Category Archives: Bankruptcy

Welcome to your weekly update from the Allen & Overy Pensions team, covering all the latest legal and regulatory developments in the world of workplace pensions.

This week we cover topics including: Dashboards: draft rules for FCA-regulated pension providers; High Court: EU pensions protected on bankruptcy; Tribunal: no reasonable excuse for AE non-compliance; Final regulations on changes to trust registration requirements.

The Financial Conduct Authority (FCA) has published a consultation on proposed rules for personal and stakeholder pension providers on supplying information to pensions dashboards. The consultation closes on 8 April 2022. This runs alongside a government consultation on draft regulations for occupational pension schemes launched earlier this month. The FCA is aiming to publish its Policy Statement and finalised Handbook rules in autumn 2022, alongside or shortly after parliament approves the governments regulations.

Read the consultation.

The High Court has ruled that, contrary to UK legislation, rights in pension schemes recognised for tax purposes in an EU member state are protected in UK bankruptcy proceedings: Wilson and another v McNamara and others. However, the court has left this open to future challenge.

The case involved an Irish citizen made bankrupt in England, with rights in an Irish pension scheme. Under UK legislation, rights in pension schemes registered under the UK Finance Act 2004 are excluded from the assets that can be recovered on bankruptcy. The case was referred to the European Court of Justice (ECJ) to decide whether the UK legislation was contrary to EU law (it was brought before the end of the Brexit transition period). The ECJ held, in November 2021, that the exemption placed migrant workers at a particular disadvantage because, broadly, most migrant workers would have their pension rights in schemes established outside the UK which would not in general be approved for tax purposes in the UK. Therefore, it found that the UK law is indirectly discriminatory, unless it could be found to be objectively justified and proportionate. It did not rule on whether there was objective justification, but said this was a matter for the UK court.

The most recent judgment dealt with whether the UK court should consider the question of justification. Lord Justice Nugee rejected the request to consider that point, as it was not one that had been raised previously, and it was not procedurally appropriate to raise it at this stage. Therefore, he decided that the bankruptcy exemption in the UK legislation should be read as including assets in a scheme established in another member state that was recognised for tax purposes. He did however leave the door open for a future case to consider whether there was objective justification for the UK legislation being limited to schemes registered in the UK.

Read the decision.

The First-tier Tribunal has considered three cases where employers claimed that they had not received reminders from The Pensions Regulator (TPR) in relation to auto-enrolment requirements, and therefore should not have been subject to fixed penalty notices for not meeting those requirements. In each case, the Tribunal found that there was no reasonable excuse for non-compliance.

The Tribunal noted that TPR did not have to prove that documents were delivered; there is a legislative presumption that if a document has been sent to a proper address, it has been received. The employer equally did not have to prove that the documents were not received; if there is strong evidence to the contrary, the presumption can be displaced, but in these cases no evidence had been provided to support this. In any case, employers are under an obligation to comply with the auto-enrolment requirements, and even if they did not receive the reminders, they were not relieved of that duty.

Read the cases: Skewer House Taunton Ltd v TPR, Condor Estates Ltd v TPR and Total Industrial Machines Ltd v TPR

Regulations making changes to the requirements for trusts to be registered with HMRCs Trust Registration Service have now been finalised and will come into force on 9 March 2022. The regulations make changes to the time limits for registration of taxable relevant trusts and exclude certain express trusts from the requirement to register (registered pension schemes are already excluded from needing to register). The exclusions now cover, for example, both a trust holding a life policy and a trust of the benefits payable under that policy, as well as the trust of a bank account holding funds for a minor.

Read the regulations.

The programme for our next Pensions Academy Online (an update on issues for pension schemes and the people who run them) is now available. Please see the list below.

Date Topic

7 March Money laundering and proceeds of crime what trustees need to know

8 March Pension Schemes Act 2021: new offences and notifiable events where are we now?

9 March Handling an investigation

10 March Legal update including transfers, dashboards, single code, superfunds and more

11 March Climate change governance and reporting theory and practice

Click here for more information or to register.

