A helpful tipster sent us the link to a report put out by "722 Redemption Funding, Inc.," a company that does redemptions under Section 722 of the bankruptcy code. You know, Section 722? (We have no idea.)Anyhoo ... the report, which listed attorneys by state and number of cases filed, included some interesting information about our local BK superstars. Let's not get too excited about that economic turnaround just yet, here are the top 5 bankruptcy attorneys in Nevada in terms of the number of Chapter 7 bankruptcies filed from January 2010 through March 2010:
- Anthony Deluca (498 cases)
- Frank Sorrentino (302 cases)
- Lisa Garofalo (260 cases)
- Randolph Goldberg (236 cases)
- Christine Stokes (174 cases)
It looks like Deluca is having no trouble filling the tank of that Lamborghini, and old man Sorrentino still has it. And lookie there, Mr. Rule 11 came in at number 4 ... ethical violations be damned.
On a side note, are those numbers positively terrifying to anyone else?
(722 Redemption Report - Scroll down to page 108 for NV)
"Mr. Rule 11"
ReplyDeletebrilliant
Wow. I have no shame in bowing to greatness. Anybody happen to know what paralegal/attorney ratio a high volume shop needs to operate properly? Some PI shops can have one attorney (I use the term lightly) per 10 paralegals. Is it the same in in BK?
ReplyDeleteIf you know the players, the breakdown is by petition signer, not by office. That means some offices like Sorrentino's are spread out over the report with several different attorney "signers". Frank's numbers are larger than they appear.
ReplyDeleteBy the by, the paralegal/attorney ratio in bankruptcy is generally pretty low, some offices are 1 for 1. Few are as high as 3 for 1 paralegals
Lisa G = Haines & Krieger, who also have a few more under Haines and Krieger's own names.
ReplyDelete9:54 Yes. Anything more than about 8-10 is asking for a lot of trouble though, as things would start getting out of hand. "Rogue" paralegals e-filing bad or unrevised documents have lead to the downfall of several firms.
As an aside, collections attorneys are the BK lawyer reciprocal and it is just as lucrative, if not much more so. There is a firm in So. Fl that grossed $260,000,000.00 last year on collections.
What do the numbers look like if you include 13's? DeLuca and Sorrentino don't file as many 13's.
ReplyDeleteLisa G is hot. In a professional sort of way, of course. Anyone know if she is single?
ReplyDeleteWhoa, you don't know about section 722?? Where have you http://www.legalhelpers.com/bankruptcy-articles/722redemption-articles.html? This is the fun stuff. Doing good by doing right, or vice versa. I know the Banks own the Whitehouse and Congress, but I still hope that one day I wake up and see bankers strung up lamposts as far as the eye can see. Where's Che when you need him?
ReplyDelete12:24 is so right. 722 is one of the few opportunities in bankruptcy wherein secured creditors, and especially banks, are not dragging everyone else around by the shorts.
ReplyDeleteTheir arrogance is nothing short of stunning in keeping the rest of us "in our place".
Nice to see some women lawyers for a change. All we usually see are the same male egos all the time. Also nice to see one of the women made the list without any TV advertising relating to bankruptcy.
ReplyDeleteNo
ReplyDeleteHere's the corrected link to a short piece on 722 and its value to debtors.
ReplyDelete1:36 Ya the woman who made the list didn't have one TV commercial.
ReplyDeleteShe did have a sign on every CAT bus in town. Aka "Half Price Lawyers"
Let's take a moment to say thanks to the creative geniuses who are able to provide a good legal product to poor people in a moment of need. Just like the owner of the first factory to mass produce comfortable cotton underwear for the masses (guess what they wore before that?) or the legendary Steve Jobs who brings the i-[something cool] into our lives, these top producers in consumer 7 & 13 cases are truly doing God's work - and making money doing it. Bless them.
ReplyDeleteCreditor's counsel, on the other hand, lurk like Lucifer behind every burning bush looking for ways to stomp the little guy. Shame.
In less than a year Half Price Lawyers files that many bankruptcies? That's alomost as many as Goldberg.
ReplyDelete@5:42,
ReplyDeleteYes, because God's work includes stiffing the other customers of the bank, the other members of the credit union, and others from whom the debtor has obtained capital, goods, and services.
Because God's work totally includes borrowing money, spending it like a drunken sailor, and hot-footing it to Goldberg's office when the creditor starts to wonder if he's ever going to get paid. Because of course the creditor has no bills to pay, no debts to satisfy, and no employees who are demanding their own paycheck.
Bankruptcy is a necessary evil to allow capital to flow freely, and give truly desperate people a way out of crushing debt. But don't kid yourself and somehow claim that it's God's work to give your creditors the shaft. God didn't piss away the money on i-cool gadgets, home remodels, and the shiny new car that somehow is *only* worth $2,000 because Half-Priced paralegals say so.
