Category Archives: Uncategorized

October Bankruptcy Filings Up 16% Over Previous Month; Commercial Filings Up 19%

Total bankruptcy filings in the United States for the month of October increased 16 percent compared to September, according to data provided by Epiq Systems, Inc. October bankruptcy filings totaled 101,278, up from the 87,522 filings registered in September 2012. The 96,498 total non-commercial filings for October represented a 16 percent increase from the September non-commercial filing total of 83,493. Total commercial filings for October 2012 were 4,780, representing a 19 percent increase from the 4,029 filings in September. Commercial chapter 11 filings also increased in October as the 704 filings represented a 3 percent increase over the 681 filings […]

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Foreclosure Filings Rising

For many people, Long Island and the American dream of home ownership were synonymous. People felt as though they could purchase a home and live the life they imagined. Things seemed well and good, and money was cheap and free flowing. Since the real estate “bubble” burst, Long Islanders have suffered dramatically. Foreclosure rates are among the highest in New York state. No one knows when the real estate market will rebound but, for now, many Long Islanders are struggling to survive and stay current with their mortgage(s). Many of us are not succeeding. However, there has been significant and […]

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Bar Pass Rate Up Slightly for First-Time Takers

The state Board of Law Examiners has released the list of successful candidates who took the July bar exam. Of the candidates who took the test for the first time and graduated from American Bar Association-accredited schools, 86.1 percent passed, an increase of 0.5 percent for the same group last year. The passing rate for first-time test takers who graduated from New York law schools, however, was 86.3 percent.Of all the 11,182 candidates who took the July exam, 69.2 percent passed. Last year, 70 percent of the record-breaking 11,557 test takers passed, compared with 72 percent in 1009 and 74.7 […]

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FASB Weighs ‘Going Concern’ Self-Test for US Firms

U.S. accounting rulemakers are expected to revisit soon a 2008 proposal that would address the knotty issue of “going concern” warnings, seeking to better assure that alarms are sounded before companies fail. At issue are the standard warnings that auditors are required to include in annual reports when they have substantial doubt that a company will survive. With lucrative audit fees on the line, auditors have been accused of failing to flag going concern doubts, though some proposed changes could create new frictions between auditors and managers, some experts have said. The 2008 Financial Accounting Standards Board proposal contemplates making […]

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