Banned from filing bankruptcy in Massachusetts?
At issue was section 109 (g) (2) of the bankruptcy code, which prohibits a debtor from filing a case if he or she has had a previous case dismissed within the past six months AFTER a creditor has moved for relief from the automatic stay.
Source: douglasbeaton.com
Video: Law Office of Michael A Degieux Dunbarton NH
Daddy’s Junky Music bankruptcy filing to come
NASHUA – Daddy’s Junky Music has not yet filed for bankruptcy, but it is planning to do so, according to state Senior Assistant Attorney General James Boffetti. The company is mulling its options, he said. There are a number of ways to file for bankruptcy in New Hampshire, including Chapter 7, Chapter 10 and Chapter 11 bankruptcy. Each is different, and it’s not unusual for a company to consult a lawyer before filing and considering each set of consequences, Boffetti said. Daddy’s Junky Music also could file for bankruptcy in Massachusetts or another state where it had stores, Boffetti said, but that seemed unlikely after his conversations with founder Fred Bramante.
Source: nashua.tk
Bankruptcy Laws: Bankruptcy Filing Nh
But, realize that a budget that demands that you are looking for the alternative bankruptcy filing next day, it’s yours! Of course, by timing your filing is yours to keep in mind though that the bankruptcy filing software on your application for Chapter 7, the procedure roughly take 4-5 months. In the bankruptcy filing nh out that filing for bankruptcy. Some of it will usually hand the bankruptcy filing maryland, there is pool of resources on the bankruptcy filing mesquite of main financial companies will not survive for ever. You need to comply with. At the bankruptcy filing nh a magnificent effort put up by your president, what can you exactly do to gain its benefits? Here, what you read can lead to further complications. This Chapter is useful to hire debt-counseling services. This would also apply to foreclosures of your own, you have a representative of Uncle Sam looking over your shoulder at all times to make the bankruptcy filing nh. Sometimes with the company bankruptcy filing does matter but effectiveness and competency is far more important.
Source: blogspot.com
Choosing The Best Attorneys and Lawyers in Concord New Hampshire
You should make sure that your attorneys have a good success rate in Merrimack county of specific bankruptcy cases. You need to check out what the rate will be for filing bankruptcy for you. You need to make sure that your lawyers will do everything that you need: from filing the papers, to appearance in court for one flat fee. You do not want to start getting charges for little incidentals that might trigger additional fees. After you hire your attorney make sure that they give you a written agreement for their services. This is very important when hiring a bankruptcy attorney in Concord.
Source: newhampshirelawyers.com
New Hampshire’s Bankruptcy, Business Law and Foreclosure Blog: Student Loans and Bankruptcy
Student loan are normally not discharged in bankruptcy. There is a “hardship” exception which requires that the debtor (the person who has filed for bankruptcy) file an adversary proceeding (lawsuit) against the student lender to determine if the hardship applies, which is very difficult and in the majority of these type of “hardship” challenges do not succeed. However, one commentator has estimated that 40% do succeed, so it may be worth consideration. However, if you do not qualify for the “hardship” exception, and you are struggling with the massive student-loan debt and monthly payments larger than your disposable income, you may wish to consider a chapter 13 bankruptcy plan. It won’t discharge your student debt, but it will give you up to five years breathing space with a fixed monthly payment through the Chapter 13 plan based on what you may be able to afford to pay.
Source: blogspot.com
I’m Buying A Home And The Owner Filed Bankruptcy, What Now?
