Experts Available to Discuss Increase in Bankruptcy Filings

Business Wire, August 24, 2005

TOPIC: A government report shows bankruptcy filings in federal courts increased by 16 percent during the April-to-June quarter, according to an article by Reuters. The Administrative Office of the U.S. Court says most were Chapter 7 filings, which allows an individual to keep certain property, such as a primary residence. Filings have increased due to the new federal bankruptcy law, which goes into effect on October 17. The law makes it more difficult for filers to qualify for Chapter 7 bankruptcy, leaving repayment plans under Chapter 13 as their only option.

EXPERTS: ExpertSource can offer several highly qualified experts to comment on this story:

Professor Karen Gross, of New York Law School, has testified on several occasions before the National Bankruptcy Review Commission and Congress on bankruptcy issues. She has also spoken publicly about and authored books on bankruptcy, repairing credit reports and credit scores, realizing the true cost of minimum payments and compounding interest, protecting consumer privacy, and understanding legal rights when it comes to debt collection. Most recently, she authored Failure and Forgiveness: Rebalancing the Bankruptcy System (Yale University Press, 1997), which won the Association of American Publishers 1997 Business Management. Professor Gross teaches bankruptcy, corporate reorganization, financial advocacy, and contracts. She also conducts empirical and historical research on these topics. Professor Gross advocates to preserve and improve the United States bankruptcy system as a safety net, serving as President of the Coalition for Consumer Bankruptcy Debtor Education, an award-winning pro bono organization she co-founded, and as Director of New York Law School's Economic Literacy Consortium. Professor Gross is also an expert on financial management education and consumer credit counseling.

David M. Levine, attorney with Tew Cardenas, has represented a wide range of clients in major and complex loan and business workouts, business and bankruptcy reorganizations and Securities and Exchange Commission enforcement proceedings. His clients have included creditors, committees of creditors, including banks and other lending institutions, equity receivers, trustees, debtors and acquiring entities. Levine has been lead insolvency counsel for committees of creditors, creditors, Chapter 11 debtors and bankruptcy trustees in many major cases. Levine has represented various banks and lending institutions in the enforcement and workout of loans in both non-bankruptcy and bankruptcy proceedings.

Jonathan Rosenthal is a nationally recognized corporate restructuring expert with over 20 years of experience in investment banking and financial restructurings. Rosenthal joined Saybrook Capital, LLC. in its infancy, bringing nearly 20 years of experience in complex financings and restructurings as a principal and on behalf of financial institutions, bondholders, private equity investors and real estate developers. An attorney by training and as the principal architect of Saybrook's restructuring practice, Rosenthal has been intimately involved in dozens of workouts, both in and out of court. He and his group have been the lead bankers for Official Committees in the Pacific Gas & Electric, Adelphia, Kmart, United Airlines and Orange County restructurings, five of the largest bankruptcies in history.

Dianne L. Wilkman brings a wealth of knowledge and experience to her position as President and CEO of Springboard, Non Profit Consumer Credit Management, formerly Consumer Credit Counseling Service of Inland Empire. She has expanded the agency's branch network from the one original satellite office to the current total of 35 throughout Southern California, as well as a national phone counseling center and acclaimed website, www.credit.org. Wilkman participates in numerous regional and national associations, including the Association of Independent Consumer Credit Counseling Agencies, Inland Empire Bankruptcy Forum, Orange County Bankruptcy Forum; Member and the San Diego Bankruptcy Forum. Springboard's mission is to deliver professional personal finance education, confidential financial counseling, and debt resolution programs in order to strengthen our communities through loss reduction. Springboard is approved by the IRS, State Franchise Tax Board, and State Board of Equalization to offer workout plans on taxpayer debts and, as a HUD-approved housing counseling agency, Springboard is dedicated to increasing and maintaining home ownership as a part of its overall mission.

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