591 Comments to Read What exactly is bankruptcy? Will it wipe out all my debts?. Bankruptcy is a federal court process designed to help consumers and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcies can generally be described as "liquidation" or "reorganization." Under a liquidation bankruptcy (Chapter 7), you ask the bankruptcy court to wipe out (discharge) the debts you owe. Under a reorganization bankruptcy (typically Chapter 13, for consumers), you file a plan with the bankruptcy court proposing how you will repay your creditors. You must repay some debts in full; others may be repaid only partially or not at all, depending on what you can afford. For more information, see What Is Bankruptcy?. When you file either kind of bankruptcy, a court order called an "automatic stay" goes into effect. The automatic stay prohibits most creditors from taking any action to collect the debts you owe them unless the bankruptcy court lifts the stay ...
Bankruptcy is a legal process whereby individuals, who are in deep in debt, can gain a "fresh start" by either eliminating their debts or repaying them in a manageable way. Bankruptcy, thus, falls into two categories: liquidation and reorganization.. Chapter 7 bankruptcy is the most common type of liquidation bankruptcy. With Chapter 7 bankruptcy, your assets can be liquidated to pay some or all your debts. This is common for folks who have a lot of unsecured debt. However, debts like child support and tax-related debt are usually not able to be considered for bankruptcy.. In Chapter 13 bankruptcy, you are basically setting up a payment plan to pay back your creditors to some extent. The amount of the payment and the term of the payback period are determined by factors such as how much you earn, how much you owe, etc. Typically, you also stop accruing interest under this plan.. ...
An insolvency legal representative is somebody who is versed with insolvency law and also will be able to defend you versus the petition submitted by the lenders. The increase in personal bankruptcy requests has resulted in a boost in demand for personal bankruptcy attorneys. Investigation: Lots of people usually stress when they declare personal bankruptcy as well as will choose the first personal bankruptcy attorney that they come across. Word of mouth: A good insolvency lawyer will certainly be widely known, specifically in the service world, so it is really essential to ask about as well as collect info about firms that have submitted for insolvency and also that represented them. The courts: A bankruptcy court is an excellent source concerning insolvency legal representatives. ...
Detroit entered bankruptcy in July 2013 and exited bankruptcy just 18 months later, in December 2014. This made it not only the biggest municipal bankruptcy by debt (estimated at $18 to $20 billion) in U.S. history but also one of the fastest resolved. In 2013, years of declining economic output and falling personal incomes made it seem inevitable that Detroit was headed for bankruptcy; and investors, betting on an eventual recovery, started to acquire large areas of the city. For instance, Detroit native and founder of Quicken Loans Dan Gilbert had already embarked on a project to revitalize a two-square-mile area of downtown Detroit prior to the bankruptcy. By April 2013, Gilbert had invested $1 billion to acquire nearly three million square feet of real estate in the downtown area.5. The influx of new capital and an improved attitude about Detroits recovery following its bankruptcy started to pay early dividends for the city. In fact, while Detroits municipal government was still working ...
Dr. Scott Ramsey. Photo by Susie Fitzhugh The study, led by corresponding author Scott Ramsey, M.D., Ph.D., an internist and health economist at Fred Hutch, was published online on May 15 as a Web First in the journal Health Affairs. The article will also appear in the journals June edition.. Ramsey and colleagues, including a chief judge for a U.S. Bankruptcy Court, undertook the research because the relationship between receiving a cancer diagnosis and bankruptcy is less well understood than the much-studied link between high medical expenses and likelihood of bankruptcy filing.. "This study found strong evidence of a link between cancer diagnosis and increased risk of bankruptcy," the authors wrote. "Although the risk of bankruptcy for cancer patients is relatively low in absolute terms, bankruptcy represents an extreme manifestation of what is probably a larger picture of economic hardship for cancer patients. Our study thus raises important questions about the factors underlying the ...