Continue reading here:

Pensions: what's new this week February 2022 # 3 | Allen & Overy LLP - JDSupra - JD Supra

NEW YORK, Feb. 21, 2022 (GLOBE NEWSWIRE) -- A flurry of bankruptcy filings from senior-focused health care facilities has shaped the U.S. economic distress in the fourth quarter of 2021, which is detailed in the newest Polsinelli-TrBK Distress Indices Report.

The report, released today by Am Law 100 firm Polsinelli, explains how senior living-focused organizations, independent/assisted living communities and skilled nursing facilities represent a significant portion of the health care bankruptcy filings as health care begins its return to pre-pandemic numbers. These health care facilities are dealing with decreased patient census, increased operating costs, and significant pressure on staffing and labor costs.

We anticipate that the bankruptcy filing numbers will continue to increase, especially in the health care and real estate industries, as we enter 2022. We havent seen the end of COVID-19 yet and the massive federal assistance that has kept facilities afloat will end soon, said Polsinelli Shareholder Jeremy Johnson, a bankruptcy and restructuring attorney and co-author of the report.

The Polsinelli-TrBK Distress Indices are the backbone of a quarterly research report series that uses Chapter 11 filing data bankruptcies with more than $1 million in assets as a proxy for measuring financial distress in the overall U.S. economy and breakdowns of distress specifically in the real estate and health care services sectors.It is the only current measurement that tracks both Main Street and Wall Street statistics.

Other significant updates in the report include:

The Polsinelli-TrBK Distress Indices track the increase or decrease in all Chapter 11 filings with more than $1 million in assets since the fourth quarter of 2010. Unlike the public markets, the Polsinelli-TrBK Distress Indices include both public and private companies, creating a broader economic view and one that may show developing trends on Main Street before they appear on Wall Street.

To access the full report, graphs and all past analyses, visitwww.distressindex.com.

About Polsinelli

Polsinelli is an Am Law 100 firm with 950 attorneys in 21 offices nationwide. Recognized by legal research firm BTI Consulting as one of the top firms for excellent client service and client relationships, the firms attorneys provide value through practical legal counsel infused with business insight, and focus on health care, financial services, real estate, intellectual property, middle-market corporate, labor and employment and business litigation. Polsinelli PC, Polsinelli LLP in California.

More here:

Senior Living Drives Health Care Industry Distress in Final Quarter of 2021 - GlobeNewswire

SINGAPORE - After six months of trying to pay back banks, moneylenders and creditors, Christine (not her real name) finally started bankruptcy proceedings over a huge debt. The 37-year-old Malaysian nurse working in Singapore is a victim of a pig-butchering scam.

This hybrid of romance and investment scams see fraudsters pretend to be a love interest to swindle unsuspecting partners.

With a total debt of $270,000 and no recourse, Christine attended a court hearing on Thursday (Feb 17) to declare bankruptcy.

"If possible, I wouldn't want to declare bankruptcy, but it's a better option for me now," said Christine, who is originally from Penang, Malaysia, breaking down in tears over the phone.

Having been apart from her family in Malaysia because of Covid-19 related travel restrictions, the loneliness drove her to seek companionship in a mystery stranger who sent her a direct message on Instagram.

The stranger claimed to be a 34-year-old Shanghainese interior designer, based in Vancouver, Canada.

A friendship quickly sparked, and they were soon talking daily via texts and voice calls.

He seemed legitimate enough, sharing pictures and videos from his daily life - whether it was pictures of his meals, or him skiing while on holiday.

"He kept saying to me 'why don't you find a partner, you don't want to end up stuck in an old folks' home alone without a family'," said Christine.

"I only wanted to remain as friends with him since he was a free-thinker... but when he gave in and said he would follow me to church, that's when I gave in too."

Three weeks into the conversation, he brought up investments.

She started off small, and eventually ended up investing US$5,000 (S$6,700) in the first month.

In the midst of it, she had lost $30,000 in a separate loan scam.

Her new love interest, who consoled her through this loss, suggested that she could make back the $30,000 "pretty easily", if she invested in his platform.

He even pumped $10,000 into her account to convince her.

He reeled her in further, promising to fly over from Vancouver in October, to make it in time for a surgical procedure for her heart that she had to undergo.

