This holding cannot be reconciled with Congress’s clear intent to protect social security benefits from creditors as evidenced by provisions included in both the Social Security Act and the Bankruptcy Code. Section 101(10A) of the Code defines “income” as excluding social security benefits. That definition directs the interpretation of section 1325(b) which provides that a plan shall not be confirmed over objection unless it includes all of the debtor’s projected disposable income. Section 1325(b)(2) defines “disposable income” in terms of current monthly income which is, in turn defined by section 101(10A) to exclude social security benefits. That these provisions in the Bankruptcy Code protect social security benefits from the reach of creditors is reinforced by the complementary provision of the Social Security Act, section 407(a), which provides that social security benefits are not subject to the operation of bankruptcy or insolvency laws.
Source: ncbrc.org
Video: The Benefits of Bankruptcy
Bankrupt Kodak Cuts Retirement Benefits
Project costing in ERP is difficult in project industries like oil and gas, utilities and mining. IFS North America Business Software Consultant Carrie Ghai discusses why this is the case and offers tips for selecting software equal to the task. Can the ERP you are considering truly capture all project costs, and handle actual costing as well as offer visibility into committed cost?
Source: industryweek.com
Bankrupt Kodak cuts retirement benefits
Medical, dental, life insurance and survivor income benefits, which were costing the company $10 million per month, will be terminated at the end of the year as part of a proposal agreed upon with an official committee of retirees.
Source: rawstory.com
What would Atwater gain with bankruptcy?
Alabama bankruptcy budgets California Congress credit ratings defaults education EMMA federal government Federal Reserve Florida fracking Harrisburg Illinois infrastructure Jefferson County jobs JP Morgan Medicaid Moody’s MSRB muni bond funds muni CDS municipal bonds municipalities muni issuance muni snaps Nevada New Jersey New York Obama Pennsylvania pensions privatization property tax Puerto Rico revenue bonds Rhode Island SEC Standard & Poor’s state budgets tax transparency Whitney
Source: reuters.com
no taxable income: i received EI benefits , group pension non taxable LTD GROUP PENSION I DID NOT HAVE TO PAY EI BACK. WHY THEN IS THE BANKRUPTCY INCLUDING THIS AS INCOME
i received EI benefits , group pension non taxable LTD GROUP PENSION I DID NOT HAVE TO PAY EI BACK. WHY THEN IS THE BANKRUPTCY INCLUDING THIS AS INCOME IN SECTION 68 A OF BANKRUPTCTY INSOLVENCY ACT INCLUDES THINGS LIKE WORKERS COMP, DAMAGES,PAY EQUITY,AN ACT OF LEGISLATION OR PARLIAMENT-ALLOF WHICH ARE TAXABLE I WAS TOLD BY A PROFESSIONAL TAX CENTRE THAT MY GROUP NON TAXABLE PENSION IS MY BUSINESS ALONE AND SHOULD NOT BE INCLUDED IN BANRUPTCY
Source: bankruptcy-canada.ca
Benefits of Bankruptcy and How It Can Help You Financially In the Long Term
Believe it or not, bankruptcy can do a lot to help you financially. Many people underestimate how much bankruptcy can help them in the long run, and because they think it is a negative thing they generally try and avoid it. I would not recommend avoiding bankruptcy, as it can be a very beneficial thing for those that are in a dire financial situation and are not able to climb their way out. Bankruptcy can be very beneficial to individuals that are unable to pay them large amounts of debt that they have incurred, and as a result they can be very difficult to sell something that is generally a negative idea. One of the things that you need to be considering is whether or not you were going to need a lawyer to rapid bankruptcy process. A solid Huntington Beach Bankruptcy Attorney can go a long way toward helping you to ensure that you are able to take care of your situation.
Source: freearticleforyou.com
Stockton’s dodge of pension plan debt may hit Supreme Court
According to the Financial Times and Debtwire, the battle has come down to whether or not the City of Stockton – the first of several large California cities to file for bankruptcy this year, based in part on its inability to pay for its pre-existing public employee benefits systems – can avoid impairing the CalPERS system as it seeks to sweep debts off its books.
Source: benefitspro.com
Regional oil refinery benefits from bankruptcy filing
Although this story is from corporate America, consumers in Tennessee can also benefit from the legal options afforded by a Chapter 7 or Chapter 13 bankruptcy filing. Consumers may struggle with debt after losing a job or falling behind in mortgage or other loan payments. When creditors become aggressive, it can be easy to forget that legal protections against creditor harassment and abusive debt collection practices. An experienced bankruptcy attorney can walk Tennessee consumers through these options.
Source: memphistnbankruptcyblog.com
4 Things you need to know about Social Security Benefits & Bankruptcy
If you are considering filing for bankruptcy protection, or you are a secured creditor dealing with a bankrupt borrower, call McDowell Riga Posternock PC at 856-528-3389. Our attorneys diligently pursue the firm’s goal of providing our clients with superior legal services. Our combined law practice experience of over 80 years allows us to offer the same first-rate service that you may expect from a big law firm, only we work hard to make sure we are more accessible and reasonably priced. Our collective experience of allows us to handle legal problem in many areas ranging from Bankruptcy for both consumers and businesses, to Family Law, Consumer Fraud and much more out of our offices in New Jersey and Pennsylvania. Our New Jersey offices are located in Moorestown, Maple Shade, and Willingboro. Our Pennsylvania offices are located in Bryn Mawr and Philadelphia.
Source: bankruptcysouthjersey.com
Bankruptcy Attorney Benefits
If you do decide to pursue bankruptcy, a bankruptcy lawyer can walk you through the process by helping you understand the petition process and help you file the necessary paperwork with the court. Bankruptcy lawyers are well trained in the ins and outs of the process, and their expertise and ensure your documents are accurate and complete before filing your case.
Source: ciminobenham.com
Eighth Circuit Holds that the “Equities” Do Not Need to Weigh in Favor of a Creditor Seeking Recoupment
The Eighth Circuit acknowledged that recoupment is, indeed, an equitable principle that requires that the claims to be offset arise out of the same transaction or subject matter. This requirement, often referred to as the “same-transaction” requirement, “acts as a mechanism to ensure that equitable reasons for recoupment are present before a creditor may attain priority through the doctrine of recoupment.” Analysis of the same-transaction requirement, the Eighth Circuit reasoned, requires the court to consider the equities of the case only to the extent that it would be inequitable for a debtor to enjoy the benefits of a transaction without also meeting its obligations. Because the same-transaction requirement incorporates equitable principles to some extent, a separate balancing of the equities test should not be introduced into the doctrine of recoupment. The Eighth Circuit found that the BAP erred by introducing equity as a separate reason to deny Standard the right of recoupment after finding that the same-transaction requirement was met. Thus, although “[f]airness and equity may influence whether two competing claims arise from the same transaction . . . a court should not impose an additional ‘balancing of the equities’ requirement once a party meets the same-transaction test.” The Eighth Circuit accordingly remanded to the bankruptcy court for yet another round of review.
Source: weil.com