|p|Are you considering filing for Chapter 7 or Chapter 13 bankruptcy in North Dakota? Although much of bankruptcy is governed by federal law, some bankruptcy-related information and law is specific to your state.|/p| |p|Below you’ll find North Dakota-specific information on filing for bankruptcy as well as articles on the various North Dakota bankruptcy exemptions. And for in-depth information on bankruptcy law and procedures, visit Nolo’s |a href=/legal-encyclopedia/bankruptcy|Bankruptcy Center|/a|.|/p|
The Problems With The Bill: Theres no evidence of bankruptcy abuse. Bankruptcies have gone up, but so have credit card debt and credit card profits over the years. Independent studies, such as those of Harvard Law School professor Elizabeth Warren, show that the 90% or more of bankruptcies are still filed by people who get sick, get laid off, or get divorced, not by abusers. The industry can only document that 3% of filers may be abusers, yet the bill would harm all debtors. Warrens newest study, released in Februrary 2005, and done with colleagues at Harvard Medical School, shows that more than half of 2001 bankruptcy filers filed due to high medical debts. The bill has a millionaire loophole: The bill will hurt these hard-working Americans, but it includes a provision to protect millionaire deadbeats, who would be allowed to keep their mansions in bankruptcy. Current law in a few states, notably Texas and Florida, allows this. The proposed bill expands the millionaire mansion loophole ...
1. Effective Bankruptcy procedure should seek to minimize reorganization costs. High reorganization costs in the form of lengthy procedures or biases in the law undermine credit recovery and prevent viable firms to be reorganized thereby leading to inefficient liquidations.. 2. A financial crisis provides a good opportunity for serious bankruptcy reform. A high number of bankruptcies can put the issue high on the policy agenda, and generate the political will to pass the required legislation.. 3. An effective bankruptcy process has to ensure that viable firms are reorganized and unviable ones are liquidated. Inefficient firms need to be liquidated and the resources reallocated to more efficient ones. However, liquidations and fire-sale of assets are costly due to market illiquidity and transaction costs. Therefore, firms that are potentially viable are better off being reorganized.. 4. An effective bankruptcy process should support speedy recovery of reorganized firms. Once a firm emerges from ...
Recently I have noticed that both the Internal Revenue Service website and the website for the Office of the United States Trustee have published a great deal of material about "bankruptcy fraud." What exactly is "bankruptcy fraud" and how can you avoid doing things that might put you at risk?. In the consumer bankruptcy area, the cases I have seen that fall into the description of bankruptcy fraud usually involve an intentional failure to disclose an asset or they involve an undisclosed transfer of an asset. I remember, for example, meeting with a potential client had recently been laid off from a six-figure job, and had found himself barely scraping by working part time in a retail store. He was prepared to surrender his expensive home and car, but he was not happy when I told him that the Rolex watch he had received as a gift from his ex-wife would have to be disclosed.. This gentleman did not understand that just because "no one would know" about his expensive watch, it still had to be ...
As a general rule, the right to exercise authority in a bankruptcy estate belongs to the creditors. It is the duty of an administrator of a bankruptcy estate to arrange, among other things, the management of the bankruptcy estate and to oversee the management and maintenance of the assets of the bankruptcy estate. The Bankruptcy Act regulates the authority of the creditors and the administrator.
Please note that The Daily Bankruptcy News is primarily a news link gathering service. This means that most of the headlines contained in the publication are a collection of links to stories posted on the Internet by various third party publications. Such content is owned by third party sources, not The Daily Bankruptcy News, and in some cases, these links change or expire, which means you may not be able to view some news stories in prior editions of the Daily Bankruptcy News. The DBN subscription fee is not a fee for access to the content of the links, but is a charge for the considerable work involved in gathering, organizing and presenting the links. Use of this site and The Daily Bankruptcy News is subject to our Terms of Use. If you received The Daily Bankruptcy News via email (and you have a paid subscription account), to view a news story, click on the headline, and the story should open in your web browser. To view additional stories, click back to the email and click on additional ...
The Daily Bankruptcy News is primarily a curated news link gathering service. Most of the headlines contained in the publication are a collection of links to stories posted on the Internet by various third party publications. Such content is owned by third party sources, not The Daily Bankruptcy News, and in some cases, these links change or expire, which means you may not be able to view some news stories in prior editions of the Daily Bankruptcy News. The DBN subscription fee is not a fee for access to the content of the links, but is a charge for the considerable work involved in gathering, organizing and presenting the links. Use of this site and The Daily Bankruptcy News is subject to our Terms of Use. If you received The Daily Bankruptcy News via email (and you have a paid subscription account), to view a news story, click on the headline, and the story should open in your web browser. To view additional stories, click back to the email and click on additional headlines, which will cause ...
View the Oklahoma state bankruptcy exemptions. Oklahoma law protects all or a portion of your property from being seized by creditors or the bankruptcy trustee in a Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, you are generally allowed to keep all of
Filing for personal bankruptcy is a difficult decision to make no matter the circumstances. The Nashville Bankruptcy Lawyers of Clark & Washington explain the basics of bankruptcy to help you make the decision that is right for your situation.
On June 9, 2014, the US Supreme Court issued a unanimous decision in Executive Benefits Insurance Agency v. Arkison ("Executive Benefits")1 that resolved a fundamental bankruptcy procedural issue that had arisen in the wake of Stern v. Marshall ("Stern").2 In Stern, the debtor filed in the bankruptcy court a common-law counterclaim for tortious interference against a creditor of the estate that was independent in nature from the claim asserted by the creditor in his proof of claim against the estate. The counterclaim constituted a "core" proceeding under the pertinent Judicial Code statutory provision, which also authorized the bankruptcy courts to adjudicate such a core proceeding to a final judgment. In Stern, the Supreme Court ultimately held that Congress had violated Article III of the Constitution by vesting the power to adjudicate the tortious interference counterclaim in a bankruptcy court. Subsequent courts, including several federal appellate courts, have held that fraudulent transfer ...
Guggenheim Multi-Factor Large Cap Probability Of Bankruptcy. Analysis of Guggenheim Multi-Factor Probability Of Bankruptcy, Probability of Bankruptcy SHOULD NOT be confused with actual chance of a company to file for chapter 7, 11, 12 or 13 bankruptcy protection. Macroaxis simply defines Financial Distress as an operational condition where a company is having difficulty to meet its current financial obligations towards its creditors or to deliver on the expectations of its investors. Macroaxis derives these conditions on a daily bases from both public financial statements as well as analysis of stock prices reacting to market conditions or economic downturns including short term and long term historical volatility. Other factors taken into account include analysis of liquidity, revenues patterns, R&D expenses and commitments, as well as public headlines and social sentiment.
ETFS Bloomberg Energy Commodity Longer Dated Strategy K-1 Free Probability Of Bankruptcy. Analysis of ETFS Bloomberg Probability Of Bankruptcy, Probability of Bankruptcy SHOULD NOT be confused with actual chance of a company to file for chapter 7, 11, 12 or 13 bankruptcy protection. Macroaxis simply defines Financial Distress as an operational condition where a company is having difficulty to meet its current financial obligations towards its creditors or to deliver on the expectations of its investors. Macroaxis derives these conditions on a daily bases from both public financial statements as well as analysis of stock prices reacting to market conditions or economic downturns including short term and long term historical volatility. Other factors taken into account include analysis of liquidity, revenues patterns, R&D expenses and commitments, as well as public headlines and social sentiment.
Developed and Delivered by Hal Schaeffer President, D&H Services. Preference related actions and activity can demonstrably impact your company losses in a bankruptcy proceeding should you not appropriately prepare for and protect your firm. At a minimum, understanding options can create strategic planning for managements considerations.. Our instructor, Hal Schaeffer, has been active in the credit industry for over 35 years, giving him an extensive and practical background on bankruptcy issues. Mr. Schaeffer is a Certified Expert Witness for Bankruptcy cases and has worked on over 300 preference cases, participated in numerous mediations and has testified in Bankruptcy Court.. This approximately 2.5 hour video session will review numerous issues associated with this critical topic.. This course covers the following: ...
