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Bankruptcy News
In Pennsylvania, U.S. Labor Department Sues Owner Of Company Gone Bankrupt
Philadelphia, Pennsylvania - The U.S. Department of Labor has filed an adversary complaint in federal bankruptcy court against the owner of now defunct G&M Land Development Inc., Wescosville, Pennsylvania, to prevent her from discharging $118,736 owed to participants of the company’s pension plan. G&M Land Development Inc. was a mobile home business that ceased operations in 1999.
“This lawsuit demonstrates our commitment to hold plan fiduciaries accountable when they abuse their position and do not protect the assets entrusted to them,” said Mabel Capolongo, director of the Employee Benefits Security Administration (EBSA) office in Philadelphia that investigated the case.
Under a February 2, 2006 consent judgment entered in the federal district court for the eastern district of Pennsylvania, Cathy Milder, co-owner of G&M Land Development and trustee of the pension plan, was required to restore the plan assets after a Labor Department investigation found the company in violation of the Employee Retirement Income Security Act (ERISA). Milder subsequently filed for personal bankruptcy.
In fiscal year 2005, EBSA achieved monetary results of $1.7 billion related to pension, 401(k), health and other benefits for millions of American workers and their families.
Many family finances include a credit card debt
The typical family filing for bankruptcy in 1997 owed more than one and a half times its annual income in short-term, high-interest debt. A family earning $24,000 had an average of $36,000 in credit card and similar debt.
New Bankruptcy Law 2005
Beginning on October 17, 2005, most individual debtors filing for bankruptcy relief were required to complete either Official Bankruptcy Form B22A ... Read more >
Definition:
A comprehensive disclosure document sent to creditors when they are asked to vote on a plan of reorganization in Chapter 11.
Debtor-in-possession
Definition:
The debtor which remains in control of operations; as opposed to having a trustee operate the company.
Bankruptcy Amendments of 1984
Definition:
A set of amendments to the Bankruptcy Reform Act of 1978. It contains a number of provisions including: limiting the jurisdiction of the bankruptcy court.
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