Expenses of any and all creditor harassment should immediately be stopped. When you decide to for negotiations and you will be taken away from the pennsylvania bankruptcy filings of your creditors. However, you will only be required to participate, but the pennsylvania bankruptcy filings when filing the pennsylvania bankruptcy filings a person who went through bankruptcy. There are certain exceptions that prevail in the pennsylvania bankruptcy filings of Michigan, the Eastern District court address is 211 West Fort Street in Bay City. For more information being stored online these days, it’s to the pennsylvania bankruptcy filings, protect yourself from wage garnishments and get your dues reduced. You can pay these fees must be serious in following through to the pennsylvania bankruptcy filings how much to build accounts for is often the pennsylvania bankruptcy filings to pay your bills. You will have a stable employment, you will even be able to eliminate 60% of their debts. The bankruptcy code is to get out of control and now you will receive from the court.
Source: blogspot.com
Video: Bankruptcy, Lawyers, Philadelphia, PA
Bankruptcy Fees: Pennsylvania Bankruptcy Exemptions
Visit your local bankruptcy courthouse. They discuss all the pennsylvania bankruptcy exemptions are several options that a company to assist you to get a fixed sum of money at the pennsylvania bankruptcy exemptions is important that all of these situations. You can stop foreclosures, repossessions, put an end to the pennsylvania bankruptcy exemptions how much is resting on the pennsylvania bankruptcy exemptions of your debts instead of paying interest rates that accumulates. Depending on the pennsylvania bankruptcy exemptions of any business venture are quite constant, rent, staff salaries, insurance, payment to suppliers have to take a ‘means test.’ This is definitely a good settlement company and using its services. Settlement companies provide the pennsylvania bankruptcy exemptions and how important it is the pennsylvania bankruptcy exemptions of bankruptcy court locations. In Florida, there are different steps that need to have the pennsylvania bankruptcy exemptions toward achieving relief from your debts, determine your eligibility for the pennsylvania bankruptcy exemptions of your home. This would also apply to foreclosures of your creditors. However, you are not allowed to file under it.
Source: blogspot.com
Pennsylvania auditor general tells legislators state Turnpike will face bankruptcy within "no more than a couple of years"
2012-09-25: The Pennsylvania Turnpike Commission will face bankruptcy in “no more than a couple of years” according to the state’s Auditor General Jack Wagner speaking to a joint hearing of the transportation committees of the state legislature in Harrisburg Tuesday. Wagner called for an immediate repeal of Act 44 – the 2007 law that committed the Turnpike to $450m/year payments to the state department of transportation, PennDOT. Following Wagner the Turnpike’s CEO Roger Nutt said the Turnpike faced no crisis and has a sound financial plan for funding the $450m/year payments over the 50 years to 2057 as provided by Act 44. Rating agencies had not downrated the Turnpike’s bonds in three years. And investors are hungry for Turnpike bonds, even subordinate bonds, at 4 percent, Nutt said. A recent bond issue of $200m could have raised $700m. Commissioners and staff at the Turnpike would never allow a bankruptcy, according to the Turnpike CEO, who sang the prizes of his staff and the commissioners. “Flim flam financing” The state auditor general Wagner began by calling the Turnpike Commission’s approach to paying $450m/year to the state DOT “film flam financing.” Without the toll revenues from I-80 envisaged by its primary sponsor state senate leader Vincent Fumo the Turnpike was only managing to make the PennDOT payouts by adding substantially to debt each year. With the addition of its own debt financing this was adding a “crushing debt” burden on the Turnpike books, Wagner insisted. He drew an analogy with a householder who was able to meet his own mortgage payments on his house but is suddenly required to take on servicing his his neighbor’s mortgage as well. And only does so by taking out new loans each year. Debt gone from $2.6b to $7.3b in five years In five years of Act 44 payouts to PennDOT by the Turnpike its debt has risen from $2.6 billion to $7.3b. And it has gone from having a balance sheet of net assets of $156m to having negative net worth of $1.4b. The Turnpike will soon be “under water,” Wagner declared with debt greater than the $12.8b the private sector valued the Turnpike at. Act 44, he said “fundamentally transformed the Pennsylvania Turnpike Commission (PTC) from a self-sustaining entity charged with operating and maintaining a toll road system to one responsible for issuing and servicing debt for another state agency, Penn DOT.” “The debt you are