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This profile was last updated on 8/22/14  and contains information from public web pages and contributions from the ZoomInfo community.

Herman A. Lusky

Wrong Herman A. Lusky?

Chief Cook and Bottlewasher

Phone: (972) ***-****  HQ Phone
Email: h***@***.com
LUSKY & ASSOCIATES P.C
12720 Hillcrest Rd. Suite 280
Dallas, Texas 75230
United States

Company Description: Lusky & Associates, P.C. is a boutique bankruptcy law firm serving clients in the Dallas, Fort Worth, Plano and North Texas areas. Herman A. Lusky founded the firm...   more
Background

Employment History

Board Memberships and Affiliations

Education

  • B.A.
    Vanderbilt University
  • UT
  • St. Thomas University School of Law
  • B.A.
    University of Texas
  • degree , Economics
    Vanderbilt University
  • University of Texas , School of Law
41 Total References
Web References
Staff
www.lusky.com, 20 July 2013 [cached]
HERMAN A. LUSKY, a Board Certified Bankruptcy Attorney*, has over 35 years experience in the insolvency/bankruptcy field and is Board Certified as a Specialist in both Consumer Bankruptcy Law and Business Bankruptcy Law by the Texas Board of Legal Specialization.
HERMAN A. LUSKY was born a long time ago in St. Joseph, Missouri. He was raised in San Antonio, Texas; graduated from Vanderbilt University in 1967 with a degree in Economics; attended the University of Texas, School of Law; passed the bar exam and was admitted to Texas bar in May 1970 -- even before he graduated from law school. After graduation, he spent a year as an Assistant City Attorney for the City of Dallas and then joined the oldest creditor's rights/bankruptcy firm in Dallas.
In the mid 1970s, he and several other commercial and bankruptcy lawyer misfits formed the Bankruptcy and Commercial Law Section of the Dallas Bar Association.
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FUN STUFF: Herman Lusky's interests include technology and cooking. While in law school, he worked a computer programmer during the "punch card" days. He has kept up his interest in technology and is a frequent speaker on that topic. He developed his interest in cooking at an earlier age when, at 16, he lived with his father in San Antonio. Their agreement was that the cook didn't clean up. He chose to be the cook. Besides his law degree, he also has certificates in carburetor tune-up, 10-speed bicycle tune-up and sushi making.
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*Herman A. Lusky is Board Certified as a Bankruptcy Attorney by the Texas Board of Legal Specifications.
Lusky Rants (and Blogs)
blog.lusky.com, 11 June 2014 [cached]
Herman A Lusky
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Herman A Lusky If you case runs smoothly, you may never have to go to court.  You will, however, have to attend a meeting with the trustee and creditors.  This is often called the "341 Meeting" since it is required under section 341 of the Bankruptcy Code.

The 341 Meeting is presided over by a trustee or the trustee's representative.  This is not as formal proceeding as a court hearing and the trustee is not a judge.  He has no judicial powers although he does have collection powers granted him under the Bankruptcy Code.  The trustee is generally not your enemy but he  or she is also not your friend.  The trustee's duty is to locate assets to liquidate and distribute to your creditors.  The trustee may seize non exempt property.  What property may be seized by the trustee is a topic for another discussion.

Generally, the chapter 7 341 Meeting lasts only a few minutes.  You will be "under oath" meaning that you can be prosecuted for perjury if you willingly lie.  You will be asked if the documents that you filed with the court are true and correct and if there are any changes that need to be made.
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Herman A Lusky I am amazed at the number of clients who come to me owing thousands of dollars in income taxes because they drew down on their 401k to pay credit cards.  Before you draw down on your 401k, consider the following:
  1. If you draw down the 401k early, you will owe penalty and taxes.  Under most circumstances, these taxes will not be discharged if you file a bankruptcy.  That means that even if you file bankruptcy, you will still owe the taxes;
  2. As a general rule creditors can not attack your 401k plan;
  3. As a general rule, if you file bankruptcy, you will not lose your 401k plan.

Therefore, it seems rather silly to use your 401k plan to pay your creditors unless you are absolutely positive that doing so will solve all of your financial problems. 

