STANLEY J. GALEWSKI, ESQ
Stanley J. Galewski is the founder of the Galewski Law Group. P.A.
Prior to founding GLG, Stanley was associated with the Tampa office
of a large multinational law firm and with a prominent South Florida
bankruptcy boutique. In addition, Stanley has served as a law clerk
and In addition, Stanley has served as a law clerk and In addition,
Stanley has served as a law clerk and advisor to the European Union
Department of advisor to the European Union Department of
Integration in Warsaw, Poland, a joint commission between the
European Union and the Polish government. He also served as a
judicial intern to the Honorable Judge Jeffrey Arlen Spinner, NY
Supreme Court for the County of Suffolk, and for the Eighth Judicial
Circuit of Florida. Prior to Law School he served as a staff assistant
for the office of U.S. Congressman Rick Lazio (R-2 NY), writing
speeches and drafting memoranda on proposed and sun-setting
legislation.
Stanley is an honors graduate of the Levin College of Law, University
of Florida. He holds a bachelor of arts degree in political science
from the University of South Florida.
Stanley has held leadership positions with the Tampa Club. He is an
active member of Mensa and is admitted to practice in all state and
federal courts in Florida, and in Washington, D.C.
Prior to founding GLG, Stanley was associated with the Tampa office
of a large multinational law firm and with a prominent South Florida
bankruptcy boutique. In addition, Stanley has served as a law clerk
and In addition, Stanley has served as a law clerk and In addition,
Stanley has served as a law clerk and advisor to the European Union
Department of advisor to the European Union Department of
Integration in Warsaw, Poland, a joint commission between the
European Union and the Polish government. He also served as a
judicial intern to the Honorable Judge Jeffrey Arlen Spinner, NY
Supreme Court for the County of Suffolk, and for the Eighth Judicial
Circuit of Florida. Prior to Law School he served as a staff assistant
for the office of U.S. Congressman Rick Lazio (R-2 NY), writing
speeches and drafting memoranda on proposed and sun-setting
legislation.
Stanley is an honors graduate of the Levin College of Law, University
of Florida. He holds a bachelor of arts degree in political science
from the University of South Florida.
Stanley has held leadership positions with the Tampa Club. He is an
active member of Mensa and is admitted to practice in all state and
federal courts in Florida, and in Washington, D.C.
(813) 222-8210
Stan@Galewski.com
Stan@Galewski.com
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Tampa Bankruptcy Attorney’s Update to the Bankruptcy Mortgage Reduction or Bankruptcy Mortgage Modification
Amendments:
Senate Rejects Mortgage Cramdown Provision
The Senate defeated by 51 to 45 votes an amendment to the Helping Families Save Their Homes Act that would have granted bankruptcy judges broad
authority to modify the mortgage terms for at-risk homeowners.
Assistant Senate Majority Leader Dick Durbin, D-Ill., chief sponsor of the ‘cramdown’ provision, said he was disappointed with the vote but would continue to
bring the issue to the floor “until the Senate decides to put the interests of homeowners above the interests of bankers.” Durbin noted that the number of
homeowners at risk of losing their homes now stands at over eight million, compared to nearly two million only two years ago.
“We’ve given the bankers who got us into this crisis every opportunity to responsibly address this crisis and they have failed,” Durbin said.
The White House said that notwithstanding the Senate vote on the Durbin amendment it looks forward to working with Congress to craft “appropriately tailored
legislation to provide a mechanism for homeowners who are out of other options to file for bankruptcy and implement a responsible plan to pay the debts that
they are able to pay.”
Meanwhile, Senate Minority Leader Mitch McConnell, R-Ky., said the provision would have lead to higher interest rates and even greater uncertainty in the
housing and credit markets. “It’s clear that we cannot fix the housing problem by implementing bad policies,” he said.
The American Bankers Association agreed, noting that Congress and the administration have taken several strong steps to help troubled borrowers and get
the economy back on track. “Giving bankruptcy judges broad cramdown authority would work against those efforts and effectively undermine the goal of
stabilizing the housing market,” the association said.
Analysis: Your Tampa Bankruptcy Lawyer notes that this means that for the time a Bankruptcy cannot be used to
reduce the principal amount due on a first mortgage, but since the House has passed the Bankruptcy Reform Bill,
it is possible that a Bankruptcy Judge may have the authority to cramdown or modify a mortgage in the near
future.
Amendments:
Senate Rejects Mortgage Cramdown Provision
The Senate defeated by 51 to 45 votes an amendment to the Helping Families Save Their Homes Act that would have granted bankruptcy judges broad
authority to modify the mortgage terms for at-risk homeowners.
Assistant Senate Majority Leader Dick Durbin, D-Ill., chief sponsor of the ‘cramdown’ provision, said he was disappointed with the vote but would continue to
bring the issue to the floor “until the Senate decides to put the interests of homeowners above the interests of bankers.” Durbin noted that the number of
homeowners at risk of losing their homes now stands at over eight million, compared to nearly two million only two years ago.
“We’ve given the bankers who got us into this crisis every opportunity to responsibly address this crisis and they have failed,” Durbin said.
The White House said that notwithstanding the Senate vote on the Durbin amendment it looks forward to working with Congress to craft “appropriately tailored
legislation to provide a mechanism for homeowners who are out of other options to file for bankruptcy and implement a responsible plan to pay the debts that
they are able to pay.”
Meanwhile, Senate Minority Leader Mitch McConnell, R-Ky., said the provision would have lead to higher interest rates and even greater uncertainty in the
housing and credit markets. “It’s clear that we cannot fix the housing problem by implementing bad policies,” he said.
The American Bankers Association agreed, noting that Congress and the administration have taken several strong steps to help troubled borrowers and get
the economy back on track. “Giving bankruptcy judges broad cramdown authority would work against those efforts and effectively undermine the goal of
stabilizing the housing market,” the association said.
Analysis: Your Tampa Bankruptcy Lawyer notes that this means that for the time a Bankruptcy cannot be used to
reduce the principal amount due on a first mortgage, but since the House has passed the Bankruptcy Reform Bill,
it is possible that a Bankruptcy Judge may have the authority to cramdown or modify a mortgage in the near
future.
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www.GalewskiTitle.com
www.Galewski.com
www.GalewskiTitle.com
Tampa Bankruptcy Lawyer 1112 E. Kennedy Blvd, Tampa Fl 33602, Galewski Law Group, P.A.