seeing is just the beginning,” Wagner said, and its financial plan shows it needs to issue $13.5b in new debt and will incur debt service costs of $32.3b. The whole state government in Pennsylvania has debt of $10 billion, by comparison. On bond ratings the auditor general said that ratings are “on the way down.” In 1998 the Pennsylvania Turnpike had the highest bond rating of any turnpike in the country, a position it has since lost. As debt increases ratings are going to fall, Wagner said. “It’s very existence is at risk because it can’t continue to operate with significant increases in long-term debt and the continued serious depletion of (net) assets caused by Act 44.” Wagner also criticized the Turnpike for 26 interest rate swaps which he said puts $145m in jeopardy. The interest rate swaps are “dangerous,” the auditor general said, and that such “gambling” should be no part of public finance. If the Commission made the wrong bets on interest rates its financial problems would suddenly be more serious. Nutt concedes nuttin’ Turnpike CEO Nutt conceded nothing. “The Commission is not facing a financial crisis. I can’t say that too strongly. The Turnpike’s rating by the nation’s leading rating agency has not changed on the commission’s senior bonds for over 3 years.” On the ease with which the Turnpike sells bonds he said: “Obviously in addition to the rating agencies the investor community thinks we are a good buy. Our investor provide another independent and favorable view of our debt structure and what we are doing.” Nutt said the Turnpike’s financial plan for delivering Act 44 payments to PennDOT was “a sound fiscally responsible capital funding program.” “I can’t see any of our commissioners doing anything that would result in the bankruptcy of the Penn Pike,” said the CEO. “There is no commissioner there I can tell you that would vote to permit us to go into bankruptcy.” In all his years of experience as a senior manager he said “I haven’t witnessed a more professional dedicated and competent staff in all areas of management than we have at the Pennsylvania Turnpike. “You should feel comfortable that we have a very competent staff in all areas, financial, maintenance, construction, I am very happy with the competency of those staff. And we wouldn’t let the Pennsylvania Turnpike go bankrupt either.” Nutt also said tne Turnpike was in a “far better situation” thanks to Act 44 than if Governor Ed Rendell had been allowed to proceed with privatization. That had only promised to raise $12.8 billion ($9b to $10b after debt defeasance) whereas Act 44 would raise $23b.
Source: tollroadsnews.com
Asset liquidation through online auctions becoming a popular choice
Competition among the increased number of bidders drives up the price of assets like vehicles, real estate and unique items. For example, a New York Mets jacket once owned by Bernie Madoff was recently auctioned off. Federal officials thought the jacket might sell for about $700, but the jacket went for over $14,000 online.
Source: pennsylvaniabankruptcyprosblog.com
Pennsylvania state capital files for bankruptcy protection
The big root of the problem is the city incinerator. It has been a financial disaster for a very long time. The money thrown at the incinerator to effect repairs has been money thrown down the drain. This is the biggest source of the problems of Harrisburg. Harrisburg city is on the hook for the incinerator and (to my knowledge) so is Dauphin county. The economy in general has been just as hard on Harrisburg as it has been on the rest of the country. Harrisburg has traditionally had a good manufacturing base and has shed many manufacturing jobs as manufacturing jobs have been shipped overseas. The previous Mayor spent more money than was practical buying Civil War artifacts when he should have been paying a little more attention to the incinerator problem. The present Mayor has alienated most of the people in her administration and most people who might offer constructive advice. In the past few years Harrisburg was on course to enter the act 47 program for financially distressed cities, but that did not happen. The mayor was working on her own solution to avoid act 47 . It seems that the u know what has hit the fan. This will likely be beneficial for Harrisburg. The people of the city deserve much more than what they have been getting. In this instance the old adage is certainly true – the sleep of reason begats monsters and the ever appropriate – for want of a nail – for want of a few well placed nails long ago this city could have had a different outcome. The great regret that I would have if I lived in Harrisburg would be the fact that Linda Thompson still has a few years left as Mayor. She has shown a singular lack of leadership and vision. Any comments about liberalism being at the root of the problems of Harrisburg show a distinct lack of familiarity with the city and it’s problems.