She pumped in around $150,000, borrowed via bank loans, in order to keep the investments rolling. He also helped her with purchasing and selling shares.

"When I saw the profits reaching the target of $30,000, I wanted to pull out because it was very stressful to keep borrowing money and making enough to pay it back with interest," she said.

"I even told him I wanted to break up," she said.

But the scammer threatened to take his life. "He said to me, 'Why are you leaving me? We've been through all this, we still have a long way to our future.'"

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He also offered to resign from his job and move to Singapore, and get a permanent resident pass via his friend's company.

Convinced, she stayed on. The promise of the relationship also drove her to invest more money.

She funded this by going to moneylenders, and selling her car.

"I also managed to borrow from friends and family also saying it was for urgent use... They know my character and that I'd never borrowed money before," she said.

Taking out a mortgage on her house in Malaysia was the last resort.

In September last year - her last investment - she pumped in $70,000. At that point, she had invested a total of $240,000 on the platform.

It was her father who warned her about investment scams, telling her she needed to make sure she could withdraw her funds.

He sent her a link to an article on a Chinese website about pig-butchering scams, about a woman who had lost around $500,000.

When she read the article, she got a shock. It had photos of the same man she had been speaking to for the last four months.

The red flags started to make sense.

The investment platform she was on could be accessed only by a dedicated website and not via an established app or trading platform like Kraken, Gemini or Crypto.com

Also he did not want to do video calls with her. He said: "We have to keep some surprise for when I see you."

When she confronted him about it, he denied it and said he was disappointed with her accusation.

In a panic, she then tried to withdraw $140,000 she had in the account but was told by the customer service site that they did not have a merchant online that could do the transaction. She hit this wall several more times.

When she eventually got one online with his assistance, they told her that in order to withdraw such a large amount and for "safety purposes", she would have to top up the funds and invest a further $240,000.

Upon realising that her account was frozen, she found Singapore-based non-profit Global Anti-Scam Organisation (Gaso) online, which confirmed that she had been scammed. They advised her not to top up the funds.

Christine she hit her lowest point in September to December last year, when she contemplated suicide.

"Banks were calling me daily at work," she said. "I got so stressed when I was unable to pick up their calls."

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Given the amount of money that she owed, she did not qualify for the Debt Repayment Scheme, which assists debtors with a regular income and debts not exceeding $150,000 to avoid bankruptcy.

In the last five months, she has attempted to pay back as much of her debts as possible, even taking up part-time jobs and working on her days off and public holidays.

However, her salary of around $4,000 a month is barely enough to cover the amount owed - $1,200 a month as part of a company loanand $1,000 a month to pay off moneylenders.

The rental for her current shared housing in a HDB flat takes up another $850 per month, while she pays $700 a month for a property in Penang.

This leaves her with all of $250 a month for any other expenses.

Her last contact with the scammer was in October last year, after which she made a police report.

However, she has no means of recouping her losses.

Christine hopes that by sharing her story, and the modus operandi of scammers, others will not make the same mistakes she made.

"It's a huge syndicate, it's hard to take them down... but (when I wanted to take my life) I realised what I can do is help create awareness," she said.

"That's the only reason that I'm still living. I don't want it to go to waste."

This article was first published in The Straits Times.Permission required for reproduction.

Link:

Months of debts, promises and guilt trips: Woman declares bankruptcy after $240k 'pig-butchering' scam - AsiaOne

The Insolvency and Bankruptcy Code, 2016 (IBC) enacted on May 28, 2016, against the backdrop of mounting non-performing loans, with a view to establishing a consolidated framework for insolvency resolution of corporations, partnership firms and individuals in a time-bound manner, seeks to tackle the non-performing asset (NPA) problem in two ways.

Firstly, behavioural change on part of the debtors to ensure sound business decision-making and prevent business failures is encouraged. Secondly, it envisages a process through which financially ailing corporate entities are put through a rehabilitation process and brought back up on their feet.

Under the IBC, the Indian insolvency regime shifted from debtor-in-possession to creditor-in-control. The creditor-in-control model hands control of the debtor to its creditors and relies upon the managerial skills of a newly appointed management to take over an ailing company and ensure business continuance. The Apex Court in Swiss Ribbons Vs Union of India, has held that the core objective of the IBC is to ensure revival and continuation of the corporate debtor. Thus, the IBC has a larger public-welfare consideration in play.

