so overly hungry or adversarial that the debtor seeks escape. And, as this opinion also relies on Lamie v. U.S. Tr., 540 U.S. 526 (2004),  which notoriously departed from long-standing pre-Code bankruptcy practice that allowed the debtor's attorney to be paid from assets of the estate because of scrivener's errors,  perhaps trustees,  which have previously shown little interest in helping the debtor's bar with a legislative correction,  might now see some need for supporting that sort of change from Congress for everyone's benefit.  (Including a fair and reasonable fix for Chapter 13 trustees in cases dismissed before confirmation.)  I would be happy to participate in that  discussion. With proper attribution,  please share this post.  Blog comments Category 4th Circuit Court of Appeals

E.D.N.C.: Walker v. LVNV-Iqbal/Twombley Do Not Apply to Affirmative Defenses Ed Boltz Tue, 07/30/2024 - 17:03 Summary: Walker moved pursuant to Federal Rule of Civil Procedure 12(f) to strike the affirmative defenses raised by LVNV,  arguing that the Iqbal/Twombley pleading standards apply to affirmative defenses.  Finding no controlling case law,  the court rejected this  relying on Liles v. Wyman (E.D.N.C.  2019) as  motions to strike " are generally viewed with disfavor because striking a portion of a pleading is a drastic remedy". Commentary: While technically accurate in stating that there is no controlling authority holding affirmative defenses to the Iqbal/Twombley standard,  the   Lilles  case does cite to Racick v. Dominion L. Assocs., 270 F.R.D. 228, 230 (E.D.N.C. 2010),  describing it as "collecting cases",  when in fact there the district court struck 11 out of 14 affirmative defenses for failing to comply with Iqbal/Twombley  pleading requirements. Based on Walker,  however,  it would seem that the fairly regular grumble by judges that responses to motions or other pleading need specificity might not,  while helpful in the care and feeding of happy black robes,  actually be required. With proper attribution,  please share this post.  To read a copy of the transcript, please see: Blog comments Attachment Document walker_v_lvnv.pdf (661.23 KB) Document racick_v_dominion_law.pdf (676.21 KB) Category Eastern District

      Celsius Bankruptcy Claw Back Adversary Proceedings in SDNY Bankruptcy Court   Celsius Network LLC, the crypto company, filed for Chapter 11 bankruptcy. Pursuant to their confirmed Chapter 11 plan, they have commenced 2,000 adversary proceedings in the Southern District of New York, seeking to claw back monies withdrawn by Celsius customers 90 days prior to the bankruptcy filing or from April 14, 2022, through July 13, 2022 (the “Preference Period”).The 2,000 lawsuits are being brought by ASK LP (Debtor’s preference litigation counsel)Jim Shenwick, Esq. has defended over 100 adversary proceedings for various causes of action, including preferences and fraudulent conveyances. He is familiar with cryptocurrency and has a working relationship with ASK LP.Jim Shenwick was recently retained by a client to defend against a Celsius lawsuit seeking to claw back over $200,000 withdrawn from Celsius prior to the bankruptcy filing. We have commenced settlement negotiations and are optimistic about a very favorable settlement for the client.We have also been approached by another former Celsius customer who was sued in a clawback action.Clients who have been sued or have questions about the clawback lawsuits are advised to contact Jim Shenwick as soon as possible to discuss their options or to seek representation in these cases.Jim Shenwick can be reached at 917 -363-3391 or at [email protected] Please click the link to schedule a telephone call with me. https://calendly.com/james-shenwick/15min 