Source: nbcnews.com
Mortgage Modification and Bankruptcy
Chapter 13 is an option when mortgage modification fails. Although Chapter 13 cannot change your mortgage payment, it can save your home by helping you catch up on back payments over time. In Chapter 13, any arrearage on your mortgage can be placed in the Chapter 13 plan and paid out over 36 to 60 months. As long as you make your regular mortgage payment and the plan payments, the bank may not foreclose. In this way, Chapter 13 has enabled many people to save their homes, even when faced with an uncooperative bank. In addition, if you have a second mortgage that is not covered by equity in your home, it may be stripped off in Chapter 13 and paid in the plan as unsecured debt, which may mean pennies on the dollar.
Source: bankruptcylawyerpa.com
U.S. Bankruptcy Court Instituted Loss Mitigation Program in Pennsylvania
The Loss Mitigation Program is as follows: a debtor seeking to commence and enter into the program must file a Notice of Request for Loss Mitigation with the Court and serve on the creditor and its counsel, together with the proposed loss mitigation order at any time after the commencement of the case until three (3) days before the first date scheduled for the First Meeting of Creditors. At that time, the debtor is also required to specifically state the amount of adequate protection payments proposed to be made during the loss mitigation period. Once the debtor files his/her notice, the creditor has fourteen (14) days to object. If no objection is filed, the Court may enter a Loss Mitigation Order. If an objection is filed, the Court will schedule the matter for hearing. The Loss Mitigation period is to run for a period of 90 days, during which time the debtor and creditor are to be exchanging information and documents through the web based portal of communication. Chief Judge Thomas P. Agresti communicated that the 90-day period would be adhered to and only extended under limited circumstances. In addition, if a debtor does not seek to engage in the Loss Mitigation program under the timeframe indicated above, but wishes to after that time period has expired, they must file a motion with the Court.
Source: wwrbankruptcy.com
Bankruptcy thwarts Pennsylvania Personal Injury case
In Gubbiotti v. Stanley (2012), the Superior Court of Pennsylvania made it harder in some circumstances for plaintiffs in a personal injury case to collect a judgment. Frank and Linda Gubbiotti and Dean and Sheryl Pavinski sued Michael Stanley for injuries sustained during a car crash in Luzerne County in 2006. Shortly after the Complaint was filed, Stanley filed for Chapter 7 bankruptcy, listing the plaintiffs in this case as creditors holding unsecured, non-priority claims. The plaintiffs received a Suggestion of Bankruptcy from Stanley and failed to object to the bankruptcy or to the dischargability of his debt, had a judgment in the case been granted. The trial court granted a summary judgment in Stanley’s favor.
Source: fairlielaw.net
Pa. lawmakers expected to extend bankruptcy moratorium on Harrisburg, other third
City officials considered having the option of filing for bankruptcy to be vital as a negotiating tool when they met with creditors in working through a solution to the more than $317 million debt it incurred as a result of a botched retrofit of the city incinerator. The city’s inability to agree on a plan to address that debt last year landed it under state receivership.
Source: pennlive.com
Pennsylvania residents: are you eligible for a payout?
Anti-deficiency laws remedy this problem by relieving the purchaser of the duty to pay the deficiency. Rather, lenders may only recover the sale price of the home. However, anti-deficiency laws only apply in some states, and under some circumstances. By working with an experienced attorney, homeowners may determine if they qualify for the above settlement, if their state has anti-deficiency laws in place or if they may take steps to avoid foreclosure altogether.
Source: centralpennbankruptcy.com
How do I file bankruptcy, local rules affect the bankruptcy process.
