The California Court of Appeal, Sixth Appellate District issued a ruling in Berg & Berg Enterprises, LLC v. Boyle, 2009 Cal. App. LEXIS 1740 (Oct. 29, 2009) that limits a breach of fiduciary duty action brought by creditors against insolvent corporation directors. This case serves as persuasive authority for bankruptcy cases in New York. Berg came
In Bulletin 2011-16 dated September 12, 2011, the Federal Home Loan Mortgage Corporation (Freddie Mac) published the requirements for its Standard Modification program. For the debtor looking to save a house, before contemplating bankruptcy, the debtor might look into the Standard Modification, which serves as a workout option for borrowers who are ineligible for the
Of importance to consumers facing debt collection problems is 15 USC Section 1681, the Fair Credit Reporting Act. A “debt collector” is generally any person who, in the ordinary course of business, regularly, on behalf of himself or others, engages in the collection of consumer debts. A “consumer debt” is generally a debt incurred by
The NYDailyNews.com reported on November 26 2010, that “Real Housewives of New York” star Sonja Morgan filed for bankruptcy protection in Manhattan. According to the news article, Morgan listed $19.8 million in debt and $13.5 million in assets on her bankruptcy petition. She blamed her money troubles on a failed venture with Hannibal Pictures Inc.
The IRS recently announced a new initiative to help taxpayers get a fresh start. According to the article: The goal is to help individuals and small businesses meet their tax obligations, without adding unnecessary burden to taxpayers. Specifically, the IRS is announcing new policies and programs to help taxpayers pay back taxes and avoid tax liens.