City budget update
On April 1, 2009, City Council Speaker Christine Quinn released the council’s Fiscal Year 2010 Preliminary Budget Response. This document is a result of a month of testimony by city agencies and the public.
The council projects an even bleaker fiscal picture for New York City, forecasting tax revenue in the current and next fiscal year to be $438 million lower than the mayor’s estimates. The council also projects that revenues from the real property transfer tax and mortgage recording tax will decrease 43.4 percent and 48.6 percent, respectively, in the current fiscal year with further declines anticipated in Fiscal Year 2010.
The mayor will release his executive budget by April 30, 2009, whereupon the city council will hold another series of public hearings. The fiscal year 2010 budget must be passed by June 30, 2009.
Sunday, April 19, 2009
Latest Bankruptcy Conference in New Jersey
So Friday found me blurry eyed having worked all night prior at my Manhattan office - driving to a nine a.m. bankruptcy conference to learn what's new and exciting.
OK, I can think of a hundred at least other ways of spending my time - no less working on something else - than attending another bankruptcy conference. But I seem to never stop having to know more about what is going on. What if anything is changing in this market? How can I learn something else that can be of use...
So - a few things to report. The Third Circuit is sypathetic to debtors. That's the good news. The bad news - take a look at the means test requirements. That's enough to make anyone take pause, no less an attorney as to why and how a person can qualify to file bankruptcy. The link I've given here to the New Jersey Bankruptcy Court page has some valuable information for homeowners and others who find themselves distressed by their current economic problems.
http://www.njb.uscourts.gov/ The bankruptcy legislation that I spoke about in my last post is still of the utmost importance to be passed. Please read - write, call, e-mail your representatives in support of this legislation.
On another subject - somewhat related - what about just walking away from real estate property that can no longer be afforded?
I am frankly amazed at the number of phone calls I receive from people thinking that the bad investments they have made in real estate should somehow just be forgiven and forgot by everyone involved in them. I imagine that folks think that how easy it was for them to be wrongly qualified to purchase - it should be just as easy for them to walk away from it. Something akin to - you thought I could afford this - well I can't - so here, take it back and don't bother me again.
It isn't so easy. So....if you find yourself in that situation - please call my office and let's talk about what options may be available...212.461.4240.
Let's talk soon.
OK, I can think of a hundred at least other ways of spending my time - no less working on something else - than attending another bankruptcy conference. But I seem to never stop having to know more about what is going on. What if anything is changing in this market? How can I learn something else that can be of use...
So - a few things to report. The Third Circuit is sypathetic to debtors. That's the good news. The bad news - take a look at the means test requirements. That's enough to make anyone take pause, no less an attorney as to why and how a person can qualify to file bankruptcy. The link I've given here to the New Jersey Bankruptcy Court page has some valuable information for homeowners and others who find themselves distressed by their current economic problems.
http://www.njb.uscourts.gov/ The bankruptcy legislation that I spoke about in my last post is still of the utmost importance to be passed. Please read - write, call, e-mail your representatives in support of this legislation.
On another subject - somewhat related - what about just walking away from real estate property that can no longer be afforded?
I am frankly amazed at the number of phone calls I receive from people thinking that the bad investments they have made in real estate should somehow just be forgiven and forgot by everyone involved in them. I imagine that folks think that how easy it was for them to be wrongly qualified to purchase - it should be just as easy for them to walk away from it. Something akin to - you thought I could afford this - well I can't - so here, take it back and don't bother me again.
It isn't so easy. So....if you find yourself in that situation - please call my office and let's talk about what options may be available...212.461.4240.
Let's talk soon.
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