Chapter 7 bankruptcy is used by individuals under extreme financial burdens to pay off their debts. Because Chapter 7 bankruptcy liquidates your assets to pay off those debts, buying stock during this time might be difficult. When you file for bankruptcy, you will need to give a full accounting of your finances and assets, which will be placed under the authority of the bankruptcy court. If you have money to spend in your bank account, the court will likely not let you use it to buy stocks if you still have debts to satisfy. However, you might have justifiable reasons for doing so, which our attorneys can help argue to the court. We can also explore options to help keep some of the stocks you already own before filing for Chapter 7 bankruptcy. For a free case consultation with our bankruptcy lawyers, contact Young, Marr, Mallis & Deane at (215) 701-6519. Can I Invest in Stocks After Filing for Chapter 7 Bankruptcy? Filing for Chapter 7 bankruptcy can help individuals facing significant financial challenges get out from under the pressure of their debts and move on with their lives. While Chapter 7 bankruptcy is helpful, many people do not understand how filing for it will impact their assets, especially if they want to buy stocks. This has become a much more common issue over the years for those filing for bankruptcy, as online apps give them easier access to trade on various stock markets. Unfortunately, though, Chapter 7 bankruptcy can impact any property you come into possession of after filing for it. Chapter 7 bankruptcy is referred to as “liquidation” bankruptcy because the court sells, or “liquidates,” some of your assets to satisfy your debts. When you file for Chapter 7 bankruptcy, the court will appoint a trustee to oversee the case. One of the first steps the trustee takes after being appointed is to assess the assets you currently possess and separate them into exempt and non-exempt property. Exempt property typically includes your home, retirement accounts, and Social Security benefits and cannot be liquidated to satisfy your debts. Non-exempt property, on the other hand, is everything else you own, including cars, vacation homes, personal property, and stocks. These assets are fair game to be liquidated in your case. If you acquire any assets after starting your bankruptcy claim, you are legally required to report it to the assigned trustee. For instance, if you receive an inheritance, you must report it. Most states give trustees several years to discover hidden assets and claim them, known as the “lookback” period. Stocks are different, though. Buying stocks means you have the money to make investments. If you have the money to invest, the court will want that money put towards your bankruptcy debt, not gambling in the stock market, so it will likely not let you invest. Our bankruptcy attorneys can review your case and determine what arguments we can make to the court. We can also explore options with you that can help protect stocks you already own. How Can I Protect Stocks that I Already Owned Before Filing for Chapter 7 Bankruptcy? As part of the Chapter 7 bankruptcy process, filers might be able to claim various exemptions to keep possession of some of their non-exempt personal property, including stocks. However, which exemptions will be available to you and how much they will protect you will depend on the state in which you are filing for bankruptcy. The following will help you understand how you can exempt personal property like your stocks during bankruptcy and what alternatives you have if your state does not exempt investments: State Personal Property Bankruptcy Exemptions Some states allow you to protect all of your stocks from being acquired during bankruptcy. For example, New Jersey allows those filing for Chapter 7 bankruptcy to keep 100% of their stocks and cannot be seized during any civil process in the state courts, according to N.J.S.A. § 2A:17-19. Maryland’s “wildcard” personal property exemption, on the other hand, only allows filers to protect up to $5,000 in personal property, according to Md. Code, Cts. & Jud. Proc. Art., § 11-504(f)(1)(i)(1). However, Maryland permits another $6,000 in personal property to also be claimed as exempt under a general wildcard exemption, as per § 11-504(b)(6). Not every state has an exemption for personal property or very good ones, so you will want to review your case with our team before deciding which exemptions to apply for. Pennsylvania bars individuals from claiming any exemptions for stocks during bankruptcy under 42 Pa.C.S. § 8124. In fact, Chapter 7 claimants can only protect up to $300 of personal property under Pennsylvania’s wildcard exemption, according to 42 Pa.C.S. § 8123(a). Thus, you will likely not have any coverage left over to protect your stocks after protecting other assets. Federal Personal Property Bankruptcy Exemptions If you are filing Chapter 7 bankruptcy in a state with inadequate or nonexistent exemptions for your stocks, we can help determine if the federal exemptions would offer more relief than your state’s. When federal exemptions are available, a debtor can claim up to $15,000 in property to be exempt from bankruptcy proceedings, according to 11 U.S.C. § 522(d)(1). However, most of the money in that exemption is reserved for real property, like your home. The federal wildcard exemption under 11 U.S.C. § 522(d)(5) does allow debtors to claim $800 in any personal property, plus up to $7,500 of whatever amount is left over from the $15,000 exemption, potentially protecting up to $8,300 in stocks. Can I Sell Stocks Before Filing for Chapter 7 Bankruptcy? If you are instead considering selling some of your stocks before filing for Chapter 7 bankruptcy rather than buying them, you will want to be careful. The court looks carefully at any financial transactions that occur prior to filing for bankruptcy and might consider selling stocks as attempting to hide assets for it and your creditors. Of course, selling your stocks might have been the only way for you to deal with the financial burdens that led you to file for bankruptcy in the first place. You might also sell your stocks before filing for bankruptcy to cover basic living expenses, like food, rent, and utilities. This is fine as long as your expenses can be justified to the court. If the stocks are sold to family or friends or sold for less than they are worth, the court could determine you were trying to hide them and dismiss your case. Worse, you will likely be charged with a crime for defrauding the court. Our Chapter 7 Bankruptcy Attorneys Can Help You with Your Case Today Our Philadelphia bankruptcy attorneys at Young, Marr, Mallis & Deane are ready to provide you with a free case review when you call (215) 701-6519.

   Commercial Chapter 11 Bankruptcies see a 34% increase in the first half of 2024. See  https://www.conchovalleyhomepage.com/news/national-news/commercial-chapter-11-bankrupcies-see-a-34-increase-in-the-first-half-of-2024/amp/ Jim Shenwick, Esq  917 363 3391  [email protected] Please click the link to schedule a telephone call with me.https://calendly.com/james-shenwick/15minWe help individuals & businesses with too much debt!