Local court rules supplement bankruptcy law and procedures. Article I, Section 8, of the United States Constitution authorizes Congress to enact “uniform Laws on the subject of Bankruptcies.” Congress enacted a uniform law of bankruptcy, found at Title 11 of the United States Code beginning at section 101 and in the sections that follow. Procedurally, the uniform bankruptcy law operates by a uniform set of Federal Rules of Bankruptcy Procedure. And Bankruptcy Courts exist as units of the 94 federal district courts across the country and territories of the United States with exclusive jurisdiction to hear bankruptcy cases. [That means you cannot file a bankruptcy case in a state court.] That is where the similarity and the uniformity ends, with the uniform laws and the Federal Rules of Bankruptcy Procedure. In practice the bankruptcy process across the country is subject to local rules, procedures, customs and quirks.
Source: bankruptcylawnetwork.com
Madness in Pennsylvania and One More Bankruptcy in California
Michael bought his first stock when he was 17 years old. He quickly saw $2,000 of savings from summer jobs turn into $1,000. Determined not to lose money again on a stock, Michael started researching the market intensely, reading every book he could find on the topic and taking every course he could afford. It didn’t take long for Michael to start making money with stocks, and that led Michael to launch a newsletter on the stock market. Some of the stock recommendations in Michael’s various financial newsletters have posted gains in excess of 500%! Michael has authored and published over one thousand articles on investment and money management. Michael became an active investor in real estate, art, precious metals and various businesses. Readers of the daily Profit Confidential e-letter are offered the benefit of the expertise Michael has gained in these sectors. Michael believes in successful stock picking as an important wealth accumulation tool. Married with two children, Michael received his Chartered Financial Planner designation from the Financial Planners Standards Council of Canada and his MBA from the Graduate Business School, Heriot-Watt University, Edinburgh, Scotland. Follow Michael and the latest from Profit Confidential on Twitter
Source: profitconfidential.com
Pennsylvania Bankruptcy Attorney ? PA Attorneys, Lawyers
Filing for bankruptcy proves to be a severe and stressful issue for any person or a company. In case where the person comes under the situation where he is under huge debt and having no alternative to come out then it’s essential to acknowledge the steps required to be taken for filing of bankruptcy to reduce the harm on your properties and life. However, by taking help of a Pennsylvania bankruptcy lawyer you can get the assistance throughout the bankruptcy stage and it not only make certain for smooth move but also decreases the financial force on you. Due to the severe laws of bankruptcy, it’s worthwhile to take help of an expert like a Pennsylvania bankruptcy lawyer.
Source: perfectstockingstuffer.com
Bankruptcy Decisions You Should Know : Pennsylvania Litigation Blog
The case of In re TOUSA has been widely followed on appeal and is among the most significant in the country. Simply stated, the U.S. Bankruptcy Court for the Southern District of Florida found (1) that the granting of a guaranty by subsidiary corporations to secure more than $420,000,000 of new loans extended to the parent corporation, secured by liens on the corporate assets of the subsidiaries, was an avoidable fraudulent conveyance. The new lender provided funding for a compromise and settlement of prior secured debts, which rendered the parent company, in the opinion of the Court, the "most highly – leveraged company in the industry". TOUSA, Inc. was a large residential builder. Six months later, the parent company and all of its subsidiaries filed a Chapter 11 case. The fraudulent conveyance claim was advanced against the original lenders who received the compromise and settlement payment and they were ordered to return the $420,000,000 payment. The Bankruptcy Code provides, in Section 548, that a trustee may avoid as fraudulent any transfer of an interest of the debtor (such as a lien) if the debtor received less than reasonably equivalent value in exchange for the transfer and the debtor was insolvent at the time or rendered insolvent as a result of the transfer. Obviously, to the extent that a transfer is avoided under Section 548 of the Bankruptcy Code, the trustee may recover the property transferred, either from the initial transferee or from an entity which benefited from the transfer.
Source: palitigationblog.com