Ramifications Of The Supreme Court’s Lawless Decision In Bank Of America V Caulkett

MESSAGE FROM A BANKRUPTCY ATTORNEY IN CLEARWATER, FLORIDA PART TWO Jay Weller is a Bankruptcy Attorney in Clearwater, Florida. Jay Weller and Weller Legal Group have Law Offices in Clearwater, Port Richey, and Lakeland, Florida, and have filed over 40,000 Bankruptcies, since 1993. In order to understand this Article, please read Part One. What are the ramifications of the Supreme Court Decision in Bank of America v Caulkett? Why is its construction of the Bankruptcy Code important? Please note that the Supreme Court Decision in Read More +

Message From A Bankruptcy Attorney In Clearwater, Florida

THE SUPREME COURT DECISION IN BANK OF AMERICA V CAULKETT FURTHER ILLUSTRATES ITS LAWLESSNESS PART ONE Jay Weller is a Bankruptcy Attorney with Offices in Clearwater, Port Richey, and Lakeland, Florida. In Caulkett, the Debtor filed Chapter 7 Bankruptcy. The Debtor in Bankruptcy owned a Home with a First and Second Mortgage. The Fair Market Value of the Home was less than the Balance of the First Mortgage. The Second Mortgage, in terms of Bankruptcy, is Wholly Unsecured. Section 506(d) of the Bankruptcy Code provides, Read More +

The Coming Crisis – Part V

Pension Plans And The Detroit Bankruptcy Please refer to the earlier parts of this series to better understand the context of this article. The City of Detroit is in bankruptcy. Detroit is probably one of the most visible of the cities in the United States that have entered or filed bankruptcy proceedings. The primary issue confronting Detroit and many other large cities are the unrealistic pension and medical benefits with its police, fire and other governmental unions, negotiated with the governmental agencies or politicians that Read More +

The History Of Debtors Prisons And Why It Is Important To You (3 Of 3)

Debtors Prisons In Early American History Debtor’s Prisons existed in the United States dating from the beginning of Colonization to 1850. Numerous important early political figures were incarcerated throughout the history of debtors prisons, most likely giving the Founders a perspective on the ills of the debtor prison system. William Morris, one of the signors of the Declaration of Independence, was imprisoned from 1798-1801 in a debtors’ prison in Washington, DC. One of his more regular visitors was George Washington. James Wilson, another signor of Read More +

Origins Of Bankruptcy Law In The United States

The United States Constitution gives Congress the power to establish laws on the subject of Bankruptcy throughout the United States. Congress first exercised this power the Bankruptcy Act of 1800. This act, which virtually copied the existing English law, provided for involuntary bankruptcies and was only available to traders (merchants). The act was repealed three years later in 1803. Two more short-lived federal bankruptcy laws were enacted from 1841 to 1843 and from 1867 to 1878. A permanent federal bankruptcy law would not go into Read More +

Bankruptcy In England

Bankruptcy law in England was once quite harsh. Bankruptcy was considered a crime and people who could not pay their debts were thrown into debtors’ prison or had their ears cut off. In fact, the first legislation dealing with bankruptcy in England was the Statute of the Bankrupts in 1542. One purpose of this law was to prevent people who owed money from escaping England. Only creditors could commence a bankruptcy proceeding. This law aided in the collection of debts and did not provide relief Read More +

Seizure Of Tax Refund To Collect Federal Student Loans, Part Ii

Notice Requirements Under Tax Refund Offset Program; Say What? By Jay Weller Under 31 USC Section 3720A(b), the Department of Education, through its Secretary, can refer a Debt for Offset only after having complied with certain procedures. The holder of the loan must mail written notice to the Borrower’s last known address, as determined by the Department of Education or the Guarantor. The Courts that have heard Notice Issue Cases, have ruled that Actual Notice is not required. The Collector must only use Reasonable Means Read More +

The Banks’ Stealth Campaign To Increase Overdraft Fees

Bank Overdraft Fees At Record High By Jay Weller The average fee for Overdrafts, which is defined as withdrawing more more a checking account than a Customer has in their account, has been increasing to thirty dollars in 2013, an increase from twenty nine dollars in 2012 and twenty six dollars in 2009, according to an investigation by Moeb Services, Inc, of 2890 Credit Unions and Banks. The Federal Reserve in 2010 prohibited Banks from automatically penalizing Customers for Overdrafts. The Dodd-Frank Law of 2011 Read More +