William Byrnes' Tax, Wealth, and Risk Intelligence

William Byrnes (Texas A&M) tax & compliance articles

Posts Tagged ‘Debt’

for research of ‘Home Mortgage Cramdown in Bankruptcy’ – Richard Gendler awarded title of “Doctor of Law”

Posted by William Byrnes on December 11, 2013

After a successful dissertation defense on October 22, 2013, Thomas Jefferson School of Law awarded the degree of Doctor of Science of Law, called a “J.S.D.” degree, to Dr. Richard S. Gendler. The J.S.D. is a research-based doctoral degree, the most advanced law degree in the United States. It requires three to five years of legal research and writing on a unique issue of law that makes a substantial and novel contribution to a field of study. The J.S.D. degree is equivalent to a Ph.D. in law, which first requires the completion of the Bachelor, J.D., and LL.M. degrees. …

Associate Dean William Byrnes added, “Dr. Richard Gendler has undertaken ground-breaking empirical research for his Ph.D. of all Chapter 13 cases that were filed in the Southern District of Florida from 2009. Dr. Gendler scrutinized the effectiveness of cure of mortgages on homeowners’ principal residences relative to the use of lien stripping in Chapter 13 plans, both for underwater and non-underwater mortgages. ….”  

The dissertation topic was “Home Mortgage Cramdown in Bankruptcy.”  The dissertation provided an extensive study into the interplay between the recent home mortgage crisis and U.S. Bankruptcy Law.  Read about Dr. Richard Gendler’s research and findings about cramdown and bankruptcy at http://www.tjsl.edu/news-media/2013/10956


Posted in Compliance, Wealth Management | Tagged: , , , , , , , , | Leave a Comment »

Democrats Call Debt Limit Unconstitutional

Posted by William Byrnes on February 21, 2012

The August 2 debt ceiling drop-dead date is less than a month away, and some Democrats are proposing a radical solution to the problem: Ignore it. They argue that the U.S. Constitution allows the President to simply ignore the debt ceiling and pay the federal government’s bills.

Democrats and commentators in favor of ignoring the limit cite section 4 of the 14th Amendment to the U.S. Constitution, which says, “The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions…, shall not be questioned.”

They argue that the U.S. government is bound by the Constitution to pay its bills and won’t be able to do so if the debt ceiling is respected. As a result, the law creating the debt ceiling is unconstitutional in this particular scenario because it would force the federal government to violate a provision of the U.S. Constitution. Taking on new debt isn’t just about future spending. A significant amount of any cash generated by a new debt issue is needed to service existing debt.

In short, default is unconstitutional, and the debt ceiling is unconstitutional to the extent it restricts the President from following the Constitution’s requirements.

Read this complete analysis of the impact at AdvisorFX (sign up for a free trial subscription with full access to all of the planning libraries and client presentations if you are not already a subscriber).

Posted in Wealth Management | Tagged: , , , , , , , | Leave a Comment »

%d bloggers like this: