BANGOR - Potato grower Rocky Beach Farms Inc. of Saint David, near Madawaska in Aroostook County, filed for Chapter 12 bankruptcy protection from creditors last week, citing debts of more than $1 million. It is the second time in two years that Rocky Beach Farms has filed for bankruptcy. In June 2002, two separate bankruptcy filings were made in U.S. Bankruptcy Court in Bangor - one for the company and the other for its owners, Gerard and Adrienne Ouellette.
The federal income tax liability resulting from the sale of a farm after a Chapter 12 bankruptcy filing is not "incurred by the estate" under Section 503(b) of the Bankruptcy Code and thus is neither collectible nor dischargeable in the bankruptcy plan, the U.S. Supreme Court has ruled. The case involved a family who owned a farm and filed for bankruptcy under Chapter 12, which allows family farmers and fisherman to petition for relief from debts.
One type of financial reform being proposed to deal with the aftermath of the housing crisis is allowing bankruptcy judges the authority to modify residential mortgages in a way referred to as a stripdown. The reform is seen by some as a partial solution to the rise in foreclosures and as a Pandora's box by others. But the debate is not new one. The 1980s farm foreclosure crisis sparked similar proposals and concerns. Congress decided to enact legislation that contained a stripdown provision, resulting in the creation of Chapter 12 in the bankruptcy code. The effects of Chapter 12 stripdown authority after its enactment shed light on the efficacy of granting bankruptcy judges similar authority for housing loans.
... November 29, 2011-Decided May 14, 2012 Chapter 12 of the Bankruptcy Code allows farmer debtors wi...
The Commercial Finance Association's Advocacy Committee held a meeting in early February to set the Associations public policy agenda for the year. Four major issues were identified by the Committee as top priority for the CFA in 2010. These are: financial regulatory reform and access to capital for non-bank lenders, senate ratification of United Nations convention on receivables, OCC risk ratings and asset-based loans, and amendments to the bankruptcy code. The National Bankruptcy Conference (NBC), a prestigious group of bankruptcy practitioners and legal scholars, has proposed amending the federal law to allow small businesses to file for bankruptcy protection under Chapter 12 of the Bankruptcy Code. Meanwhile, the Inter-American Development Bank held a conference on the democratizati...
In a case that could have broad implications for bankruptcy filers, the U.S. Supreme Court is set to decide whether a farmer who sells his farm after filing for bankruptcy can discharge a tax debt. In the case Hall v. U.S., Lynwood and Brenda Hall filed for bankruptcy under Chapter 12, which allows family farmers and fisherman to petition for relief from debts. The Halls then sold their farm for $960,000, and the profit resulted in a capital gains tax assessment of $29,000.
A company that built its business on selling alcoholic drinks to French Quarter patrons has gone bottoms up. Bourbon Saloon Inc., which runs two restaurants and three bars, including Mango Mango and the renowned Old Absinthe House, filed for Chapter 11 bankruptcy on May 12.
This article grapples with the various proposed bills and urges the adoption of a more lenient statutory provision for chapter 13 debtors, while offering flexible solutions for those borrowers specifically affected by subprime mortgage lending. Part I provides background information about the subprime mortgage market, the interplay between foreclosure law and bankruptcy law, and the chapter 13 plan confirmation process. Part II discusses the adverse effects that the subprime mortgage crisis has had on other sectors of American society. Part III addresses the legislative history and Congressional intent behind Section 1322(b)(2) and the antimodification provision located therein. Part IV examines the Supreme Court's only decision interpreting Section 1 322(b)(2), as well as the lower cou...
...American Savings Bank.12 Even more problematic, the Supreme Court's decisio...
Chapter 11 bankruptcy: Chapter 11 bankruptcy essentially works the same as Chapter 13, by allowing debtors to reorganize their assets and debts. This plan calls for a repayment plan. This type of bankruptcy is for businesses. A bankruptcy will stay on your credit report up to 10 years. If a person files for Chapter 7 bankruptcy and is approved, they cannot apply for another bankruptcy for six years post discharged date. Chapter 12, 13 and 11 can, however, be converted to Chapter 7 if the debtor finds the payment plan to be too much. It is important for the debtor to have learned from mistakes that led to bankruptcy. A person who has filed for bankruptcy will want to re-establish their credit by taking on small credit extensions and maintaining clean payments. Lenders tend to want to see...
BANGOR - A federal bankruptcy judge on Wednesday dismissed the Chapter 12 bankruptcy filing of Rocky Beach Farms Inc. of Saint David because Chapter 12 no longer exists as a category in bankruptcy law. Chapter 12 ceased to be available as an option for debtors effective Jan. 1, 2004," wrote U.S. Bankruptcy Chief Judge Louis H. Kornreich in an order he signed Wednesday morning.
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