Misplaced Pages

#295704

46-477: Pop artist Andy Warhol founded Interview with British journalist John Wilcock in 1969. In the beginning, the magazine was merely a film critique spread published under the title inter/VIEW: A Monthly Film Journal . During this period, Warhol was retired from painting to focus on filmmaking and building a business enterprise. In 1970, Bob Colacello was taking a film course at Columbia University when he began writing film reviews for Interview . By 1971, Colacello

92-490: A Chapter 13 bankruptcy, which stays on an individual's credit report for seven years from the date of filing the Chapter 13 petition. This may make credit less available or may make lending terms less favorable, although high debt can have the same effect. That must be balanced against the removal of actual debt from the filer's record by the bankruptcy, which tends to improve creditworthiness. Consumer credit and creditworthiness

138-482: A Chapter 7 bankruptcy case. However, BAPCPA limited the ability of debtors to avoid liens through bankruptcy. The definition of "household goods" was changed limiting "electronic equipment" to one radio, one television, one VCR, and one personal computer with related equipment. The definition now excludes works of art not created by the debtor or a relative of the debtor, jewelry worth more than $ 500 (except wedding rings), and motor vehicles (§522(f)(1)(B)). Prior to BAPCPA,

184-400: A Chapter 7 bankruptcy, the trustee is appointed almost immediately, with broad powers to examine the finances of the business in bankruptcy; generally, the trustee sells the assets and distributes the money to the creditors. The investors who took the least amount of risk prior to the bankruptcy are generally paid first. For example, secured creditors will have taken less risk, because

230-418: A Chapter 7 debtor does not complete the course, this constitutes grounds for denial of discharge pursuant to new §727(a)(11). The financial management program is experimental and the effectiveness of the program is to be studied for 18 months. Theoretically, if the educational courses prove to be ineffective, the requirement may disappear. BAPCPA attempted to eliminate the perceived "forum shopping" by changing

276-503: A book of Colacello's photographs titled Bob Colacello's Out was published in 2007. In 2022, Colacello appeared in the Netflix documentary series The Andy Warhol Diaries . Chapter 7, Title 11, United States Code Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13 , which govern

322-418: A circulation of 30,000, mostly subscriptions. O'Brien worked with artist Richard Bernstein to create the new cursive Interview logo, which is still used today. The magazine increased size, started printing color covers, and was distributed regularly for 50 cents per copy. The magazine was transformed to become a "reflection of Andy’s social life" said Colacello. "We wanted every issue of Interview to be like

368-422: A claim to an inordinate share of control over Andy Warhol Enterprises." In 1984, Colacello began writing for Vanity Fair magazine, and has been a regular contributor since, writing extended profiles on a wide range of public personalities, including Prince Charles and Camilla Parker Bowles , Balthus , Rudolf Nureyev , Liza Minnelli , Estée Lauder , Doris Duke , and Naomi Campbell . Colacello

414-403: A court for any crimes committed by the debtor. Spousal support is likewise not covered by a bankruptcy filing, nor are property settlements through divorce. Despite their potential non-dischargeability, all debts must be listed on bankruptcy schedules. A Chapter 7 bankruptcy stays on an individual's credit report for ten years from the date of filing the Chapter 7 petition. This contrasts with

460-604: A cover featuring Kate Moss . Stephen Mooallem and Christopher Bollen served as the working editor-in-chief and editor-at-large, respectively. The publication's content can be found online and via an app , Other Edition, available on iTunes. As of 2017, Fabien Baron was the editorial director, Karl Templer was the creative director, and Nick Haramis was the editor-in-chief. In December 2013, Stephen Mooallem left Interview to join Harper's Bazaar as its executive editor. Keith Pollock served as editor-in-chief from 2014 to 2016. It

506-534: A debtor will no longer be eligible to file under either Chapter 7 or Chapter 13 unless within 180 days prior to filing, the debtor received an "individual or group briefing" from a nonprofit budget and credit counseling agency approved by the United States trustee or bankruptcy administrator. The new legislation also requires that all individual debtors in either Chapter 7 or Chapter 13 complete an "instructional course concerning personal financial management." If

