Published On: May 29, 2014
Bankruptcy Judge agrees with creditors that Jacoby & Meyers Bankruptcy should be in bankruptcy in order to better protect its creditors.
“This is a case that needs to exist,” U.S. Bankruptcy Court Judge Shelley Chapman
According to the Wall Street Journal on May 28, 2014, the Bankruptcy Judge agrees with creditors that Jacoby & Meyers Bankruptcy should be in bankruptcy in order to better protect its creditors.
“This is a case that needs to exist,” U.S. Bankruptcy Court Judge Shelley Chapman said during a Wednesday hearing in New York, over the objection of an attorney for Jacoby & Meyers Bankruptcy, who argued that a trustee put in place when the firm closed its doors in December has been doing an adequate job.
“Information more than anything else is needed here,” Judge Chapman said, adding that a request to move the case to Chicago also would be denied. Judge Chapman said she would wait to enter an official order putting the firm into bankruptcy until Jacoby & Meyers Bankruptcy had a chance to respond.
Even as it was formed in June 2012, Jacoby & Meyers Bankruptcy seemed to be planning for its closure.
Why would any lawyer set up a firm which is reality is disposable? Because they intend on rounding up as much money from clients as possible, then closing the doors.
The article goes on to say: “Even as it was formed in June 2012, Jacoby & Meyers Bankruptcy seemed to be planning for its closure. According to a copy of the firm’s operating agreement included in court filings, Mr. Macey could dissolve the firm at any time within two years of its creation. Jacoby & Meyers National, meanwhile, could only dissolve the operation for cause, defined as a violation of the operating agreement or violation of “laws or ethics sufficient to materially affect the practice of law.”
The warning here is that many consumers use the Internet and TV to find attorneys.
Most of the Internet based services are really referral services to other attorneys who pay for each referral. This is rarely going to lead them to a true professional who is committed to their clients and not to their own pocket book. Of course, I advertise my own firm on the Internet, but I also offer each of my clients quality individual services, based on their personal needs. A TV or “pay per click” Internet advertising firm cannot afford to offer quality because they need to run as many cattle (clients) through their offices of possible. Many of the attorneys who work in these firms are often paid three to five times more than an attorney who works in a non-TV advertising type firm. The reason? Because an attorney who cares about quality and professionalism will not put up with the management policies of these types of firms.
TV & “pay per click” Internet advertising attorneys will jump up and down screaming “foul” for my statements. I think you have the right to know about this serious problem – never hire any lawyer or law firm who views their clients as cash machines. Their goal is to suck as much money out of the client as possible, then drop them at the first opportunity.
Last note – never contract with anyone who you do not meet in person. Stay away from the Internet “law firms”. You need an attorney you can meet with and is licensed in the state where you live. Do not assume that a lawyer is licensed; check them out with the state bar where they are licensed. Here is the link to the State Bar of Arizona.
We have several videos on this site. This is one “Suggestions on How to Hire an Attorney”
About the Author: Diane Drain
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
*Important Note from Diane: Everything on this web site is offered for educational purposes only and not intended to provide legal advice, nor create an attorney client relationship between you, me, or the author of any article. Information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state. Make sure to check out their reviews.*
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New Consumer Law Rights Taking Effect in 2023. This NCLC article lists federal and state consumer law rights scheduled to go into effect or expire, during the period from November 17, 2022, through December 31, 2023. Other consumer law changes will be enacted later in 2023 and will go into effect in 2023; this article lists changes whose effective dates have already been scheduled.
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“ROCKSTARS Diane and Jay!!! I am so happy ” P.C. ROCKSTARS Diane and Jay!!! I am so happy to work with you again. Within a few months, you got me the BEST [...]
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