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Bankruptcy
Holders of a Florida development’s tax-exempt “dirt bonds” are battling a court order that could make it more difficult for owners of at least $2.9 billion of defaulted debt involving Fiddler’s Creek Community Development Districts to get paid by excluding them from a Chapter 11 settlement plan. Is is one of the single biggest default events in the history of the municipal market, which is nearly $5.1 billion, or 77 percent of those issued since 2003, having taken place in Florida, according to Bloomberg reports. Creditors Frustrated With Chapter 11 Settlement Plan The owners of the $100 million of dirt bonds sold by Fiddler’s Creek Community Development Districts now know debt payments will begin after those to other creditors of Fiddler’s Creek LLC, the bankrupt builder of a 4,000-acre (1,600-hectare) community in Naples, on Florida’s west coast. Dirt bonds are sold by community development districts established by builders to pay for utility lines and roads on newly developed housing land. Florida issued almost 400 in the $7 billion outstanding. The disaster started with Florida’s economic and real estate downturn which continues. In bankruptcy restructuring, debts are let go by a court order based on a careful reorganization plan. Creditors are in line for payment by what funds are available and do not want their debts dismissed. This case, Florida’s first where a development district settled debts with a builder under Chapter 11 bankruptcy procedures over bondholders’ objections, may prompt more Chapter 11 filings by builders looking to delay bond payments. Florida has many developers filing bankruptcy or who have bankruptcies pending. It means that bondholders supposed to be first paid are now last....
Bankruptcy
When creditors start calling you at home and at work you may wonder how to stop creditor harassment and may even consider bankruptcy. It may be from a credit card that’s late. You may not have paid your car note. Maybe you can’t pay your mortgage. No matter who you owe, you should call them to arrange payment or they will call you. They shouldn’t harass you. Creditors can’t call over and over and over. But when they call, there’s things that you should do to make it stop. How to Stop Creditor Harassment Yes, creditors can be stopped. You don’t have to file bankruptcy to stop creditors from bothering you. There are laws that prohibit this. Here’s what you do: Write to each creditor and put it in writing that you do not want to be called. Verbally tell debt collectors when they call that you will not pay. BUT before you do this, know that they can make one last request for payment. THEN they can file a lawsuit against you for it If telling a creditor to stop doesn’t work send the letter. Experienced Bankruptcy Attorneys Lanigan and Lanigan You may have made the creditors stop calling, but you still have a problem and need to resolve it. Central Florida bankruptcy attorneys Eric Lanigan and Roddy Lanigan will be able to discuss the options with you to find out if you should file bankruptcy. They will find out from you what your debt it and how much you owe and to whom. Then you can decide if bankruptcy Chapter 7 or chapter 13 is right for...
Bankruptcy
Winter Park, Fla. (Sept 19, 2011) – The housing market and unemployment nominates the state economy as one of the nation’s worst for bankruptcy and foreclosure in Florida. Lanigan and Lanigan, a law firm with 39 years of bankruptcy and foreclosure and mortgage workout practice offers panicked Central Florida businesses and individuals home and business-saving solutions. “Calm down, there are causes, there are remedies, and no matter how stressed out you are, it’s never as bad as you think it is,” said partner Eric A. Lanigan. “Your case is unique and not like any other business, friend or family member’s situation. There are options based on what you want to do and your finances which tell you what you need to do.” Bankruptcy and Foreclosure in Florida Lanigan and Lanigan is a business and civil litigation, bankruptcy, foreclosure, mortgage workout and securities and investment losses law practice. Eric and Roddy Lanigan review and consult with small and large businesses in multiple industries, from CEOs with hundreds of employees to two-person shops. Families, married, divorced, single, all income levels have filed bankruptcy, had foreclosure suits filed against them, and have found ways out of or resolution to manage overwhelming debt through Lanigan and Lanigan. “From teachers to airline pilots, builders, small business owners, heads of families to single people…the one thing that they all have in common: it’s the economy,” said partner Roddy Lanigan who holds a master’s in economics history from the University of Cambridgee and a Fellow of the Cambridge Overseas Society, a scholarship sponsored by the Prince of Wales. “The bad economy has spared no industry and no demographic group,” Roddy said. “As a result of the...
Bankruptcy
The New York High Court rules on Chapter 11 law clarifying the business exemption law issues over a Liquidating Trust that filed suit against Deloitte, LLP., for accounting fraud in New York State Supreme Court. Deloitte, an audit, financial advisory, tax and consulting firm, moved to dismiss the suit arguing the Trust represented more than 50 claimants, thereby making its claim subject to dismissal under the Securities Litigation Uniform Standards Act of 1998 (SLUSA). The SLUSA sought to prevent abuses in private securities fraud lawsuits. However, The Trust countered it qualified for the single-entity exemption because the Trust was a single entity within the meaning of SLUSA. The New York Court of Appeals held that a liquidating trust established pursuant to a bankruptcy reorganization plan was a single “person” within the meaning of the “single-entity exemption” because the primary purpose of the trust was not to pursue the litigation. Business Reorganization Clarified When Court Rules on Chapter 11 Law Business reorganization is a complex process. Circumventing litigation through careful planning, and in-depth financial review with clients can prepare for any legal situation involved in a bankruptcy. Winter Park Florida bankruptcy lawyers Eric Lanigan and Roddy Lanigan, of Lanigan and Lanigan, P.L., have 36 years and five years experience respectively of discerning complex business and civil litigation and bankruptcy laws for clients. Determining bankruptcy law application and challenges that large and small businesses face while going through a business reorganization or a Chapter 11 bankruptcy is important to how a case will ultimately be litigated in court. Work with attorneys who have familiarity with a range of bankruptcy and business reorganization cases and...
