Puerto Rico & Bankruptcy

The island of Puerto Rico is officially a Commonwealth of the United States. Puerto Ricans are citizens of the United States who share many of the same rights and benefits of their fellow citizens living on the mainland. Until February, 1898, Puerto Rico had been under the colonial rule of Spain for centuries. In that year and month, Spain granted them a quasi-independent status. The welcome status under the rule of the Spanish Kingdom came with a constitution, voting rights, and a theretofore unknown sense Read More +

Harvey Weinstein / the Weinstein Company – Chapter 11 Bankruptcy in the Offing As Sale Talks Fail

“Born under a bad sign, been down since I began to crawl if it wasn’t for bad luck, I wouldn’t have no luck at all…” (“Born Under a Bad Sign” -Original Version, Albert King, 1967; covered by Cream, 1968) Today, Albert King’s song might seem like the “anthem” of (former) movie mogul Harvey Weinstein, and, by extension, his former corporation The Weinstein Company LLC (more universally referred to, and known more simply as TWC). According to online news / gossip source TMZ.com, The Weinstein Company Read More +

Hcr Manorcare, Inc. – $7 Billion in Debt – Files for Chapter 11 Bankruptcy

HCR Manorcare, Inc., the second largest nursing home operator in the United States, has filed a voluntary petition for Chapter 11 Bankruptcy. The Toledo, Ohio-based company has $7 billion in debt.. Informed sources say the Chapter 11 petition is part of a pre-arranged debt-for-equity swap deal whereby ownership of the HCR will be transferred to its landlord, Quality Care Properties, Inc. (“QCP”). According to the QCP website, the company is “…a self-managed and self-administered real estate investment trust (REIT)… focused on post-acute/skilled nursing and memory Read More +

Home Owners’ Association Dues in Bankruptcy

Homeowners’ Associations are a fact in Florida, from the Deed-Restricted Communities to the Condominium Associations and Co-ops, many Floridians pay Monthly, Quarterly or Yearly Assessments to enjoy the benefits of architectural uniformity, common grounds maintenance and security. Adhering to community standards in turn helps maintain the appeal of the development, thereby increasing property values, and leading to happy homeowners. But sometimes, homeowners fall behind in their dues. This is a brief overview of how these back fees and assessments are treated in Bankruptcy. What is Read More +

Chapter 13 Bankruptcy Protection of Tax Refund the Matter of in Re Gibson

In Chapter 13 Bankruptcy the Chapter 13 Bankruptcy Trustee will often attempt to seize or attach the tax refund of the Chapter 13 Debtor. The position of the Chapter 13 Trustee is that the tax refund received by the Debtor is additional disposable income that ought to be contributed to the Chapter 13 Bankruptcy Plan. Even in jurisdiction in which a tax refund is considered exempt, or for which there are available exemptions to protect the tax refund, the Trustee will likely argue that the Read More +

Valuation of Assets in Bankruptcy

Valuation of property or assets in bankruptcy is an important element of any bankruptcy, including Chapter 7 and Chapter 13 bankruptcy. The proper standard of valuation has been the subject of considerable debate and litigation. Some of the controversy surrounding valuation of assets in bankruptcy has been ameliorated by the passage of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). The standard usually applied in determining the value of an asset for purposes of bankruptcy is the price a retail merchant would charge Read More +

Creditor Harassment Summary

OFFENDING PARTY A DEBT COLLECTOR? MUST BE A DEBT COLLECTOR AND NOT ORIGINAL CREDITOR COLLECTING DEBT. DID DEBT COLLECTOR IDENTIFY HIMSELF AS A DEBT COLLECTOR? WAS DEBT A CONSUMER DEBT TRANSACTION? INCLUDES BAD CHECKS, CONDO ASSESSMENT FEES, RESIDENTIAL RENTAL PAYMENTS, MUNICIPAL WATER SERVICE, REPOSSESSIONS EXCLUDES CHILD SUPPORT, TORT CLAIMS, AND PERSONAL TAXES VALIDITY OF DEBT IRRELEVANT FAIR DEBT COLLECTION PRACTICES ACT – FEDERAL LAW [15 USC 1692]. STRICT LIABILITY STATUTE, STATUTORY DAMAGES UP TO $1,000 PER VIOLATION. ACTUAL DAMAGES ALSO. REASONABLE ATTORNEY FEES. ONE YEAR Read More +

Bankruptcy Waiting Periods

CHAPTERS WAITING PERIOD 7 TO 7 8 YEARS FROM PREVIOUS FILING 13 TO 13 2 YEARS FROM PREVIOUS FILING (CASE MUST BE CLOSED) 7 TO 13 4 YEARS FROM PREVIOUS FILING 13 TO 7 6 YEARS FROM PREVIOUS FILING UNLESS 100% OF THE UNSECURED WERE PAID IN THE PRIOR CHAPTER 13 OR AT LEAST 70% OF THE UNSECURED DEBTS WERE PAID IN THE PRIOR CHAPTER 13 AND THE PLAN WAS PROPOSED IN GOOD FAITH The above chart represents the period of time a debtor must Read More +

Florida Homestead Exemption

The State of Florida provides a homestead exemption which is designed to protect persons from the attachment or seizure of their places of residence by creditors. The homestead exemption provides protection against such creditor action to debtors who file bankruptcy and debtors who do not file bankruptcy. The homestead exemption for purposes of asset protection is often confused with the homestead exemption that provides a reduction in property tax obligations. This article will discuss the homestead exemption as it applies to debtors seeking to protect their Read More +

Chapter 9 Bankruptcy: Hartford, Detroit, Et Al

The mayor of Hartford, Connecticut, Luke Bronin has been intimating for a number of months that the city may need to file Chapter 9 bankruptcy. Chapter 9 bankruptcy is a form of bankruptcy where a municipality can seek to reorganize its debts, and arrange such debts in a reduced payment over a period of years. According to reports, Hartford currently has a $65 million dollar deficit and has problems meeting its obligations, including upcoming shortfalls in revenue of $7 million in November, 2017 and $39.2 Read More +