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Craig D. Robins, Esq. New York Bankruptcy Attorney, Longisland bankruptcy attorney

“ Craig D. Robins, Esq., has been a practicing Long Island bankruptcy attorney for over twenty-four years ”

Craig D. Robins, Esq.

Archive for May, 2009

Another Bankruptcy Bill Cartoon for Your Amusement

Posted on Thursday (May 7, 2009) at 5:00 pm to Bankruptcy Humour

For more Bankruptcy Bill cartoon strips, go to the official site:  http://bankruptcybill.wordpress.com/

The Bankruptcy Bill Cartoon Strip

My friend and New York City bankruptcy attorney colleague, Steven Horowitz, has been collaberating with his artist friend, Gideon Kendall, to come up with a humerous cartoon strip, “Bankruptcy Bill.”   So far there are 15 Bankruptcy Bill Cartoon Strips.

Bankruptcy Bill is an original cartoon strip about bankruptcy lawyers, especially the trials and tribulations of New York City bankruptcy associates.   
 
Steve gleaned episodes and anecdotes from his past as a young bankruptcy associate at the New York City firm, Stroock, Stroock & Lavan, where it seems that associates, like those at most Manhattan firms, are overworked and underappreciated.
 
You can see more of Bankruptcy Bill at the Bankruptcy Bill web site.    And Steve wants me to tell you that you can order Bankruptcy Bill posters and mugs on his web site, too.         

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Bankruptcy Cram-Down Measure Appears to be Doomed

Posted on Wednesday (May 6, 2009) at 4:58 pm to Bankruptcy Legislation

Proposed bankruptcy cram-down bill would have helped struggling homeowners in Chapter 13 Bankruptcy.  Long Island consumers will suffer without this law.Written by Craig D. Robins, Esq.

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Proposed bill would have helped struggling homeowners in Chapter 13 Bankruptcy.  Long Island consumers will suffer without this law.

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 In what will certainly be upsetting news to consumers and homeowners, House Speaker Nancy Pelosi, (D-Calif.), gave a strong indication today that House lawmakers will not try to put the Chapter 13 bankruptcy cram-down provision back into a housing bill that the Senate had taken out in their version of the bill.

 
As I had written about at length previously, (Will the Senate Approve Cram-Down Legislation to Enable Mortgage Modification in Chapter 13 Bankruptcy Cases?), the proposed law would have made it easier for bankruptcy judges to alter the terms of an individual consumer’s mortgage in a bankruptcy proceeding.  It would have been a great help to the many struggling homeowners here on Long Island.
 
One of the legislature’s objectives was that if bankruptcy judges were given greater authority, mortgage companies would be more willing to work with troubled homeowners to alter the terms of their loans before they were forced into bankruptcy.  Many Long Island bankruptcy attorneys such as myself had hoped to utilize this measure to help our clients whose homes were underwater.
 
This proposed legislation had been a key plank of President Barack Obama and congressional Democrats’ attempts to help stabilize the housing market and provide assistance to individual homeowners struggling to make their repayments.
 
“It’s clear that the votes are not there in the Senate,” Pelosi said. “It’s really a major disappointment that homeowners will not have the ability to declare bankruptcy on their primary residence while wealthier people can declare bankruptcy on their second, third and fourth homes.”
 
The provision, commonly referred to as a cram-down or strip-down, was defeated in a vote in the Senate last week.
 
The House had previously passed a bill that included the cram-down provision. (See House Approves Cram-Down Bankruptcy Bill ).
 
Given Pelosi’s comments, the House would either have to take up the Senate version of the bill with the cramdown provision stripped out, or House negotiators would have to abandon any attempts to add the measure back in when House and Senate lawmakers meet to iron out differences between the two versions of the bill.
 
Apparently the financial services industry, which had strongly lobbied against the measure, successfully scored a victory for banks, arguing that it would raise the costs of borrowing for all homeowners.
 
