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Dec 2020

Until the Buffalo Squeals

Posted by / in Weekly Posts /

Hold on to the Nickel until the Buffalo Squeals

They stopped making the Buffalo nickel in 1938, long before I was born. But I saw plenty of them when I was young. 

I also heard plenty about them from older folks who had lived through the Depression. “Hold on to the nickel until the buffalo squeals.”

A nickel doesn’t buy a Hershey bar any more. And the Jefferson nickel is all you see. But in tough times “hold on to the nickel until the buffalo squeals” can still be good advice.

When to Stop Paying? It’s different for everybody

There’s no specific advice I can give you on when to stop paying your credit cards. Certainly as long as you can foresee a day when they will be paid off, you may want to keep paying. But is continuing to pay just putting off the inevitable? Will your savings run out long before the debts are paid off? Paying the car, the rent or mortgage, electric bill−those are more important than keeping the credit cards current.


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Dec 2020

Chapter 7 Trustee Jason Gold

Posted by / in Virginia Bankruptcy, Weekly Posts /

Chapter 7 Trustee Jason Gold

Jason Gold is one of the four Chapter 7 trustees in the Alexandria Virginia Bankruptcy court. When you file a bankruptcy case in Alexandria, the computer assigns you to one of the four trustees.  

Being a Chapter 7 Trustee is a part time job for lawyers. Gold is a partner in the Nelson Mullins law firm, where he heads up the bankruptcy and financial restructuring group.  That means he does complicated business and real estate bankruptcy work.

Chapter 7 Trustee Jason Gold

Chapter 7 Trustee Jason Gold

As a Chapter 7 Trustee, he has two sets of bosses.  The US Justice Department, through the Office of the United States Trustee.  And the two Bankruptcy Judges here, Judge Brian F. Kenney and Judge Klinette H. Kindred.  

Out of the $335.00 filing fee that you paid to the court when we filed your case, $60.00 of that went to Trustee Gold.  Since his regular hourly rate is $580.00 an hour, that $60.00 would be his fee for 6 minutes 12 seconds.  (A recent study suggested $120.00 for Chapter 7 trustees would be better.)

As your Chapter 7 Trustee, Jason Gold is in charge of your bankruptcy hearing, which is called the “meeting of creditors.” There are very, very rarely any creditors at the meeting of creditors.  So the Chapter 7 Trustee asks the questions. (Because the trustee is not a judge, he should be called “sir” not “your honor.”)

NOTE for call-in hearings. During the covid emergency, the bankruptcy hearings are telephonic. The telephone number for the Gold hearings is (877) 973-4749 using the code 9974082

The court’s computer here schedules fourteen hearings an hour.  That’s just over four minutes per case.  

The fast schedule, and the low fees, give the  Chapter 7 trustees an incentive to move through the cases quickly. To keep his cases moving, Gold has a form we fill out before your hearing.  If there’s nothing unusual about your case, he asks his questions straight from his form.  Here it is.

To Keep his Cases Moving, Jason Gold uses this form.

Notice here he asks specifically about the Order to Debtor. Besides telling you to show up for your hearing, the Order to Debtor says that if someone dies and leave you money in the next six months, you have to tell the court.






UPDATE  The Bankruptcy trustees get their raise.

The Chapter 7 bankruptcy trustees did get their fee increase from $60.00 to $120.00 per case.  Congress passed it in December and the President signed January 12, 2021.  

It was the first raise for Bankruptcy Trustees in nearly 30 years.

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Nov 2020

Chapter 13 Trustee Thomas Gorman

Posted by / in Virginia Bankruptcy, Weekly Posts /

Chapter 13 Trustee Thomas Gorman

Thomas Gorman is a lawyer. He’s the Chapter 13 Trustee for the Alexandria VA Division of the US Bankruptcy Court. That’s a full time job. He was appointed in 2009.

He runs your Chapter 13 bankruptcy hearing, called the “meeting of creditors.” Creditors hardly ever attend the meeting of creditors. Gorman asks you the questions.

Here’s What to Expect on your Meeting with Chapter 13 Thomas Gorman

More than any other trustee in Alexandria VA, Gorman looks for opportunities for humor.  When these hearings are in person, he does things like make fun of the lawyer’s ties. (Sometimes I wear and ugly tie just so he can make fun of it.)  That’s harder with phone meetings, but if something comes up that he can turn into a joke, he does.  I think that’s a good thing. It helps everyone relax.

One thing does make him mad.  He asks everyone if you have filed bankruptcy before. If the answer is Yes, but you say No, he hits the ceiling. So you do not want to make that mistake. You don’t want the person in front of you to make that mistake, either. He stays crabby even when he’s on to the next person.

He usually does NOT ask about any unusual calculations we make. Some people’s budget will have higher average medical expenses or help for elderly parents.  Typically he will NOT ask about them during your hearing. But then…

Expect an objection in the mail in a couple weeks

Thomas Gorman office 300 N Washington St

When he goes back to his office, at 300 N Washington St, Chapter 13 Trustee Thomas Gorman searches for things he can object to.

When he goes back to his office, he looks over your papers very, very closely, looking for things to object to. When he was first appointed, the judge told Trustee Gorman to bring close questions into court, instead of settling them himself. That’s what he does. He finds something to object to in almost every case.

The friendly, funny Trustee Gorman who did your hearing turns mean in writing a couple weeks later.  He says he doesn’t like this, you didn’t explain that, and your lawyer made a mistake about this other thing.  He asks for your case to be dismissed.

People who read those written objections freak out. But that’s just the way it works in the Alexandria VA bankruptcy court. 

Trustee Gorman thinks it’s his job to squeeze a little more money out of everybody. Working out Gorman’s objections is just next step in the process of getting your case approved.  




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