SECTION 10

#1732790593296

552-400: A great dinner party, where you have a grande dame, an important political figure, a rock star, an up-and-coming actress, and some model." Warhol hosted parties for the magazine at New York hotspots such as Studio 54 and Regine's . He used a tape recorder he had in his pocket to capture content for Interview . The interviews were taped conversations of well-known eclectic people usually at

598-470: A homestead can not be exempted. The only exception is if the value was transferred from another homestead within the same state or if the homestead is the principal residence of a family farmer (§522(p)). This "cap" would apply in situations where a debtor has purchased a new homestead in a different state, or where the debtor has increased the value to his or her homestead (presumably through a remodeling or addition). Some types of liens may be avoided through

644-420: A medical condition or being called or order to active military service. However, the assumption of abuse is only rebutted where the additional expenses or adjustments for loss of income are significant enough to change the outcome of the means test. Otherwise, abuse is still presumed despite the "special circumstances." Another major change to the law enacted by BAPCPA deals with eligibility. §109(h) provides that

690-403: A restaurant and published as a iteral transcription. Another trademark of the magazine were full-page photographs of "beautiful people." By 1981, Interview was priced at $ 2 a copy and had a circulation of 90,000. The magazine was described as a "hybrid of People and Vogue on elongated newsprint." From 1972 to 1989, the artist Richard Bernstein created the covers for Interview , giving

736-476: A revamp and became a reflection of Warhol's social life. In 1974, Colacello began writing his "Out" column: "Andy said, just write about everywhere you go, every lunch, every dinner, every art opening, every movie premiere, every person you see there, whether they're famous or not. And then everyone mentioned will have to go out and buy the magazine and tell ten friends—'I'm in Interview , you have to buy it.' That

782-402: A review of Andy Warhol 's film Trash , which he hailed as a "great Roman Catholic masterpiece". This review garnered the attention of Warhol, and Paul Morrissey , the director of many of Warhol's films, who approached Colacello to write for Interview magazine , a new film review magazine Warhol had recently begun to publish. Colacello was made editor of Interview within six months and, for

828-438: A right that generally cannot be defeated by bankruptcy. They are therefore not entitled to participate in any distribution of liquidated assets that the bankruptcy trustee might make. In a Chapter 7 case, a corporation or partnership does not receive a bankruptcy discharge , whereas an individual may (see 11 U.S.C.   § 727(a)(1) ). Once all assets of the corporate or partnership debtor have been fully administered,

874-603: A time Colacello lived with a boyfriend, Kevin Farley, who worked at Iolas Gallery in New York. In 1983, Colacello left Interview due to tensions with Warhol. He cited not receiving credit for books he ghostwrote, and Warhol's jealousy over the attention Colacello received from Nancy Reagan among the reasons for his departure. According to Warhol: The Biography by Victor Bockris , Colacello and Warhol's relationship deteriorated partly because Colacello had been "trying to stake

920-560: Is a complex subject, however. Future ability to obtain credit is dependent on multiple factors and difficult to predict. Another aspect to consider is whether the debtor can avoid a challenge by the United States Trustee to his or her Chapter 7 filing as abusive . One factor in considering whether the U.S. Trustee can prevail in a challenge to the debtor's Chapter 7 filing is whether the debtor can otherwise afford to repay some or all of his debts out of disposable income in

966-462: Is also a biographer. He is the author of Ronnie and Nancy: Their Path to the White House, 1911-1980 , about the social and political rise of Ronald Reagan and his wife Nancy Reagan . His memoir of working with Andy Warhol, titled Holy Terror: Andy Warhol Close Up (1990) , was called the "best-written and the most killingly observed" book on the subject by The New York Times . In 2007,

SECTION 20

#1732790593296

1012-488: Is below the state's median income are not subject to the means test. Under this test, any debtor with more than $ 182.50 in monthly disposable income, under the formula, would face a presumption of abuse. Notably, the Code-calculated income is based on the prior six months and may be higher or lower than the debtor's actual current income at the time of filing for bankruptcy. This has led some commentators to refer to

1058-709: The Edmund A. Walsh School of Foreign Service at Georgetown University in 1969, and also has an MFA degree in film criticism from Columbia University Graduate School of the Arts. Colacello began his writing career around 1969, when he began publishing film reviews in the Village Voice weekly. As a graduate student in the Film department at Columbia University in New York, his first publications doubled as his class essays and homework assignments. In 1970, Colacello wrote

