Industries

2012 Legal Elite Profile: BANKRUPTCY/CREDITORS’ RIGHTS

  •  | 
Print this page

DAVID R. RUBY
ThompsonMcMullan PC
Richmond

NewsTitle:  Director
Other legal specialties:  Business/corporate; tax; nonprofit organizations
Birthplace: Richmond
Education: Brandeis University, bachelor’s degree (cum laude); University of Richmond T.C. Williams School of Law, law degree; College of William and Mary Marshall-Wythe School of Law, master’s degree in taxation
Spouse:  Marguerite (“Rita”) R. Ruby
Children:  Jonathan, 29; Aaron, 28; Jessica, 23
Hobbies:  Photography
First job as a lawyer: Business law associate with Staples, Greenberg, Minardi & Kessler in Richmond
Fan of:  College basketball
Favorite vacation spot: National parks
Career mentors:  “My father, the late Judge Arlin F. Ruby; Richard A. Minardi Jr.; Beverley L. Crump”

How did the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act affect your practice?
“My bankruptcy practice includes service as a Chapter 7 trustee.  The Bankruptcy Abuse Prevention and Consumer Protection Act imposed a number of new responsibilities on trustees, making virtually every case more cumbersome and time-consuming to administer.  At the same time, a Chapter 7 trustee receives only $60 per case in greater than 95 percent of the cases assigned.  This per-case fee has not been increased in more than 18 years.  The result is obvious — it has become increasingly difficult for a trustee to assemble and utilize the resources needed to perform his or her responsibilities on a case-by-case basis in an economically feasible manner.”

What trends in bankruptcy law have you seen since the height of the recession?
“On an individual debtor level, the following individuals have been filing bankruptcy at higher rates: (i) those with college and professional degrees and (ii) those who regularly earned higher levels of income. On an entity debtor level, marginally successful and already-weakened businesses were filing bankruptcy at the commencement of the recession in the 2007-2008 timeframe.  During the height of the recession, otherwise successful, profitable businesses, big and small, were filing bankruptcy as lending institutions essentially froze the making of new loans and called current credit lines.”


Reader Comments

comments powered by Disqus


showhide shortcuts