The IBC sets out three classes of persons who can trigger the corporate insolvency resolution process (CIRP) financial creditors, operational creditors and corporate debtors.

For an operational debtor, the Apex Court in Mobilox Innovations Vs Kirusa Software observed that the operational debt should be free from any pre-existing dispute which cannot be dealt with summarily in insolvency proceedings. In terms of liability, in Lalit Kumar Jain Vs Union of India, the Supreme Court clarified that the liability of a guarantor was coextensive with that of the principal debtor. Accordingly, parallel proceedings could be initiated against the guarantors.

Perhaps the most important aspect under the IBC is the timeliness of insolvency resolution. The Supreme Court in Kridhan Infrastructure Vs Venketesan Sankaranarayan, observed that the insolvency resolution should not suffer from an indefinite delay in complete abeyance of the timelines fixed under the IBC.

Once an insolvency petition is admitted, a moratorium is introduced. In P Mohanraj Vs Shah Brothers Ispat, the Supreme Court held that a moratorium prohibits the institution and continuation of any proceedings against the corporate debtor during the CIRP. A moratorium is meant to prevent further depletion of the corporate debtors assets and hence acts as a shield, but it does not protect the key managerial personnel of the corporate debtor who was responsible for the insolvency.

The IBC also bars certain individuals from submitting a resolution plan or participating in the insolvency resolution process. The Supreme Court in Chitra Sharma Vs Union of India held that the purpose behind the bar against certain individuals is to ensure that persons responsible for the insolvency of the corporate debtor do not participate in the CIRP by means of a backdoor entry.

Similarly, in Phoenix ARC Vs Spade Financial Services, it was observed that the IBC provides that any related party of the corporate debtor does not have the right to be part of a committee of creditors (CoC). The object of such a provision is to prevent the decisions of the CoC from being sabotaged by related parties of the corporate debtor.

Apart from the powers to undertake insolvency resolution proceedings, the National Company Law Tribunal (NCLT) is endowed with broad residuary jurisdiction under the IBC to decide upon all questions which arise out of or in relation to the insolvency and liquidation of the corporate debtors. However, in the adjudicatory process concerning a resolution plan, the Apex Court in the Jaypee Kensington case held that there was no scope for interference with the commercial wisdom of the CoC. If an adjudicating authority found any shortcomings in the resolution plan, then the same would be sent back to the CoC for re-submission.

The IBC has reformed the Indian insolvency law landscape to a great extent. It has contributed to the development of disciplined borrowing amongst companies. Promoters are fearful of losing control of their enterprises in the event of a default. A whopping 18,629 applications seeking more than 5,29,000 crore are noted to have been resolved even prior to being admitted. Post the implementation of IBC, as per the World Banks report, Indias rank in resolving insolvency went from 136 in 2017 to 52 in 2020. The recovery rates under the IBC are low. There are matters where haircuts of as much as 95 per cent are being granted during the insolvency resolution. Since 2016, the lenders took an average of 61 per cent haircut on claims.

Adding to the problem is the pendency of insolvency matters. Around 71 per cent of the cases are pending for more than 180 days which is a marked deviation from the intent of swiftly resolving insolvency. As far as staffing is concerned, in September 2021, the NCLTs were functioning without a President and were short of 34 members out of a total sanctioned strength of 62 members.

Another important challenge is the digitisation of the IBC ecosystem. The lack of digitisation has led to the insolvency process being stymied with long delays much beyond the statutory limits. Often, the admission of cases in NCLT has proven to be a task. A Special Parliamentary Committee in its report opined that the NCLTs and the National Company Law Appellate Tribunal (NCLATs) should be digitised. There should be provision for virtual hearings to deal with the pending cases swiftly.

It is important for the key stakeholders to make their best endeavours to ensure that the power of the IBC does not diminish. The goal must be to fill the voids that are discovered and move towards a more complex legal system over time. Statistics indicate that a majority of liquidation happens in matters where the debtors assets erode over time during a prolonged insolvency process.