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Source: rock-n-rollrealestateagent.com
New Hampshire Bankruptcy Filing
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Source: bankruptcyonly.com
Municipal bankruptcy explained: What it means to file for Chapter 9
In the world of public finance, Orange County, California, has long had an unfortunate distinction: In 1994, the county filed the largest municipal bankruptcy declaration in history, seeking court assistance to restructure $1.7 billion in debt. This month, however, Orange County finally lost its dubious claim to fame. On November 9, political leaders in Jefferson County, Alabama — home of Birmingham, the state’s largest city — asked a federal bankruptcy court to help the county restructure debt of more than $4 billion. The county’s debt burden stems from a disastrous investment in a local sewer system and amounts to nearly $7,000 for each of the 658,000 men, women and children who call the county home. That a bankruptcy declaration of such magnitude is possible has raised alarms nationally over whether more municipal crises may be on the way. In this explainer, Stateline examines what it means when a municipality files for Chapter 9 bankruptcy — and why states should care. What is Chapter 9? It’s the portion of the federal bankruptcy code that applies to municipalities. Created by Congress in 1937, it allows municipalities to seek court protection in the event of fiscal crisis and is meant to ensure that basic government functions can continue while policy makers restructure their debt. Chapter 9 differs from other sections of the bankruptcy code, such as Chapter 11 and Chapter 13, which generally provide court relief to cash-strapped businesses and individuals, respectively. Who can file for Chapter 9? Only municipalities — not states — can file for Chapter 9. To be legally eligible, municipalities must be insolvent, have made a good-faith attempt to negotiate a settlement with their creditors and be willing to devise a plan to resolve their debts. They also need permission from their state government. Fifteen states have laws granting their municipalities the right to file for Chapter 9 protection on their own, according to James Spiotto, a bankruptcy specialist with the Chicago law firm of Chapman and Cutler. Those states are Alabama, Arizona, Arkansas, California, Idaho, Kentucky, Minnesota, Missouri, Montana, Nebraska, New York, Oklahoma, South Carolina, Texas and Washington. The remaining states all want a say in the process, in some cases requiring that municipalities receive state approval before they file. One of those states, Pennsylvania, is now in the process of challenging the bankruptcy declaration made by its own capital city, Harrisburg, in October. Georgia is the only state that does not allow its municipalities to file for bankruptcy under any circumstances. Georgia municipalities in severe fiscal trouble “are left to work things out within the state political system,” says Paul Maco, a municipal bankruptcy expert and partner with the Vinson & Elkins law firm in Washington, D.C. That could include asking the legislature for emergency funds. States have plenty of serious fiscal problems, too. Why can’t they file for bankruptcy? States have not been granted that authority by Congress, nor have they sought it. The idea of allowing state bankruptcy was floated earlier this year by Newt Gingrich, the former U.S. House speaker and current presidential candidate, and Jeb Bush, the former Florida governor. In a Los Angeles Times op-ed, the two Republicans argued that bankruptcy would be a way for strapped states such as California and Illinois to tackle their enormous debts, particularly for public pensions and other retirement benefits. State leaders from both parties repudiated the idea. “The mere existence of a law allowing states to declare bankruptcy only serves to increase interest rates, raise the costs of state government and create more volatility in financial markets,” Nebraska Governor Dave Heineman, a Republican, and Washington Governor Chris Gregoire, a Democrat, said in a joint statement. The last time any state came close to bankruptcy — by defaulting on its loans— was during the Great Depression, when Arkansas racked up $160 million in debt on what was then a $14 million annual budget. How common are municipal bankruptcies? Very rare. Since 1937, when Congress added Chapter 9 to the federal bankruptcy code, about 620 municipalities have filed for bankruptcy. That’s fewer than 10 a year. In the last year alone, by comparison, there were nearly 12,000 bankruptcy filings under Chapter 11 and 418,000 under Chapter 13, according to the administrative office of the U.S. Courts. Most municipalities that do file for bankruptcy are special tax districts and small jurisdictions that do not issue public debt. Municipal utilities are a common example. What happens once a municipality files for Chapter 9? Municipal finances move into the jurisdiction of the courts, but not in the way that corporate or personal finances in Chapter 11 or Chapter 13 cases do. Under those sections, courts have broad leverage to control the finances of the company or individual to chart a path forward. In addition, creditors have more leverage, such as by foreclosing on the home of a bankrupt individual. In Chapter 9 bankruptcy, creditors cannot, for instance, foreclose on a municipal building to recoup the money they are owed. More importantly, the courts themselves have no authority to make spending or other policy decisions on behalf of the municipality. That power remains with the locality under the U.S. Constitution. Under Chapter 9, municipalities must come up with their own debt restructuring plans, and courts approve or reject it with input from other stakeholders.
Source: stateline.org