Re: Bankruptcy and Solo Practice

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JF:

Thanks for your posts - I, for one, found them enlightening and far more
credible than the perpetual naysayers who haunt this board.

On 3/09/06, JF wrote:
> You have made some erroneous assumptions. I do not bs, please do not
> make unfounded accusations.
>
> I never said I "switched" to bankruptcy from real estate. I do not go
> where the action is hot. I added bankruptcy to my practice because it
> was something I did earlier in my career, something I was familiar
> with (despite the new rules). Look at my posts for the past year or
> so; I advocate concentration in a primary area, supplemented by
> secondary areas. I practice what I preach, and my primary area is real
> estate. I was able to practice almost all real estate for the past six
> or seven years, but since real estate dropped off, I added bankruptcy
> as a supplement (in addition to wills & trusts). Bankruptcy is not,
> and never will be, my primary area.
>
> Regarding the means test, it is you who are incorrect. All debtors ARE
> subject to the means test. The ones who fall below the state's median
> income pass the means test. The ones who are above the median income
> fail the means test. Please look up the law before you make your
> attacks.
>
> The reason why I pass what you call the "smell test" is within your
> uninformed post. Yes, many attorneys in my community have discontinued
> bankruptcy practice, as they have nationwide. This has helped my
> practice, because many of these attorneys remembered me as someone who
> used to do quite a bit of bankruptcy. Who do you think they're
> referring their cases to? Yes, bankruptcy filings are down, but so are
> the amount of bankruptcy attorneys. Less attorneys, less filings equal
> about the same amount of work for the attorneys who still practice
> bankruptcy.
>
> I never said that I don't advertise (another false assumption on your
> part). I receive referral work from several bar associations. I also
> receive work (albeit at a discounted rate) from legal insurance
> programs.
>
> I don't know why you suggest that I become a cop. I'm not the one
> screaming about my failure at solo practice. I take it as an attempt
> by you to throw me a jab, but I don't know why you see the need to
> insult me. Whether you agree with my posts or not, I have made an
> effort to share my experiences on this chatboard, and I have looked
> for the same from others.
>
> Frankly, I'm assuming you're a young lawyer who has some growing up to
> do. Good luck.
>
>
> On 3/09/06, Guru wrote:
>> JF,
>>
>> You are incorrect that all debtors are subjected to the means test.
>> Only debtors who make above their state's median income are subjected
>> to the means test. I would think you would know that, since you are
>> one of the few bankruptcy attorneys who are filing.
>>
>> You say that you switch practice and go where the action is hot.
> Now,
>> what were you thinking when you went from real estate practice to
>> bankruptcy practice just after the law changed? Why did you decide
> to
>> get into bankruptcy at exactly the worst time?
>>
>> I find it odd that an attorney specializing in real estate would
>> switch to bankruptcy at a most innopportune time, and then be able to
>> file several cases a month, at an unusually high fee, while doing no
>> bankruptcy advertising, just getting cases by referral. It does not
>> pass the smell test.
>>
>> Also, you said recently that cops make $200,000 a year. Have you
>> considered joining them?
>>
>> P.S.
>>
>> No more bs, please.
>>
>> On 3/09/06, rrr wrote:
>>> Ok, now I'm interested...
>>>
>>> On 3/09/06, JF wrote:
>>>
>>>>> - The income required to pass the means test is not that
>>>> low, usually in the mid 50s. Clients come up with the money,
>>>> usually becaue they stop paying their credit card bills.
>>>> Sometimes relatives pay, which I of course disclose to the court.
>>>
>>> Its mid $50 for a Couple. I was running the numbers and it looks
>>> like 24K for an individual. Or am I running the numbers wrong?
>>>
>>>>>> What does your fee agreement say about additional costs in
>>>>> bankruptcy, for things such as lift stay defense, discharge
>>>>> objections, etc.?
>>>> - My standard fee agreement calls for hourly fees for the
>>>> above, but frankly, I would not expect to get paid for those
>>>> services. Clients would not have the money, and most judges
>>>> would not let me out of the case. Sooner or later I will have to
>>>> bite the bullet and perform one or more of these services for
>>>> free (part of the cost o
>>
>> f doing business).
>>>
>>> I thinks thats going to vary by Court. In our district... for
>>> Chapter 7's all of those things were extra, for Chapter 13's you
>>> were stuck. Your only remedy was to seek additional compensation
>>> from the plan. So in theory if there was any money you would get
>>> paid by screwing the unsecureds. The question is always what will
>>> the court view as just compensation in these situations.
>>>
>>>>> What percentage of your clients get subjected to the means
>>>>> test, and of that number, how many pass?
>>>> -All clients face the means test. About two thirds of my
>>>> new clients have passed; where the clients have not passed, I am
>>>> reviewing the feasibility of arguing for an exception to the
>>>> means test. Otherwise, I'll file a 13.
>>>
>>> Exception to the Feasibility test? How does that work?
>>>
>>>
>>>
>>>