Hence, the timeliness of insolvency resolution is key. The government needs to cater appropriate budgetary allocations to upskilling insolvency professionals, improvement of tribunal infrastructure and digitisation of the insolvency resolution process.

The IBC has undoubtedly revived Indias insolvency regime. Not only has it been successful in combating the growing threat of NPAs, but it has also benefited the economy in a variety of nuanced ways, including improving credit discipline. As per reports, a total of 2.5-lakh crore has been introduced back into the banking system from 2016 upon resolution of insolvencies under IBC.

However, like any other law, IBC also has areas that can witness remarkable improvement. There is a long way ahead for the Indian insolvency regime to meet the standards of other mature global jurisdictions.

The authors are advocates at Phoenix Legal, a law firm

Published onFebruary 20, 2022

Read more:

Five years of Insolvency and Bankruptcy Code: A promising journey - BusinessLine

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

If your business is behind on its bills, struggling with too much debt and besieged by creditors, you may be able to catch a break with Chapter 11 bankruptcy and get back on track.

Fee for Settlement

18% to 25%

On Nationaldebtrelief.com's Secure Website

Typically, corporations or partnerships file for Chapter 11 bankruptcy, though individuals can use it as well. With this type of bankruptcy, debtors propose a plan of reorganization to pay creditors over time.

Chapter 11 stops creditor collection efforts, facilitates negotiations to settle debts and can even allow a business to get new financing on better terms. The goal is to keep your business afloat and keep creditors at bay while you restructure your debt obligations.

Chapter 11 is fundamentally different from Chapter 7, the other option for a company that is in too much debt to continue doing business. In a Chapter 7 bankruptcy, rather than reorganizing to try and save the business, the business is shut down and its assets are sold, with the proceeds distributed to creditors.

The central element of a Chapter 11 bankruptcy is the creation of a plan to repay creditors all or part of what is owed. Once the bankruptcy court approves this, the business still has to repay its remaining debts but the legal part of the bankruptcy process is essentially over.

The process begins with the business filing a petition for bankruptcy protection in federal bankruptcy court. Creditors can also file an involuntary bankruptcy to force a business not meeting its obligations into court to cut a deal.

Once the court accepts the petition, creditors must end collection efforts. That includes evictions, foreclosures, lawsuits, property seizures and requests for payment. This automatic stay of collections lasts for the duration of the case, although the court may lift it if a creditor asks. The business seeking protection also has to submit details about its debts, assets, income and expenses.

After filing a voluntary or involuntary petition, the business is considered a debtor in possession, which means it retains control of its assets while undergoing Chapter 11. This is unlike other chapters of bankruptcy, which appoint a bankruptcy trustee to take control of the business and its assets. But the debtor in possession must perform all of the duties of a trustee. These duties include, among others, accounting for property, examining and objecting to claims, and filing informational reports.

As a debtor in possession, a firm can get new loans through debtor-in-possession financing, which may be cheaper than any the firm could get before the filing. This can help keep the organization afloat while it undergoes bankruptcy. Even more help can come from the ability of a business in bankruptcy to unilaterally cancel leases and other contracts that are costing too much.

With the courts approval, the business can also raise money for operations by selling underused assets, including those that may have been burdened with liens. The entire business can even be sold.

The linchpin of the entire process is the businesss creation of a reorganization plan, including a proposal for how much to pay each creditor. After the plan is presented to the court, the business meets with a court-appointed committee of major creditors. At this get-together, called a Section 341 meeting, a business representative has to answer, under oath, creditors questions about the business.

Next, creditors submit their desired modifications to the plan, which may be extensive. After some back and forth, the court approves an often-heavily modified version. Then creditors get to vote. If two-thirds accept the plan, the court confirms it and the legal part of the bankruptcy is over.

After this process, the debts are considered discharged and are replaced by the debts confirmed by the court. The business has to make the payments set forth in the plan, but creditors have to accept the plan, even if they will get less than they were originally due.