10:50
ReplyDeleteThe Lord works in mysterious ways.
Perhaps they should start distributing this "book" in middle schools through out the country, and continue to provide it during high school since God's work loses sight of the overall dumb-ass-ness of consumerism.
ReplyDeletehttp://consumerist.com/2007/04/snl-skit-dont-buy-stuff-you-cant-afford.html
10:50 AM - every BK I have filed resulted from some medical issue, unemployment or, most often, the house. These folks are driven to BK because of the creditor-created bubble in housing, the creditor-created recession in jobs and the government-created fiasco in healthcare.
ReplyDeleteCreditors love to smear the innocents who seek redemption via the code on a daily basis. Keep going, baby, your time will come. In the meantime, I forgive you.
As a bankruptcy attorney, I do not enjoy eliminating attorney's unsecured legal fees. However, I will do it any day of the week. Make sure you get paid in advance for any legal work you do.
ReplyDeletehow are the new Chapter 7 Trustee's doing...I have had Rosenberg...not bad....Shapiro is ok, but nothing on Atkins yet...
ReplyDelete1:49 PM - Atkins has done good so far. He seems a bit overwhelmed. He needs a smart, fetching assistant like the one Shapiro has.
ReplyDelete@1:38,
ReplyDeleteCry me a river. Who lived in the home? The debtor. Who approached the banks and asked for a loan? The debtor. Who then frequently used inflated housing prices to go back to the lenders and ask for additional lines of credit? The debtor. Who was responsible for taking on mounds of debt? The debtor. Who received the benefit from every dollar loaned to him? The debtor. So who should get stuck up a creek when the debtor loses his job? The creditor? Yeah, that makes sense.
As I said earlier, bankruptcy is a necessary evil. But don't pretend it's anything but giving creditors the finger in the name of a fresh start. And that isn't God's work.
-10:50
That's why you "Don't Buy Stuff You Cannot Afford!"
ReplyDeleteDear 1:38
ReplyDeleteBanks created this mess. Not consumers. I have zero pity if their bottom lines suffer. They were false to begin with. Congress should grow some balls and allow homeowners to cramdown their residences to FMV. That would kick-start the recovery.
As for the chapter 7 trustees: I find them all to be quite good. My only bitch is that some of them call pro pers before debtors with attorneys. They should also call cases that need translators last. Just my humble opinion.
Lisa Garafalo is hot.
“At the end of every seven years, you are to cancel the debts of
ReplyDeletethose who owe you money. This is how it is done. Everyone who has lent money to his neighbor is to cancel the debt: he must not try to
collect the money: the Lord himself has declared the debt canceled.” (Deuteronomy 15: 1–2).
Debt forgiveness also is a prominent New Testament theme. In Matthew 18:21–27, Jesus relates the story of a servant who was indebted to his master. The master ordered the servant and his entire family into slavery but, upon
reconsideration, he forgave the debt. Jesus used the parable to explain the virtue of debt
forgiveness.
Forgive debt and you shall be forgiven.
@1:56,
ReplyDeleteFirst, you have completely ignored the actor in each of your citations. The creditor forgives the debt. In Bankruptcy, the debtor stiffs his creditor and walks away.
Second, without getting into a holy war, you completely missed the point of the parable, as evidenced by the fact that the king later forced the man to pay all that was due. See Matt. 18:32-35.
You further misunderstood the commandment in Deut. See Deut. 15:3 (allowing the Hebrews to demand payment in full from foreigners, notwithstanding the LORD's release), Deut. 15:6 (commanding Hebrews to avoid going into debt with foreign creditors).
If anything, honestly paying your debts is even more frequently described as being God's work. See, e.g., 2 Kings 4:1-8 (prophet performed a miracle to enable repayment of widow's debt), Psalms 37:21 (describing borrower who refuses to pay his debts as wicked), Mark 12:17 ("render under Caesar").
And, as you quoted Matthew, I presume you understand how the Chief Creditor Himself paid all debts, thus giving Himself the right to dictate the terms of repayment of the assumed debts.
I love this site. It attracts all kinds... Then they rip on each other for their differences
ReplyDelete11:51 PM - that's one more thing I miss about law school, getting ripped on cheap beer and arguing over cases and law all night. Those were the days.
ReplyDelete9:54 - "I use the term lightly." You are ignorant.
ReplyDeleteHere is another good resource that can help you out with explaining 722 redemption 722 Redemption Interesting report. I was unaware that US Bank kept track of this data. From what I have seen in bankruptcy filings, I don't think any economic turnaround is coming anytime soon.
ReplyDelete