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