Month: July 2013

Northern Trust Corporation Reports Second Quarter Net Income of $191.1 …

July 31, 2013

Personal Financial Services

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Custody and fund administration fees, the largest component of Camp;IS fees, increased 9%, primarily reflecting the favorable impact of equity markets on fees and new business. Camp;IS investment management fees increased 3%, reflecting the favorable impact of markets and new business, partially offset by higher waived fees in money market mutual funds. Money market mutual fund fee waivers in Camp;IS, attributable to persistent low short-term interest rates, totaled $9.8 million in the current quarter, compared to waived fees of $7.0 million in the prior year quarter. Securities lending revenue increased slightly, reflecting higher loan volumes, partially offset by lower spreads in the current quarter.

Trust, investment and other servicing fees in Personal Financial Services (PFS) totaled $293.1 million in the current quarter, increasing $25.7 million, or 10%, from $267.4 million in the prior year quarter. The increased fees in the current quarter are primarily attributable to the favorable impact of equity markets on fees and new business, partially offset by higher waived fees in money market mutual funds. Money market mutual fund fee waivers in PFS totaled $12.9 million in the current quarter compared with $10.0 million in the prior year quarter.

Foreign exchange trading income totaled $71.3 million, up $11.9 million, or 20%, compared with $59.4 million in the prior year quarter. The current quarter increase is attributable to higher currency market volatility and trading volumes compared to the prior year quarter.

Other operating income totaled $36.3 million in the current quarter, up $2.3 million, or 6%, from $34.0 million in the prior year quarter, reflecting current quarter increases within various miscellaneous income categories.

Net interest income for the quarter on an FTE basis totaled $228.0 million, down $36.3 million, or 14%, compared to $264.3 million in the prior year quarter. The decrease reflects a continued decline in the net interest margin to 1.10% from 1.28% in the prior year quarter. The decline in the net interest margin primarily reflects lower yields on earning assets, partially offset by a lower cost of interest-related funds due to lower short-term interest rates. Average earning assets for the quarter were $83.1 billion, relatively unchanged from $83.2 billion in the prior year quarter.

The provision for credit losses was $5.0 million in both the current quarter and prior year quarter. Net charge-offs totaled $8.1 million for the current quarter resulting from $15.6 million of charge-offs and $7.5 million of recoveries, compared to $3.2 million of net charge-offs in the prior year quarter resulting from $16.2 million of charge-offs and $13.0 million of recoveries. Nonperforming loans and leases increased $26.9 million, or 11%, from the prior year quarter. Residential real estate loans and commercial real estate loans accounted for 66% and 23%, respectively, of total nonperforming loans at June 30, 2013.

The table below provides information regarding nonperforming assets, the allowance for credit losses, and associated ratios.

An Argument for Unconventional Monetary Policy

July 31, 2013


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NEW YORK (TheStreet) — There has been much discussion over the validity of unconventional monetary policy around the world. Many believe it has limited effects and will ultimately lead to a hyper-inflationary spiral.

Chapter 7 bankruptcy law focuses on the sale of non-exempt property

July 30, 2013

Chapter 7 Bankruptcy

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Another name for Chapter 7 bankruptcy is liquidation, because this form of bankruptcy
essentially attempts to partially repay creditors with funds obtained through the sale of your
assets. However, the law does not require you to sell all property. It offers exemptions for certain
assets to help individuals meet their basic needs as they obtain a fresh start at the end of the
process. You have certain important decisions to make to obtain the best outcome based on your
specific financial circumstances and needs.