Durbin was unable to reach a deal with the financial industry, despite having managed to get Citigroup Inc., one of the nation’s largest lenders, on board.
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How Much Do Long Island Chapter 13 Bankruptcy Trustees Earn? 2008 Statistics for Trustees Michael J. Macco and Marianne DeRosa

Posted on Sunday (May 3, 2009) at 10:26 pm to Bankruptcy Statistics
Chapter 13 Bankruptcy
Info on Bankruptcy and the Court
Lawyer to Lawyer

 2008 Statistics for Long Island Chapter 13 Bankruptcy Trustees Michael J. Macco and Marianne DeRosa
 
Written by Craig D. Robins, Esq.
 
 
How much do the Long Island Chapter 13 trustees earn each year?
 
How many cases to they have?
 
What are their expenses?
 
Here are the answers
 
  
The United States Trustee Program, which is administered by the United States Department of Justice, requires all Chapter 13 bankruptcy trustees to report detailed figures about their office finances, as well as the distribution of funds collected through Chapter 13 plans.
 
There are only two Chapter 13 trustees on Long Island
 
On Long Island, there are only two standing Chapter 13 trustees: Long Island bankruptcy lawyer Michael Macco, who also maintains a private bankruptcy practice in Melville (Macco & Stern), and Marianne DeRosa, who limits her practice of law to Chapter 13 bankruptcy trustee matters.  These two chapter 13 bankruptcy trustees carry the entire Chapter 13 caseload for all of the bankruptcy courts in the Eastern District of New York, which include Central Islip and Brooklyn.
 
Audited report reveals interesting data
 
According to the audited report covering 2008, which was just released last week, here are some of the more interesting details:
 
 How much do the trustees earn?
 
Both Michael Macco and Marianne DeRosa each earned a salary of $177,526.  This figure is the maximum possible salary that a Chapter 13 trustee can earn in this country, and it is set by statute.
 
Which trustee is more generous with salaries?
 
Marianne DeRosa paid employee salaries of $512,826, whereas Michael Macco paid salaries of $363,600.
 
Which trustee had more cases in 2008?
 
If Marianne DeRosa paid out much greater salaries, did this mean she had a much busier office?  At the end of 2008 she had 1,639 Chapter 13 cases, whereas Michael Macco had a hundred less – 1,568 cases. 
 
During the year, Marianne DeRosa received 1,924 new cases while Michael Macco received 1,786.
 
Which trustee talks more and sends out more mail?
 
As we all know, Michael Macco talks a lot and probably sends out more motions to dismiss.  His phone bill and postage expense was much more: $35,456 compared to Marianne DeRosa’s at $22,647.
 
The total cost to run Marianne DeRosa’s office in 2008 was $1,007,605, whereas the office cost for Michael Macco was $760,525.
 
 Which trustee had the most cases dismissed in 2008?
 
Chapter 13 trustees bring many motions to dismiss, and many of them are successful.  In 2008, Marianne DeRosa had 1,275 of her cases dismissed prior to confirmation and 219 dismissed post-confirmation.  Michael Macco had 1,131 cases dismissed prior to confirmation and 260 dismissed post-confirmation.
 
How many debtors actually completed their plans? 
 
With Michael Macco as trustee, there were 170 cases with completed plans in 2008.  However, Marianne DeRosa had a much higher success rate for the year – 250 cases.
 
How much money did the trustees take in?
 
During 2008, Marianne DeRosa took in a total of $13,108,881, whereas Michael Macco took in $11,449,324.
 
How much did the trustees pay out in attorney’s fees?
 
This may come as a surprise to many.  Michael Macco paid out the higher amount – $946,588 to Marianne DeRosa’s 715,265.
 
What was the actual commission amount?
 
Although all plans provide for a 10% commission to the trustee, the actual amount is based on what the trustee’s expenses actually were.  With both trustees, this amount was 9.7%.
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Craig D. Robins, Esq. is a Long Island bankruptcy lawyer, who is focused primarily on helping individuals and families, find solutions to their debt problems. Read more »

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Craig D. Robins, Esq.
35 Pinelawn Road, Suite 218E, Melville, NY 11747.

Tel : 516 - 496 - 0800

CraigR@Craigrobinslaw.com