1104-497: The Code, above the debtor's state census median income to a 60-month disposable income based test. This test is referred to as the " means test ". The means test provides for a finding of abuse if the debtor's disposable monthly income is higher than a specified floor amount or portion of their debts. If a presumption of abuse is found under the means test, it may only be rebutted in the case of "special circumstances." Debtors whose income

1150-443: The U.S. Trustee has achieved a regulatory system that Congress and most creditor-friendly commenters have consistently espoused, i.e., a formal means test for Chapter 7. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has clarified this area of concern by making changes to the U.S. Bankruptcy Code that include, along with many other reforms, language imposing a means test for Chapter 7 cases. Creditworthiness and

1196-492: The bankruptcy code's "current monthly income" as "presumed income". If the debtor's debt is not primarily consumer debt, then the means test is inapplicable. The inapplicability to non-consumer debt allows business debtors to "abuse" credit without repercussion unless the court finds "cause." "Special circumstances" does not confer judicial discretion; rather, it gives a debtor an opportunity to adjust income by documenting additional expenses or loss of income in situations caused by

1242-411: The bankruptcy proceeding, but there are various types of debt that are not discharged in a Chapter 7. Common exceptions to discharge include child support , income taxes less than three years old, property taxes , student loans (unless the debtor prevails in a difficult-to-win adversary proceeding brought to determine the dischargeability of the student loan), and fines and restitution imposed by

1288-518: The books The Philosophy of Andy Warhol (1975) and Exposures (1979). Colacello has been a contributing editor for Vanity Fair since 1984 and has been a special correspondent since 1993. Robert Colaciello was born to John and Libby Colaciello in Bensonhurst, New York on May 8, 1947. He and his two sisters, Barbara and Suzanne, were raised in Plainview, Long Island . He graduated from

1334-494: The business and her longtime partner Ingrid Sischy was the editor-in-chief. The magazine's format remained consistent at 60% features and 40% glossy advertising. In 2008, Sischy resigned from Interview when Brant sold her 50 percent stake. For a year and a half the magazine was in flux, edited by Christopher Bollen . Interview restarted under co-editorial directors Fabien Baron and Glenn O'Brien in September 2008, with

1380-471: The case is closed. The debts of the corporation or partnership theoretically continue to exist until applicable statutory periods of limitations expire. Individuals who reside, have a place of business, or own property in the United States may file for bankruptcy in a federal court under Chapter 7 ("straight bankruptcy", or liquidation). Chapter 7, as with other bankruptcy chapters, is not available to individuals who have had bankruptcy cases dismissed within

1426-405: The credit that they will have extended is usually backed by collateral , such as assets of the debtor company. Fully secured creditors —that is, creditors, such as collateralized bondholders and mortgage lenders, for whom the value of collateral equals or exceeds the amount of debt outstanding—have a legally enforceable right to the collateral securing their loans or to the equivalent value,

Interview (magazine) - Misplaced Pages Continue

1472-447: The debtor can choose the federal exemptions. BAPCPA also "capped" the amount of a homestead exemption that a debtor can claim in bankruptcy, despite state exemption statutes. Also, there is a "cap" placed upon the homestead exemption in situations where the debtor, within 1,215 days (about 3 years and 4 months) preceding the bankruptcy case, added value to a homestead. The provision provides that "any value in excess of $ 125,000" added to

1518-416: The five year time frame provided by Chapter 13. If so, then the U.S. Trustee may succeed in preventing the debtor from receiving a discharge under Chapter 7, effectively forcing the debtor into Chapter 13. Some bankruptcy practitioners assert that the U.S. Trustee has become more aggressive in recent times in pursuing (what the U.S. Trustee believes to be) abusive Chapter 7 filings. Through these activities

1564-441: The likelihood of receiving a Chapter 7 discharge are some of the issues to be considered in determining whether to file bankruptcy. The effect of bankruptcy on creditworthiness in many cases might not be significant, because by the time many debtors are ready to file for bankruptcy, their credit score is already extremely low. Also, new credit extended post-petition is not covered by the discharge, so creditors may offer new credit to