Chapter 7 bankruptcy law focuses on the sale
of non-exempt property

Identifying the property that qualifies for liquidation begins by
determining its exemption status. While you may have to sell any non-exempt property, you may
typically keep exempt property. The Legal Information Institute at Cornell
University Law School provides details about how US Bankruptcy Code differentiates between exempt
and non-exempt property. #160;In addition, while this language is highly complex on its own, you
have the option of using the list of exemptions provided by New York State in place of the federal

Making the right choices

Although many people believe
Chapter 7 represents the simplest bankruptcy option, the decisions you make regarding property
exemptions depend on your specific circumstances. At the most basic level, you have to look at the
property you own and determine which exemption list allows you to keep more of your assets. However,
your ability to retain certain assets may also carry a conditional component. For example, New York
provisions carry certain residential requirements to qualify for a homestead exemption.

further complicate your decision, different people can interpret the language used these and other
requirements in different ways. If you plan to file for Chapter 7 in
Forest Hills, NY or anywhere in the state, you need to seek advice and support from an
experienced local bankruptcy attorney with extensive knowledge of federal and state laws as well as
an in-depth understanding of your unique circumstances. A skilled lawyer can explain your options
and guide you toward the choices that make the most sense for you.

Before filing for
bankruptcy, schedule a free consultation with an experienced bankruptcy lawyer in

bankruptcy represents a major step. This process can help you move toward a bright financial future,
provided you make the right choices along the way. The Law Office of Mark E. Cohen has over two decades of
experience helping people like you understand the available options, make informed decisions and
navigate through the complex process of filing for bankruptcy. Call us at 718-487-9979 to schedule a
free consultation and learn how we provide the personalized attention you need.

Law Office of
Mark E. Cohen
108-18 Queens Boulevard, 4th Floor-Suite 3
Forest Hills, NY 11375
Phone: 718-487-9979

Get a Car Loan during Bankruptcy

July 30, 2013

Chapter 7 Bankruptcy

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What consumers with questionable credit need to know that might give them a better chance for a car loan approval if their bankruptcy has not yet been discharged

What we know

Here at Auto Credit Express we sometimes are asked about applying for an auto loan during bankruptcy. The reason we get asked this question is because for over twenty years weve been helping car buyers with bad credit searching for online car loans find those new car dealers that can give them their best shot at car loan approvals.

In most instances the question from consumers with this type of damaged credit goes something like this: how hard is it to get a car loan during bankruptcy?

So while we arent lawyers and dont presume to give any type of legal advice, wed like to touch on how a bankruptcy may affect the ability to buy a car if it has not yet been completed. One thing we do know is the answer to this particular question isnt always simple. Heres why:

Bankruptcy auto loans

Applying for a high-risk car loan following the discharge of a bankruptcy is a fairly simple process. The only additional documentation that most lenders will require is a copy of the discharge order issued by the court.

But if a vehicle is needed before the bankruptcy is completed, the process for applying for an auto loan really depends on which type of bankruptcy that person has chosen a Chapter 7 or a Chapter 13.

The differences

Filing for a Chapter 7 bankruptcy involves liquidating the debtors assets and distributing any proceeds to the unsecured creditors. This type of bankruptcy is typically completed in a matter of months and can only be done every 8 years.

Filing a Chapter 13 bankruptcy involves establishing a payment schedule that must be followed to successfully complete the bankruptcy – a process that normally takes either three or five years.

Since a Chapter 7 is over fairly quickly while a Chapter 13 takes much longer, there are different rules for each type.

Chapter 7

The first step in determining a filers eligibility for a Chapter 7 is the means test. If this test is passed (and with the more stringent guidelines now in place theres no guarantee that it will be), the next step is the 341 meeting of creditors. At this meeting the court affirms the value of assets and the accuracy of the information contained in the filers schedule of debts.

The timing of the 341 meeting is important, because although subprime lenders typically require that a Chapter 7 be discharged (due to the short term); a few will review an application once this meeting has taken place.

Chapter 13

The scenario is much different for consumers in a Chapter 13 bankruptcy. Before applying for any type of loan these filers must request the court-appointed trustee to petition the judge for an order to incur additional debt. The order (if its granted by the court) gives that person permission to take out a loan. In addition, the order details the maximum loan amount and can also specify the maximum interest rate allowed (this last requirement can often be a problem with higher-risk lenders).

