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Source: chapter11la.com
Video: What Happens to Pension When Company Goes Bankrupt – American Airlines
Hawker’s Deal with China ‘Helicopter King’ Collapses
“It is important to note that today’s developments do not cancel or modify the terms of the pension agreement that was ratified by IAM members in August,” said IAM Aerospace Coordinator Ron Eldridge. “As the Hawker bankruptcy case unfolds, the IAM will continue to monitor the situation and act aggressively on behalf of our members, their families and our retirees.”
Source: goiam.org
Small Island Fund, Big Bankruptcy Wave – U.S. Public Pension Fund Deemed Ineligible to Be a Chapter 11 Debtor
Despite the court’s eligibility ruling, other U.S. public pension funds may have better luck obtaining chapter 11 relief. Because the Northern Mariana Islands Retirement Fund ruling chiefly turned on the fund’s lack of autonomy and its limited function, public pension funds with greater independence may be able to avoid categorization as instrumentalities, and, consequently, satisfy the eligibility requirements for chapter 11 debtors. On the other hand, a bankruptcy filing and adverse eligibility ruling could deplete an insolvent fund’s already-limited assets. In light of a recent announcement by Moody’s that adjusted fiscal 2010 state and local unfunded pension liabilities exceed $2 trillion—an amount “three times the total reported by governments”—some public pension funds’ best bet may be to take their chances in the bankruptcy courts.
Source: weil.com
Niches: Purchasing Property From Estate Filing Bankruptcy
This is an alternative if their financial situation has improved so that you have found a way to continue making payments. Filing bankruptcy prior to a foreclosure auction will stop or at least put off the public sale of real estate. Unfortunately for most people, it only postpones the sale for a couple of months. Immediately after filing a Chapter 13 Bankruptcy, they will have to file a repayment plan with the courts. This plan has to show that they have sufficient monthly income to pay basic living expenses such as food and utilities and other monthly payments such as credit cards, car payments etc. In addition, their income must be sufficient to resume making your monthly mortgage payments. All past due amounts are usually spread out between 24 and 60 months. For example, if they owe $9,000 in missed payments, attorneys fees, etc. if spread out over 48 months would be an additional $187.50 due each month to the court appointed trustee.
Source: tameraaragon.com
A123 Systems Files for Bankruptcy Protection
(Nanowerk News) A123 Systems, Inc., a developer and manufacturer of advanced Nanophosphate