1610-465: The magazine, distributing issues in the street to passersby and promoting the magazine at events. In 1989, Brant Publications Inc. acquired Interview magazine from the estate of Andy Warhol for $ 10 million. Art collector Peter Brant and his then-wife Sandra Brant were friends of Warhol, who died in 1987, and they had briefly invested in Interview in the 1970s. From 1989 to 2008, Sandra Brant ran

1656-548: The newly-bankrupt. Official Federal bankruptcy forms are prescribed in the relevant Rules, and are a computer based equivalent option of paper forms. Software can also be used, which generates court-ready forms and is more simple for users. Bankruptcy petition preparers can aid in completing applications, as can a bankruptcy attorney. On October 17, 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) went into effect. This legislation

1702-400: The next 12 years, remained directly involved in all aspects of life and business at The Factory — Warhol's studio—as he developed the magazine into one of the best-known lifestyle magazines of the time. Early on, he still wrote his name as Robert Colaciello. Colacello recalled that Warhol suggested he change his name to Bob Cola, in order to sound more "pop." In 1972, Interview underwent

1748-457: The prior 180 days under specified circumstances. In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property . Most liens , however (such as real estate mortgages and security interests for car loans), survive. The value of property that can be claimed as exempt varies from state to state. Other assets, if any, are sold ( liquidated ) by the trustee to repay creditors. Many types of unsecured debt are legally discharged by

1794-414: The process of reorganization of a debtor , Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. When a financially troubled business is unable to pay creditors, the business may file (or be compelled by creditors to file) for bankruptcy in a federal court under Chapter 7, which means that the business ceases operations unless those operations are continued by the Chapter 7 trustee. In

1840-403: The publication its bold and colorful signature style. Photographers Robert Mapplethorpe and Christopher Makos took pictures for the magazine. Writer Fran Lebowitz was paid $ 10 a review for her film column. Fashion journalist André Leon Talley answered the phones and styled shoots. Over time, Warhol withdrew from everyday oversight of Interview but he continued to act as an ambassador for

1886-411: The rules on claiming exemptions. Under BAPCPA, a debtor who has moved from one state to another within two years of filing (730 days) the bankruptcy case must use exemptions from the place of the debtor's domicile for the majority of the 180-day period preceding the two years (730 days) before the filing §522(b)(3). If the new residency requirement would render the debtor ineligible for any exemption, then

Interview (magazine) - Misplaced Pages Continue

1932-435: Was announced on May 21, 2018, that the publication 'folded' and would end both its print and web publications by the end of 2018. The publication also filed for Chapter 7 bankruptcy and liquidation. In August 2018, it was reported that a company owned by Peter Brant, Singleton LLC, purchased Interview out of bankruptcy for $ 1.5 million. On September 6, 2018, Interview announced the launch of its 521st issue. The magazine

1978-435: Was promoted to editor of the magazine, at a salary of $ 50 a week. Colacello brought in his friend and classmate Glenn O'Brien as an associate editor. Colacello's first issue featured film 1940s-era stills of actress Rita Hayworth on the cover and on every page. The idea came from Warhol's collaborator and filmmaker Paul Morrissey , who told Colacello, "Just put one on every page and it'll be funny." By 1972, Interview had

2024-445: Was purchased by Kelly Brant and Jason Nikic, with some reports suggesting that the title's intellectual property will be returned to Peter Brant. Bob Colacello Bob Colacello (born May 8, 1947) is an American writer. He began his career writing for The Village Voice before becoming editor-in-chief of pop artist Andy Warhol 's Interview magazine from 1971 to 1983. As part of Warhol's entourage, they collaborated on

2070-423: Was the biggest reform to the bankruptcy laws since 1978. The legislation was enacted after years of lobbying efforts by banks and lending institutions and was intended to prevent abuses of the bankruptcy laws. The changes to Chapter 7 were extensive. The most noteworthy change brought by the 2005 BAPCPA amendments occurred within. The amendments effectively subject most debtors who have an income, as calculated by

2116-417: Was the idea for my column. It was very tongue-in-cheek." In addition to writing for Interview , Colacello traveled with Warhol, attending parties and events with the task of asking celebrities , socialites , heads of state , and princesses if they wanted their portraits commissioned by Warhol. They also collaborated on the books The Philosophy of Andy Warhol (1975) and Exposures (1979). For

#295704