If the order is not granted the filer cannot apply for a loan. Since bankruptcy filings appear on credit reports, lenders will already know if an applicant is in a Chapter 13 and will automatically request a copy of the court order before reviewing the loan request.

The Bottom Line

The ability to qualify for an auto loans during a bankruptcy usually depends on the type of bankruptcy, how far along it is and, if its a Chapter 13, the successful petition for an order to incur additional debt along with a lenders willingness to meet the requirements of the court order.

One more tip: if you are in bankruptcy and meet these guidelines we want you to know that remember is that Auto Credit Express matches people with auto credit difficulties to those new car dealers that can offer them their best opportunities for approved car loans.

So if you find yourself in this situation and youre ready to reestablish your car credit, you can begin now by filling out our online car loan application.

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WestGlen files for Chapter 7 bankruptcy

July 30, 2013

Chapter 7 Bankruptcy

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NEW YORK: WestGlen Communications filed for Chapter 7 bankruptcy this month in US Bankruptcy Court for the Southern District of New York.

The agency, which was founded in 1970, listed the value of its assets as up to $50,000 against estimated liabilities of between $1 million and $10 million, the documents state.

WestGlen representatives did not respond to numerous inquiries for comment.

The firm listed PSAs, internet publicity and promotion, Hispanic and multicultural marketing, broadcast PR, direct-to-consumer marketing, video-production capabilities, and target-audience outreach …

Adam D. Herring Consumer Bankruptcy Law Blog on

July 30, 2013

Chapter 7 Bankruptcy

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One of
the most common questions asked by Atlanta, Georgia individuals considering whether to file a
Chapter 7 straight bankruptcy is: Do I have to include my house in my
bankruptcy? This question is generally asked by individuals who are current in their mortgage
payments, and are concerned that by including their house, they will lose their home
or otherwise be adversely affected by filing a bankruptcy.

An individual filing bankruptcy is required
to list all of his or her assets and debts in the bankruptcy paperwork filed with the Court. This
includes a debtor’s residence and any other real estate, and any mortgages or other loans for
which the debtor’s real estate is collateral. A debtor must disclose the estimated value of
all property and the amounts owing on any mortgages, and must provide the addresses of mortgage
lenders so that each receives notice of the bankruptcy filing, even if the debtor is current on

A popular, but inaccurate, myth is that an individual who files a Chapter 7 bankruptcy will
automatically lose their house. A debtor can only lose his house in a Chapter 7 case in three
circumstances. The first is that the debtor has decided to voluntarily surrender the property to his
mortgage holders. The second is that the debtor is substantially past due on his mortgage payments,
causing their mortgage lender to seek relief from the automatic stay and pursue
foreclosure. The third is that the debtor’s home has equity beyond that which he is able to
exempt and retain in a bankruptcy filing, resulting in the house being sold by the
bankruptcy trustee and the proceeds used to repay the debtor’s creditors. In each of the two
latter instances, careful pre-bankruptcy planning will prevent involuntary loss of the
debtor’s house.

If a debtor’s mortgage payments are current and there is no non-exempt
equity, the debtor’s ownership of a residence (and the mortgages on it) will generally pass
through bankruptcy undisturbed (see here for information regarding second mortgages). Simply put,
the debtor must continue to make his mortgage, tax, and insurance payments as he did before filing
bankruptcy, and he will retain his interest in his home.

Since 1986, The Rothbloom Law Firm has
served residents of Cobb, Fulton, Gwinnett, Paulding, Cherokee, DeKalb and all metro-Atlanta
counties seeking relief from their business and personal debt. Our attorneys, Howard Rothbloom and
Adam Herring, provide thoughtful counseling, careful planning and creative lawyering in bankruptcy
cases filed under chapter 7 and chapter 13. Contact us today to discuss whether bankruptcy may be an
option to relieve you of the burdens of business and consumer debt.