Not all debts can be discharged this way. For example, sole proprietors seeking Chapter 11 may be held personally responsible for the businesss debts since a sole proprietorship doesnt exist separately from its owner(s), like a corporation. In some cases, the personal assets of members of partnerships may be used to pay creditors. When that happens, only personal bankruptcy can discharge the debts. Shareholders of corporations, on the other hand, are personally shielded from creditor actions.

Sometimes the court converts a reorganization bankruptcy to a Chapter 7 liquidation proceeding. This can happen if a creditor successfully claims managers arent running the business properly, have no chance of continuing operations or are misusing assets. The court can also simply dismiss the case, exposing the business to its creditors again. And even if not converted to Chapter 7 or dismissed, some Chapter 11 proceedings still result in the business closing its doors and liquidating rather than reorganizing.

All this can take a long time. A filer has 18 months to file a reorganization plan and up to 20 more months to get creditors to accept it. As a result, while a Chapter 7 liquidation can be resolved in a few months, a typical Chapter 11 can take six months to two years.

Chapter 11 is also expensive. Theres a standard $1,167 case filing fee and a $571 miscellaneous administrative fee. In addition, filers have to pay quarterly court fees ranging from $325 to $30,000, depending on how much the filer has paid out during the quarter, for the duration of the case.

The complexity of Chapter 11 cases also leads most filers to hire bankruptcy attorneys to represent them and other experts to support the process, significantly adding to the cost.

For all its challenges, Chapter 11 offers some benefits. Here are some of the most important:

Chapter 11s disadvantages include:

Chapter 11 is not a cheap or easy refuge. Reorganization bankruptcies have a lot of moving parts and can cost far more and take vastly longer than the more straightforward, final remedy of a Chapter 7 liquidation. Chapter 11 doesnt erase all debts and its not suitable for all businesses. But in the right cases, it can be a viable way for financially troubled firms to find a path through a difficult time. Before choosing the type of bankruptcy to file, its wise to speak with a bankruptcy attorney and consider all of your options for debt relief.

Free, No-commitment Estimate

In a Chapter 7 filing, the business ends its operations and its assets are sold with the proceeds distributed to creditors. A Chapter 11 case provides for the business to keep operating while negotiating deals with creditors.

Yes, in some cases it may be easier for a business operating under Chapter 11 protection to get new financing.

Not exactly. Creditors often have to accept less under a court-approved reorganization plan. But the idea is for the business to keep earning money so it can pay back as much as possible.

See the original post:

Chapter 11 Bankruptcy: What You Need To Know - Forbes

Few industries have been clobbered by COVID-19 like restaurants. And nearly two years into the pandemic, the struggle to stay in business is far from over for thousands of operators. While chains like Ruby Tuesday and Golden Corral have teetered on the brink of disaster, it's really the independent restaurantsthe local mom-and-pops without corporate backingthat have borne the brunt of the pandemic's havoc.

For more fast-food news, check out 8 Worst Fast-Food Burgers to Stay Away From Right Now.

With seesawing restrictions and mandates across the country, a hesitant dining community, new variants, and mixed messaging on restrictions from government officials, it's no wonder that independent restaurants have been pushed to their breaking points. A recent survey by the Independent Restaurant Coalition reports that a staggering 42% of independent restaurants that didn't receive government aid are nearing bankruptcy. While $28.6 billion was allotted for the Restaurant Revitalization Fund, more than 177,000 restaurants and bars didn't see a penny of that financial aid, and now nearly half of them find themselves staring down the barrel of bankruptcy court.6254a4d1642c605c54bf1cab17d50f1e

And statistics get even grimmer: 28% of these under-funded independent businesses have either already receivedor are expecting to receiveeviction notices. Some 25% have sold off personal assets, 30% have decreased their employees, and 49% have laid off staff in order to stay afloat.

The survey polled 1,200 restaurants in all 50 states, with 33% of respondents hailing from the Western region, 27% from the South, 22% from the Northeast, and 18% from the Midwest.

It's a stark reminder that no matter how low the COVID positivity rates get, or how optimistic and "normal" things feel, the pandemic still isn't over for the restaurant industry, especially independent restaurants left to fend for themselves.

"Congress and the Biden Administration need to treat this like the crisis that it is and replenish the RRF," said Erika Polmar, executive director of the Independent Restaurant Coalition. "The nearly 200,000 restaurants and bars left behind in the first round of funding do not have much time left."