Hi, my name is Mackenzie Kohler and when my business partner and I were having financial difficulties, we decided that we would file commercial bankruptcy. Since a partnership bankruptcy can be very complicated, we hired an attorney to help us with all the legal aspects of this process. Our attorney made sure that everything was handled properly and this put my business partner and I at ease. If youre considering filing commercial bankruptcy, read my blog to learn what to expect during the process and how an attorney can help you. I hope this blog gives you all the information you need about commercial bankruptcy and hiring an attorney.
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With limited exceptions, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires people who have filed for bankruptcy protection to complete a personal financial management/debtor education course to have their debts discharged.. The Department of Justices U.S. Trustee Program approves organizations who can provide the mandatory debtor education. Only the counselors and educators that appear on the U.S. Trustee Programs list can advertise that they are, indeed, approved to provide the required debtor education.. Click here to access the approved credit counselors and financial management courses for the District of New Hampshire.. For additional information about debtor education, the Federal Trade Commission has created a Facts for Consumers - Before You File For Personal Bankruptcy tips.. ...
In bankruptcy trouble? The D.C. Bar has volunteer attorneys to help individuals filing personal bankruptcy through the entire bankruptcy process.
UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MISSOURI EASTERN DIVISION In re: MATTHEW ERIK HANIS, Debtor, MEREDITH FRIEDMAN, Plaintiff/Appellant, vs. MATTHEW ERIK HANIS, Defendant/Appellant. ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) Case No. 4:16-cv-01447-JAR MEMORANDUM AND ORDER This matter is before the Court on appeal from a Bankruptcy Court order denying Debtor/Defendant/Appellant Matthew Erik Haniss motion for summary judgment, granting Plaintiff/Appellee Meredith Friedmans motion for summary judgment, and declaring that certain debts are non-dischargeable, pursuant to 11 U.S.C. § 523(a)(15), in Mr. Haniss Chapter 7 bankruptcy proceeding. The issues are fully briefed, and the Court heard oral argument from counsel. For the following reasons, the Court affirms the decision of the Bankruptcy Court. Background The following facts are undisputed. Mr. Hanis and Ms. Friedman were married in 1995 (Bankr. Doc. 12 at ii 1). During their marriage, they jointly owned a business, M&M RET, LLC ("M&M") ...
bankruptcy lawyer las vegas, the big difference in price is calculated as a lawyer for bankruptcy Chapter 13 in Portland and Vancouver can be a bit confusing. There are several reasons for the action, but I would like to point out, that it is often a lot of the old adage, "you get a cost, potential customers, what you pay for!" Less experienced lawyers, patent attorneys, law tends to be a legal right in the insolvency or bankruptcy of the company, especially customers such as animals, plants, pumps, without ever really smooth discussions about attorney fees, a little less. Unfortunately causes errors and the loss of assets and money despite the efforts of the presentation for this kind of unnecessary ...
chapter 7 bankruptcy attorney Fees Explained, the big difference in price is calculated as can bankruptcy Chapter 7 lawyers in Portland and Vancouver a bit confusing. There are several reasons for the action, but I want to say that it is often a lot of the old adage, "you get a cost, potential customers, what you pay for!" Less experienced lawyers law, patent lawyers, the law tends to be right in the insolvency or bankruptcy of the company, especially customers such as animals, plants, pumps, without ever really smooth discussions over Attorneys fees slightly less. Unfortunately causes errors and the loss of assets and money despite the efforts of the presentation for this kind of unnecessary ...
deCODE genetics, Inc. (Nasdaq: DCGN) today announced that it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the District of Delaware to facilitate the sale of substantially all of its assets. deCODE is continuing to operate its business and manage its properties as a debtor-in-possession pursuant to Sections 1107 and 1108 of the Bankruptcy Code.. In recent months, deCODE and its advisors have explored multiple restructuring alternatives, including the sale of specific portions of deCODEs operations, the sale or license of its drug discovery programs, the restructuring of its outstanding convertible notes and the obtaining of new equity financing. As a result of these efforts, deCODE has entered into and filed concurrently with its Chapter 11 petition an asset purchase agreement with Saga Investments LLC (Saga) to sell its Iceland-based subsidiary Islensk Erfdagreining (IE), and its drug discovery and ...