Chapter 7 attorneys guide you through the means test

July 29, 2013

Chapter 7 Bankruptcy

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Chapter 7 bankruptcy is a fresh
financial start for people overwhelmed by their debt. This type of filing is beneficial to
individuals who have significant unsecured debts, such as medical bills or credit card debt. If you
are considering filing a Chapter 7 bankruptcy case in Florida, you are likely concerned about
passing the means test. A West Palm Beach bankruptcy attorney can discuss the means
test with you and help you determine if you are eligible to file for Chapter 7.


What is the means test?

bankruptcy means test was established by the Bankruptcy Abuse Prevention and Consumer
Protection Act of 2005 (BAPCPA). The test is a formula designed to prevent filers with higher
incomes from filing for Chapter 7 bankruptcy and wiping out their debts altogether. If you fail the
means test, you may still file for bankruptcy protection under Chapter 13 and repay a portion of
your debts.


The means test was
designed to limit the use of the Chapter 7 process to those individuals who truly cannot pay their
debts. To accomplish this goal, the formula deducts specific monthly expenses from your
current monthly income to arrive at your disposable income. The higher
the amount of your disposable income, the less likely you are to be eligible for a Chapter 7 filing.
The two terms you need to understand are:


#160;#160;#160;#160;#160;#160;#160;#160; Current
monthly income is the average of your income over the six calendar months prior to your
bankruptcy filing.

#160;#160;#160;#160;#160;#160;#160;#160; Disposable
income is the amount left over after subtracting certain expenses that could be used to repay
some of your debt.


Is everyone required to take
the means test?


bankruptcy filers with primarily consumer debts, not business debts, are required to take the means
test. Additionally, if your income is less than the median income for the state of Florida, you do
not have to take the means test. Median income levels vary by state and household size, and each
county and metropolitan region has different allowed amounts for categories of expenses – basic
necessities, housing and transportation. If you earn more than the median, you must figure out your
disposable income. If your disposable income adds up to more than a certain amount, you fail the
means test and cannot file for Chapter 7 bankruptcy.

Chapter 7 attorneys guide you through
the means test

Don’t let the math involved in the means test
intimidate you. A West Palm Beach bankruptcy attorney will assist you with applying your
individual finances to the means test and help determine if you qualify to file a Chapter 7

The West Palm Beach bankruptcy attorney you can depend on

Our team of
bankruptcy attorneys at the La
Office of Gregg R. Wexler, P.A., has extensive experience with the means test and Chapter
7 bankruptcy matters. Contact us today to arrange your free initial consultation. For your
convenience, our staff speaks Spanish and Creole.

Hog Supplier AgFeed Seeks Bankruptcy After Hormel Dispute

July 29, 2013

Chapter 7 Bankruptcy

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(Corrects share price in fifth paragraph of story published

AgFeed USA LLC (FEED), a producer of hogs
and supplier of hog feed to China, filed for bankruptcy
protection, citing a dispute with Hormel Foods Corp. that led to
a default on its debt.

The Chapter 11 petition filed in Wilmington, Delaware,
today listed as much as $500 million in assets and debt as high
as $100 million. The company had a disagreement with Hormel,
which led to arbitration and a default under one of its loan
agreements, according to the filing. Also filing was parent
AgFeed Industries Inc.

“A sale of all or substantially all of the assets of
AgFeed USA” is the best way to reorganize, and the company
already has an offer for $79 million, Chief Restructuring
Officer Keith Maib said in court papers. It plans to hold an
auction to test for higher offers in bankruptcy.

AgFeed operates through units in China and the British
Virgin Islands and has 21 commercial farms and five feed mills
that produce more than a quarter-million hogs a year, according
to the filing.

AgFeed Industries rose 2 cents to 7 cents today in over-the-counter trading, compared with an all-time high of $20.94 in
May 2008.

The case is In re AgFeed USA, 13-bk-11761, US Bankruptcy
Court, District of Delaware (Wilmington).