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These Restaurants Are Nearing Bankruptcy, Recent Data Shows Eat This Not That - Eat This, Not That

If you listen closely to Shelley Luthers six seconds of silence, you can hear many things.

Luther, the Dallas hair salon owner who was turned into a political star by Texas Republicans in 2020 when she defied a pandemic-induced state order to temporarily shut down nonessential businesses, is running for state representative.

At a Feb. 5 candidate forum, the former schoolteacher was eager to demonstrate her culture-war bona fides and figured that trampling on transgender kids was an easy way to get there.

I am not comfortable with the transgenders, the kids that they brought in my classroom, Luther said.

When they said that this kid is transgendering into a different sex, that I couldnt have kids laugh at them, like I couldnt have

On ExpressNews.com: Texas GOP candidate Shelley Luther complains that students cant make fun of transgender children

At that point, Luther stopped for six excruciatingly awkward seconds.

You could hear the panic in her pause.

You could feel the brain freeze that set in when she realized she had said the quiet part out loud; bemoaning the possibility that school bullies would be deprived of the chance to ridicule kids going through the inherently difficult process of transitioning (not transgendering) to a new gender.

You could actually hear the sound of Luthers moral bankruptcy churning like a tape loop of white noise.

Luthers potshot at transgender children came only a month after she tweeted that Chinese students should be banned from all Texas universities.

It was notable because it was so lacking in finesse that it couldnt camouflage the ugliness at the heart of the social-issue crusades being carried out by much of the Texas GOP. It was also notable because Luther is an embarrassingly awful candidate who wouldnt be running for office if Texas Republicans hadnt glorified her two years ago.

On ExpressNews.com: Shelley Luther, anti-lockdown activist and GOP candidate, said Chinese students should be banned from Texas universities

Luthers recent comments were among the subjects discussed on this weeks episode of the Express-News Puro Politics podcast.

What she is saying is, My students, my kids, should have the right to mock other kids who are different, said columnist Cary Clack.

Whether theyre transgender kids, why stop there? If theyre in a wheelchair, why cant they mock them? Because if youre giving permission to mock a set of kids for something that is different, or you perceive as different, then where does it stop?

Hear more about this and other issues on the latest edition of Puro Politics.

ggarcia@express-news.net | Twitter: @gilgamesh470

Here is the original post:

Podcast: The awful sound of Shelley Luthers moral bankruptcy - San Antonio Express-News

byMs. Daniela P Romero

Posted on February 18, 2022 inBankruptcy, Debtor and Creditor, Foreclosures

If you have a reverse mortgage and are worried about foreclosure, you may be looking at bankruptcy.So, will bankruptcy keep your home protected? First, you should know what a reverse mortgage is and how it works.

So, How Does a Reverse Mortgage Work?

A reverse mortgage is a loan. However, the homeowner needs to be 62 or older. If that homeowner has enough home equity, they can borrow against the value of their home to receive:

In a reverse mortgage, the homeowner is not required to make loan payments. This is different than a forward mortgage, which is typically used to buy a home. Instead of monthly payments, the entire loan balance will become due if the borrower sells the home, moves away, or if the borrower dies. There are federal regulations ensuring that the loan amount does not exceed the value of the home. The borrower will not be responsible for paying the loan difference in the event it is larger than the homes value.

Reverse Mortgages and Bankruptcy

Since the most common reverse mortgages are secured by the home of the borrower, it is considered a secured debt. There are no laws preventing a person with a reverse mortgage from filing for bankruptcy.

It is important to meet with an attorney, as some reverse mortgages consider a bankruptcy a breach of contract. This could result in a foreclosure. While this is not common, it is still possible. You also may not be able to protect all of the equity in your home. Your attorney will know the best ways to protect you and your assets in your bankruptcy filing.

What are the Problems With Reverse Mortgages?

Be sure that you and your attorney look at your homes value and the reverse mortgages balance before filing. You will want to be sure of how much equity is protected in your bankruptcy. Keep in mind that the monthly amount owed in a reverse mortgage can increase. It may be a good idea to find out a payoff amount from your lender prior to listing an amount in your bankruptcy.