This paper studies the optimal determination of bankruptcy exemptions for risk averse borrowers who use unsecured contracts but have the possibility of defaulting. In a large class of economies, knowledge of four variables is sufficient to determine whether a bankruptcy exemption level is optimal or should be increased or decreased. These variables are i) the composition of households liabilities, ii) the sensitivity of the credit supply schedule to exemption changes, iii) the probability of ling for bankruptcy with non-exempt assets, and iv) the value given by households to a marginal dollar in different states, which can be mapped to changes in households consumption. I recover empirical estimates of the sufficient statistics using U.S. data over the period 2008-2016 and find that increasing exemption levels improves overall welfare, although there is substantial variation in estimated welfare gains across U.S. states and income quintiles.. Advance access at OUP. ...
The report seems to be a little flawed, though, according to ABC News. Also, suspect is the fact that data over 2 years old is being used to sustain an agenda in the forefront now for national health care paid for by U.S. taxpayers. Health care is not a right as some politicians and the mainstream news media would like you to believe. Fact-check.org has noted that even using Harvards numbers, its more like a bankruptcy every minute; indeed if you add up all bankrputcies in a year you barely get one every 30 seconds. Even using their own numbers, the accurate rate is really closer to 17%. But more to the point is that the Harvard data are clearly inflated, or at best, mischaracterized. A good part of the problem is definitional. The Harvard report claims to measure the extent to which medical costs are "the cause" of bankruptcies. In reality its survey asked if these costs were "a reason" - potentially one of many - for such bankruptcies. Beyond those who gave medical costs as "a reason," the ...
GAOs analysis of U.S. Trustee Program (USTP) data and interviews with bankruptcy stakeholders including Assistant U.S. Trustees (AUST), selected bankruptcy judges, and attorneys indicate that attorneys fee applications for cases subject to the USTPs 2013 fee guidelines (cases involving assets and liabilities each of $50 million or more) have generally contained the information requested by the guidelines. This information is intended to assist the courts in determining whether requested fees are reasonable and necessary. Specifically, in the data GAO reviewed, the USTP identified no issues in submitted fee applications in 47 of the 94 cases filed since the guidelines went into effect in November 2013. Attorneys resolved almost all of the issues in the other 47 cases by providing an explanation or additional information. Bankruptcy stakeholders had mixed perspectives of the overall value of the guidelines and of their potential effect on the efficiency and transparency of the Chapter 11 ...
After desperately trying everything from huge budget cuts to secret negotiations with creditors, the Stockton City Council finally ran out of options Tuesday night and voted to file for bankruptcy. The 6-1 vote was to authorize a day-to-day operating budget, called a pendency plan, that will go into effect when city officials file for Chapter 9 bankruptcy protection in federal court in Sacramento. Bankruptcy became the only option after the city failed to erase a $26 million deficit or to renegotiate millions of dollars it owes in retiree health benefits and on huge civic projects it built in the past decade. Before the vote, retired police Officer Nicholas Huerta, 57, summed up the feelings of his fellow retirees and said he wont be able to afford his medical insurance if the city reduces its $1,500 monthly contribution. Widespread cutsWhile the city has cut $90 million from the general fund over the past three years, reducing the police force by 25 percent, Fire Department by 30 percent and
For almost one hundred years asbestos was one of the most popular materials used for the manufacture of insulation and hundreds of industrial and construction products that needed to be flexible, fire resistant and tough. By the 1970s however the asbestos companies finally acknowledged the obvious: asbestos fibers can be extremely toxic when inhaled or ingested. Since then the courts have held asbestos companies liable for health damages due to their products. Hundreds of thousands of claims have been filed against them for damages, almost exclusively health damages. Employees from the construction trades, military veterans and workers from dozens of industries filed suits against manufacturers of asbestos and companies who used the material in their products. Because asbestos use was so widespread and has ruined the health for so many people over 70 companies that were producers of asbestos or asbestos products filed for Chapter 11 bankruptcy for the purpose of protecting themselves from ...
