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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.
Chapter 7 of the United States Bankruptcy Code is the Bankruptcy Code’s “liquidation” chapter
Lawyers sometimes refer to it as a “straight bankruptcy.” It is used primarily by individuals who wish to free themselves of debt simply and inexpensively, but may also be used by businesses that wish to liquidate and terminate their business.
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:
The failure by an entity to abide by the covenants in a debt obligation or other agreement to which it is a party. The most common default is non-payment of interest or principal.
Garnishment Laws
Definition:
Unsecured creditors in relation to garnishment laws do not hold any collateral that they can take from you if you fall behind on your payments.
Post-petition
Definition:
Occurring after the filing of a petition. Preference - a payment by a debtor made during a specified period (90 days or one year) prior to the filing that favors one creditor over others.
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