To contact the reporter on this story:
Tiffany Kary in US Bankruptcy Court in New York

To contact the editor responsible for this story:
Andrew Dunn at

Court backs settlement in bankruptcy case

July 28, 2013

Chapter 7 Bankruptcy

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A settlement in a Chapter 7 bankruptcy case involving Mary Virginia Parsons and her company Aloha Package Homes LLC that entitles seven Maui residents to a total of $171,000 in restitution was approved earlier this month by the US Bankruptcy Court for Hawaii.

The settlement was arranged between the state Department of Commerce and Consumer Affairs Office of Consumer Protection and bankruptcy Trustee Dane Field in a personal bankruptcy case filed by Parsons, said a news release from the Office of Consumer Protection on Tuesday.

The company with a Wailuku address was registered in November 2001 to promote and sell package homes and materials, according to its business registration filings with the state.

Parsons is claimed to have sold the seven consumers prepackaged homes through her company and then failed to complete their contracts, the Office of Consumer Protection said. The consumers ran into problems after requesting refunds from the company and Parsons.

In its investigation of complaints, the Office of Consumer Protection determined that Parsons and her company engaged in unfair and deceptive acts and practices in violation of several state consumer protection statutes. Those acts and practices included:

* Failure to promptly acknowledge requests from consumers to cancel their contracts.

* Failure to promptly honor cancellation requests.

* Requiring a written reason for a cancellation when none was necessary.

* Claiming cancellation only could be by agreement and then refusing to agree to cancellation.

* Imposing unwritten preconditions before any cancellation became effective.

* Unreasonably delaying the cancellation process.

* Treating the cancellation of a contract as a breach of that contract by the consumer.

* Demanding that consumers pay liquidated damages.

* Making misleading and deceptive representations about refunds.

The Better Business Bureau gave the company an F rating, citing a failure to comply with an arbitration decision or mediated settlement and four complaints filed against the business that were not resolved.

OCP (Office of Consumer Protection) is very pleased that we were able to help these Maui consumers bring closure to this matter, consumer protection Executive Director Bruce Kim said. This case serves as a reminder that before signing a contract and paying significant fees in advance to a business that you havent dealt with before, be sure to check them out first.

The phone number for Aloha Package Homes was disconnected. When asked if Parsons was still in business, Brent Suyama, spokesman for the DCCA, replied no longer in that capacity.

Mary Virginia Parsons and Dale Julian Parsons Jr. filed for Chapter 11 reorganization in December 2009 and listed their debts as primarily consumer and not business debts, according to their bankruptcy filing. They also both listed businesses Aloha Package Homes LLC and Sunrooms of Hawaii LLC.

On the filing, the Parsons said the number of their creditors ranged between one and 49 and estimated their assets at between $1 million and $10 million and their liabilities at between $1 million and $10 million.

State officials said that the bankruptcy filing turned into a Chapter 7 liquidation. At present, the Chapter 7 trustee and his counsel are nearing determination of full administration of the assets of the estate, leaving only the final distribution of those assets, said Suyama. He said that his agency understands that the resolution of claims was being done in anticipation of final distribution of assets, probably before the end of the year.

Bankruptcy Judge Robert J. Faris on July 10 approved restitution and prejudgment interest to seven Maui residents for a total of $171,261.42; $24,000 in civil fines and penalties; and $9,286.15 in attorneys fees and costs to the state.

The individual restitution claims ranged from $65,428 to $967.47, documents show.

The seven residents were approved to file for a full claim of what they lost, Suyama said in an email. The trustee will have to divide up funds according to what is available.

All claimants had general unsecured claims against the bankruptcy estate, but the order listed as much as $2,775 per claimant be given priority status or paid before other general unsecured claims, he said.

The state is in contact with the consumers affected by this ruling. The Office of Consumer Protection was represented in the bankruptcy case by staff attorney James F. Evers.

* Lee Imada can be reached at