Before drawing on your 401k please consult with a knowledgeable attorney.


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Herman A Lusky Surprise!  You do not have to pay everyone in a chapter 13.  What do you have to pay?  Well, it depends on several things.

1.  If you are in a chapter 13 to catch up on your mortgage, car or other secured debts, you must pay the amount sufficient to do that.  Likewise, if you are in a chapter 13 to pay off delinquent taxes, you must pay the amount sufficient to do that.

2.  In a chapter 13, you pay at least an amount determined by a formula similar to the "Means Test" in a chapter 7.  The formula is calculated by determining your gross monthly income (no deductions for taxes, insurance or anything else) less certain allowable deductions.  You must make payments for 60 months unless your gross income is less than the state median income for a family of your size.  If you are below the median income, they you are only required to make payments for 36 months.

3.  When all of the payments required above are made, you receive a discharge.  This releases you from most remaining unpaid obligations.

NOTE:  There is no requirement that any credit cards or other unsecured creditors be paid anything as long is the above formula is met and paid.  They are still discharged on completion of the plan.
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Herman A Lusky
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Herman A Lusky On March 4, 2011, the Fifth Circuit Court of Appeals (covering Texas) decided the case of In the Matter of Burnett v. Stewart Title, Inc.  

Although Section 525 of the Bankruptcy Code provides that employers may not discriminate against debtors because they filed bankruptcy, the Court held that this does not apply to a private employer who is considering hiring a new employee.  Apparently, however, it still means that a private employer can not fire or otherwise discriminate against an existing employee solely because he or she filed bankruptcy.

Further the language is still clear that a governmental employer may not discriminate against an existing or contemplated employee solely because he or she filed bankruptcy.
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Herman A Lusky

Most clients expect that their conversations with their lawyer are confidential and cannot be compelled to be disclosed.  This is known as the “attorney-client privilege.† While the privilege generally applies to conversations between the attorney and client, there are exceptions.

One of the most common exceptions is the “Third Party Rule.† Many clients will want to meet with their attorney with their best friend or family member present.  Unless that third party is a husband or wife, the presence of the third party may destroy the privilege.  That means that both the attorney and the client could be required to disclose the content of the conversation.  Therefore, if you are going to discuss matters of a sensitive nature, you should ask your friend to wait outside.

While this exception exists, it may not be that important in a bankruptcy context.  Most of what you will discuss will be in preparation of the documents that will be filed in the bankruptcy court.  These documents are filed under oath and are a public record.  Your attorney will advise you to tell the complete truth in these documents and should not assist you in falsifying them.  To do so would subject both you and your attorney to criminal penalties of up to five years in prison.  It would also trigger another exception to the attorney-client privilege known as the “Crime-Fraud Exception.† Conversations with your attorney to commit or plan a crime or fraud are not protected.

With all of the above in mind, I usually tell my clients that unless they are going to confess to being an ax-murderer, it will probably be ok for their friend to attend.  However, they must understand that while I will not willfully volunteer any information about the conversation, I can be compelled to do so.

If you have any questions about the confidentially of your meetings with your attorney, please discuss it in private.

...
Herman A Lusky Ever wonder what the numbers on a credit card mean?  Well, here it is --

Credit cards usually consist of 16 digits. xxxx xxxx xxxx xxxx.

The first digit is the Major Industry Identifier.
1 and 2 are airlines
3 is travel and entertainment
4 and 5 are banking and financial
6 is merchandising and banking
7 is petroleum
8 is telecommunications, and
9 is National Assignment

The first 6 digits are the issuer identification number. Cards can be looked up by this number.  For example --
4xxxxx is Visa
51xxxx through 55xxxx is Mastercard

The 7th and following digits except the last digit are the person's account number.

The final digit is a checksum.  It is used to validate the card number using an algorithm





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Herman A Lusky Often, my clients are surprised to find out that some taxes are dischargeable in bankruptcy.  Generally income taxes are dischargeable if they meet certain time or age limits.