The sole item on next Tuesday mornings argument agenda, U.S. Bank National Association v. The Village at Lakeridge, is a bankruptcy case in name only. A quick glance at the briefs reveals that this really is an appellate procedure case - much more of a companion to Hamer v. Neighborhood Housing Services of Chicago in the October argument session than to Merit Management Group, LP v. FTI Consulting, Inc. in the November argument session.. The case involves the Bankruptcy Codes definition of an "insider" creditor, a term that demarcates a group of creditors that the statute treats more suspiciously than it does traditional arms-length creditors. Traditionally, bankruptcy law assumes that a bankrupts dealings with a hostile bank lender are less worrisome than its dealings with its sole shareholder; dealings with "insiders" might be designed to disadvantage other less-favored creditors. The statutes strategy for defining that concept is to enumerate a set of relationships that always establish ...
Get information, facts, and pictures about bankruptcy at Encyclopedia.com. Make research projects and school reports about bankruptcy easy with credible articles from our FREE, online encyclopedia and dictionary.
People diagnosed with cancer are more than two-and-a-half times more likely to declare bankruptcy than those without cancer, according to a new study. Also, younger patients had two- to fivefold higher bankruptcy rates compared to older patients. Overall bankruptcy filings increased as time passed after diagnosis.
An individual who is badly in debt can typically file for bankruptcy either under Chapter 7 (liquidation, or straight bankruptcy) or Chapter 13 (reorganization). In some cases options may also include Chapter 12 (family farmer reorganization) and Chapter 11 (reorganization of a company, or an individual debtor whose debts exceed the limits for a Chapter 13 filing).[2] As a Chapter 11 bankruptcy is considerably more complex and expensive than a Chapter 13 case, few debtors will choose Chapter 11 if a Chapter 13 bankruptcy is an option.[3] Debtors may also be forced into bankruptcy by creditors in the case of an involuntary bankruptcy, but only under Chapters 7 or 11. However, in most instances the debtor may choose under which chapter to file. In the case of an involuntary bankruptcy, the debtor may also choose to convert from the forced Chapter 7 or 11 proceeding into a proceeding under another chapter. The debtors financial characteristics and the type of relief sought plays a tremendous role ...
Comparison of the 2010 and 2009 bankruptcy filing statistical data from the U.S. Bankruptcy Court for non-business filing (Chapter 7, Chapter 11 & Chapter 13).
Insolvency Statistics in Canada for the year 2012. Includes data on bankruptcies and proposals. Prepared by the Office of the Superintendent of Bankruptcy Canada. Table 9: Receiverships, Table 10: Consolidation of All Files Closed in 2012, and Table 11: Consumer Debtors Profile.
In 2006, the Honorable Eric J. Frank*, United States Bankruptcy Judge for the Eastern District of Pennsylvania, authored an opinion supporting the notion that emotional distress damages may be awarded to a Debtor for a violation of the Discharge Order. See In Re Meyers, 344 B.R. 61, 66-67 (E.D. PA 2006).. The Debtor must prove three elements to obtain civil contempt sanctions. There must be clear and convincing evidence that a valid court order existed, that the defendant (the creditor in this context) had knowledge of that order, and that the defendant (i.e., creditor) disobeyed the order. Meyers at 65 citing Robin v. Woods, 38 F.3d 396, 399 (3d Cir. 1994) and In Re Close, 2003 WL 22697825 at 10.. Judge Frank goes on to explain the two purposes of civil contempt: first, to "coerce the disobedient party (in this situation, the creditor) into compliance with the courts order" and second, to "compensate for losses sustained by the disobedience." Upon a finding of civil contempt, the Bankruptcy ...
