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Comment This wouldn't be a Slashdot post... (Score 0) 49

If it didn't involve Israel.

This is clickbait, plain and simple. You can't tell me that Israel is the ONLY foreign military that the United States is surveilling. But Timothy won't approve a post about our viewing encrypted Zambian attack camel feeds because people will engage in more WHAARGARBL if Israel and/or Palestine is somehow involved.

Comment Bankruptcy Attorney Here (Score 2) 69

By filing Chapter 13 initially, this guy was hoping to hold onto his assets, including the condo. TFA indicates that the maximum creditors could receive would be $161,400, which seems outrageously low for a debt load in the millions. I hate Chapter 13s because they are so numbers-intensive, and for people desperately wanting to hold onto their house (or car, or what have you), often times the numbers don't work. By converting to a 7, he basically loses all assets of a significant value that he cannot fully exempt from liquidation. So the condo, any vehicles with significant equity, all are seized by the Chapter 7 Trustee. He won't lose most personal effects, since the courts aren't going to waste their time taking the shirt off his back.

But if the DOJ is looking into this, he's fucked. Bankruptcy fraud was what sent the Giudices to prison, and I have had at least one client catch the eye of the DOJ in the past.

The real question now will be how long the liquidation and disbursement process will take. If they find other assets, it could very well last beyond the 5-year period of a Chapter 13.

Comment Re:"Just" four million? (Score 1) 117

While you are technically correct in the abstract, creditors do have a method to have a debt declared nondischargeable, by way of filing an "adversarial complaint" against you in bankruptcy court. There are very strict parameters for this, most commonly used for debts incurred by fraudulent methods. As a bankruptcy attorney, I've seen a few of these pop up over the years (they are infrequently filed and even less frequently won), but they are most definitely a pain in the ass when it comes across my desk. Someone with available funds to retain an attorney for the ensuing litigation may not be frightened by the litigation (especially if they can defend the fraud accusation), but the majority of Chapter 7 debtors will shit their pants if they get sued in bankruptcy court, and may settle the case for a reduced amount just to avoid the legal fees that they would incur trying to fight the litigation.

Disclaimer: I am admitted to practice law solely in the State of New Jersey and the above is only based on my experience in that venue. I don't know how it's done in any other state.

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