Are You Receiving Reverse Mortgage Payments?

It is likely that your bankruptcy filing may lead your lender to stop these payments. Your lender might also have the ability to attempt a foreclosure if you file for bankruptcy. Using an equity line of credit from your reverse mortgage? A bankruptcy filing might also stop this line of credit. You and your attorney should go over the clauses and terms of your agreement to determine if this is a possibility. You may need to reaffirm the reverse mortgage debt to receive these payments.

Things to Keep in Mind

First, how your reverse mortgage is handled will depend under which chapter of bankruptcy you file.

Do you have a first mortgage as well as a reverse mortgage? If so, this may complicate your bankruptcy. Your reverse mortgage attaches a lien to your house. Your attorney will need to address this in the bankruptcy, so be sure to thoroughly go over your finances with your attorney before filing.

Need More Information?

If you live in California, please contact our office today for a free consultation to see what options work best for you. If you live outside of California, please contact a bankruptcy attorney in your area. Most attorneys offer free consultations.

Read more:

What You Need to Know About Filing for Bankruptcy with a Reverse Mortgage - Lawyers.com Blog

From the Ag Information Network, Im Bob Larson with your Agribusiness Update.

**The USDA lowered its estimate for Florida Orange production in its February forecast while holding Florida Grapefruit and Specialty fruit steady.

According to http://www.morningagclips,com, the report projects 43.5 million boxes of Florida Oranges, a 1 million box departure from Januarys forecast.

Florida Grapefruit production is projected at 4.1 million boxes while Florida Specialty Citrus is expected to remain at 800,000 boxes.

Florida Department of Citrus executive director, Shannon Shepp says, the grit and determination of Florida Citrus growers does not waver.

http://www.morningagclips.com/florida-orange-production-declines-slightly-in-february-usda-forecast/

**A new Market Intel analysis from the American Farm Bureau Federation finds Chapter 12 farm bankruptcy filings were down 50% in 2021.

The number of Chapter 12 filings in 2021 is the lowest in the last decade, and this is the first time in at least ten years there were fewer than 300 filings.

For 2021, 276 Chapter 12 bankruptcies were filed across the nation.

**Data from USDAs Economic Research Service details the increase in fertilizer prices.

In late 2021, prices began to spike alongside rising natural gas prices, a primary input in nitrogen fertilizer production.

By December, the average monthly spot prices of natural gas at the Henry Hub distribution hub in Louisiana were 45% higher than in December 2020.

Fertilizer represents an average of 36% of a farmers operating costs for corn, and 35% for wheat.

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Florida Orange Forecast Drops and Chapter 12 Farm Bankruptcy Filings Down - AG INFORMATION NETWORK OF THE WEST - AGInfo Ag Information Network Of The...

The trustee overseeing the Evander Kane Chapter 7 bankruptcy wants to sue Sure Sports, which arranges and underwrites typically high-interest rate loans to athletes. Sure Sports arranged the bulk of the underwater loans to the embattled NHL winger.

Based in Hollywood, Fla., Sure Sports has arranged and underwritten likely hundreds of millions of dollars of loans to professional athletes since its inception in 2009. Disputes between Sure Sports and athletes usually go to private arbitration per the terms of the loans, so the trustees planned lawsuit could trigger transparency in this ultra-private corner of the sports world.

Sure Sports over 10 months crossing between 2018 and 2019 arranged nearly $14 million in loans to Kane, according to court filings. Kane in early 2021 filed for Chapter 7 bankruptcy, declaring $26.8 million in liabilities and unleashing an ongoing vitriolic process between creditors and the hockey star who recently signed with the Edmonton Oilers. Sure Sports itself filed as a creditor, seeking nearly $1.2 million it alleged Kane owed in fees.

But in a filing on behalf of Kanes estate, the trustees lawyer, Gregg Kleiner, wrote not only would he seek to invalidate its claim, but preclude Sure Sports from seeking: further payments. the return of money paid, to ask for damages and attorneys fees and court costs incurred in the prosecution.

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Evander Kane bankruptcy trustee wants to sue firm that arranged his loans - The Athletic