EXHIBIT A TO ADMINISTRATIVE ORDER 07-2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF OHIO In Re: ) Chapter 13 Case No. ) ) Bankruptcy Judge Debtor(s) ) RIGHTS AND RESPONSIBILITIES
A new case was just opened in the Bankruptcy Court. The case number and the debtors name/adversary complaint plaintiff(s) and defendant(s) are: 16-80098-dd
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).[4] Chapter 7, as with other bankruptcy chapters, is not available to individuals who have had bankruptcy cases dismissed within the prior 180 days under specified circumstances.[4] 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 the bankruptcy proceeding, but there are various types of debt that are not discharged in a Chapter 7.[2] Common exceptions to discharge include child support, income taxes less than 3 years old, property taxes, student loans (unless the ...
A: Thats not clear yet. On the one hand, if a court allows PG&E to reduce its debt obligations, that would reduce the need for rate increases. But a court case could take several years. And if PG&E is fined or has to borrow money, that could increase the companys costs. All PG&E rate hikes need to be approved by the state Public Utilities Commission, whose five members are appointed by the governor. Currently, there is a vacancy on the commission, which will be filled by new Gov. Gavin Newsom.. Q: What does a bankruptcy mean for PG&E employees?. A: Thats unclear. Several top executives, including CEO Geisha Williams, have resigned in recent days. Bankruptcy usually means that courts require companies to keep expenses in check, so it can result in layoffs and other cuts, even as the company continues to operate. A court also could allow the company to reduce its pensions to PG&E retirees.. Q: What about the lawsuits filed by victims of the Northern California fires that PG&E has been found to ...
LANSING, Mich., Feb 08, 2018 (SEND2PRESS NEWSWIRE) - Michigans top Mesothelioma legal expert on behalf of hundreds of Michigan Veterans with asbestos disease, Goldberg, Persky & White P.C., today issued the following statement and alert in response to passage of HB 5456, the so-called "Asbestos Bankruptcy Transparency Act," out of the Michigan House of Representatives Republican controlled "Competitiveness" committee on a straight party line vote. The bill, better entitled "delay til they die plan," would shield corporations from being held accountable for deadly asbestos-related diseases like Mesothelioma and delay justice for victims:. The asbestos industrys ongoing nationwide campaign to avoid accountability to those they harmed has reared its ugly head in Michigan. This bill would impose burdens on asbestos victims, including active and retired service members, the civil justice system, asbestos bankruptcy trusts, and taxpayers. It would force victims and their families to jump through ...
The newspaper wrote: "Its no surprise-given the pressure public pensions are putting on municipal budgets-that any move to ease those liabilities, especially through a bankruptcy court order like whats happening in Detroit, is being watched carefully nationwide by state and municipal officials, union leaders, bond traders and retirees.. "Were just at the front of the line here, Michigan Treasurer Andy Dillon said Friday. It could be a landmark case.". Appearing on CBSs "Face the Nation" program, Governor Snyder made it clear there would be no state bailout of the city. Feigning concern over the "tragic situation" facing "retirees who had worked hard," Snyder asserted that bankruptcy would allow the city to reduce benefits in "a more thoughtful, better way.". The Obama administration, which has overseen a record number of public-sector job losses, has rejected any federal bailout. Top administration officials have been in close contact with Michigan and Detroit officials.. The Free Press ...
DETROIT - A bankruptcy filing by Japanese air bag maker Takata will leave little money for dozens of people who sued the company over deaths and injuries caused by its exploding air bag inflators, according to outside legal experts and lawyers suing the company. Takata Corp. and its U.S. operations are likely to seek bankruptcy protection by the end of June in a deal that would sell its assets to competitor Key Safety Systems Inc., a person briefed on the talks said. The person didnt
The US-based chipmaker Spansion has filed for bankruptcy protection under Chapter 11 at the U.S. Bankruptcy Court in Wilmington, Delaware. The company announced $2.4 billion and assets of $3.8 billion as of the end of the 3Q/2008.