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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.
Can Co-Signers Be Protected
If you file Chapter 7 bankruptcy, the creditor can proceed against your co-signers, according to the terms of the debt agreement. However, if you file a Chapter 13 debt adjustment, a co-signer is protected if the following conditions are met. The debt must be a consumer debt. Also, the debt may not be incurred in the ordinary course of business, and the co-signer cannot benefit from the proceeds of the debt.
Definition:
The order of payment to the different classes of creditors mandated by the Bankruptcy Code. In theory, claims with higher priority are paid in full before other claims receive anything
Petition
Definition:
The document that commences a bankruptcy proceeding. plan of reorganization - the document setting forth how a bankrupt company plans to satisfy its creditors.
Chapter Twelve
Definition:
Family farmer bankruptcies; created by Congress in 1986 (Chapter 12 became effective on November 26, 1986 and is now a permanent Chapter of the Bankruptcy Code); only a family owned farm business can qualify for Chapter 12
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