  1. They must be for a tax year for which the return was due more than 3 years prior to filing bankruptcy.  Example:  Today is March 11, 2011.  Taxes for the year 2007 were last due on April 15 or October 15 (extension date), 2008.  Therefore they meet this timeline.
  2. The tax return must have been actually filed by the debtor and have been on file with the IRS for at least 2 years.
  3. Any assessment the IRS makes must be at least 240 days old plus any time an offer in compromise was outstanding.
  4. These times may be extended for any period in which the debtor was previously in bankruptcy.

Some taxes are simply not dischargeable -- for example, taxes assessed against you for taxes you withheld from your employees.

A NOTE ABOUT LIENS.  If the IRS or other taxing authority has filed a lien, the property to which the lien attached (e.g. your homestead) may not be discharged even if you are.  That means that the IRS or other taxing authority may take the collateral even if they could not take anything else from you.

Be sure to talk to your lawyer about taxes.

 

.
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Herman A Lusky
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Herman A Lusky
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Her
Dallas Bankruptcy Attorneys
www.lusky.com, 20 July 2013 [cached]
HERMAN A. LUSKY has over 40 years experience in the insolvency/bankruptcy field and is Board Certified as a Specialist in both Consumer Bankruptcy Law and Business Bankruptcy Law by the Texas Board of Legal Specialization. He has been named one of the best lawyers in Dallas by D Magazine in the area of Bankruptcy and is the only small firm bankruptcy lawyer to make the list.
Herman was born a long time ago in St. Joseph, Missouri. He was raised in San Antonio, Texas; graduated from Vanderbilt University in 1967 with a degree in Economics; attended the University of Texas, School of Law; passed the bar exam and was admitted to Texas bar in May 1970 -- even before he graduated from law school. After graduation, he spent a year as an Assistant City Attorney for the City of Dallas and then joined the oldest creditor's rights/bankruptcy firm in Dallas.
In the mid 1970s, he and several other commercial and bankruptcy lawyer misfits formed the Bankruptcy and Commercial Law Section of the Dallas Bar Association.
...
FUN STUFF: Herman is also known as "Hal. The story goes that he was named after his father Herman (no middle initial) Lusky but that his father said that he wouldn't call a sick coyote "Herman. Therefore, his parents stuck a middle initial "A.
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*Herman A. Lusky is Board Certified as a Bankruptcy Attorney by the Texas Board of Legal Specifications.
HERMAN A. LUSKY, a Board ...
www.lusky.com, 21 July 2012 [cached]
HERMAN A. LUSKY, a Board Certified Bankruptcy Attorney*, has over 35 years experience in the insolvency/bankruptcy field and is Board Certified as a Specialist in both Consumer Bankruptcy Law and Business Bankruptcy Law by the Texas Board of Legal Specialization.
...
HERMAN A. LUSKY was born a long time ago in St. Joseph, Missouri. He was raised in San Antonio, Texas; graduated from Vanderbilt University in 1967 with a degree in Economics; attended the University of Texas, School of Law; passed the bar exam and was admitted to Texas bar in May 1970 -- even before he graduated from law school. After graduation, he spent a year as an Assistant City Attorney for the City of Dallas and then joined the oldest creditor's rights/bankruptcy firm in Dallas.
In the mid 1970s, he and several other commercial and bankruptcy lawyer misfits formed the Bankruptcy and Commercial Law Section of the Dallas Bar Association.
...
FUN STUFF: Herman Lusky's interests include technology and cooking. While in law school, he worked a computer programmer during the "punch card" days. He has kept up his interest in technology and is a frequent speaker on that topic. He developed his interest in cooking at an earlier age when, at 16, he lived with his father in San Antonio. Their agreement was that the cook didn't clean up. He chose to be the cook. Besides his law degree, he also has certificates in carburetor tune-up, 10-speed bicycle tune-up and sushi making.
...
*Herman A. Lusky is Board Certified as a Bankruptcy Attorney by the Texas Board of Legal Specifications.
Displaying items by tag: chapter 13
www.lusky.com, 11 Dec 2012 [cached]
herman@lusky.com (Herman A. Lusky) Lusky Rants
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herman@lusky.com (Herman A. Lusky) Lusky Rants
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herman@lusky.com (Herman A. Lusky) Lusky Rants
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