Posted by Jim/AL on 8/12/09 2:44pm
Msg #299629

EFS bancruptcy payments...new info.

Spoke to the lawyer yesterday that is charged with disbursing the payments. He said I should receive check in 2-3 weeks BUT, I will only receive 18-20% of the $900+ that they owed me. Do not want to type out the long explanation he gave, peeved me off greatly, argh.

He was very nice, very knowledgeable and very helpful in explaining and answering all of my questions.

His info. if you want to contact him is.

Bill Price (McGuire, Woods office)
412-667-6000

Reply by Lee/AR on 8/12/09 3:34pm
Msg #299631

Can you 'splain at least this....

Why some people are getting the total amount owed and others (like yourself) aren't???
I'm still waiting, too.

Reply by snoopdogMs on 8/12/09 4:03pm
Msg #299636

Good guestion Lee!! n/m

Reply by Philip Johnson on 8/12/09 4:34pm
Msg #299639

Can't say about this one, but

one I participated in, they set a minimum for small businesses lets say under $5000 owed. Anything over that amount was paid by percentage, the word was that way everybody got something.

Reply by Jim/AL on 8/12/09 9:58pm
Msg #299673

Re: Can you 'splain at least this....

I can try to explain, just got back home.

Many people filed paperwork as secured claim vs. unsecured claims. They disputed the majority of them and changed them to unsecured, but there were still 15-20 claims (all under $500 he said) that he thinks should be unsecured but they let them slide as secured because of low $$$ ammount, (he stated punishable up to 5 years in prison and $xxxx in fines for filing the false claim) but if they would have prosecuted the 15-20 it would have taken more $$ out of the pool we (unsecured claimants) are left to split and put it in the attys. pockets since they get paid off the top. So $$$ goes 100% to attorneys, 100% to secured claims and whatever is left over gets split amongst the rest of us.

My comment was that the dishonest notary that made the false secured claim for the two closings they did will receive full fee $250-300, but us honest ones (like myself and most) that did six or seven or more closings for them will receive less than the cheaters and all he could say was, yes you are correct and we are still considering prosecuting the ones that filed the false claims.

Call him...I am NOT an attorney and am not giving legal advice, blah,blah. Seriously call him, he was very easy to understand and was helpful.

Reply by John Schenk on 8/12/09 10:32pm
Msg #299676

A notary's claim isn't a secured claim...

It's just simply a debt/unsecured claim. The attorney's fee will get paid, as it should. If an attorney's fee was not protected in a BK, there would be no BKs for anyone that could not pay the entire attorney's fee up front.

Write your legislators and demand that bankruptcies can't be filed unless the attorney, and filing fees, can't be paid before the filing that they can not be filed, and you will halt the majority of bankruptcies, in my lay opinion.

Stiffing the attorney is identical to stiffing a notary on any closing. A professional does a job and should be paid for his/her services. Just because an attorney filed the bankruptcy does not make him someone that shouldn't get paid. The Legislature sets the laws for priority. If you can make that to where Notaries get paid before the rest, and wish to head up that organization, I'll join it for free.

JJ

Reply by Jim/AL on 8/12/09 10:39pm
Msg #299677

I am still trying to work another angle on this EFS fiasco

with my own attorney and will let you (my extended family) know if it works out that it is worth it.