A wholesale potted plant company in San Mateo County, California, recently filed for Chapter 11 protection.Nurserymen's Exchange plans to sell to new owners over the course of the next two months, as well as rid itself of 28 acres of land for approximately $8 million, according to a report. The company is the largest supplier of indoor plants in the county.The company was hurt by the recession, and in order to pay off debts it borrowed close to $15 million from Wells Fargo Bank, according to the San Mateo County Times. Nurserymen's owes more than $9 million to multiple creditors and contractors.The plant seller made a variety of cuts, and saved $10 million in the process, the news source reported. Despite this, last year it was forced to lay off approximately half of its workforce.The company made more than $62 million last year and has already reported close to $51 million in earnings this year, according to the news source. RL Communities, a firm from San Ramon, had conversations with Nurserymen's owners to purchase the large amount of undeveloped land, but a buyout will not occur until at least July.

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<a href="http://www.bankruptcyhome.com/bankruptcy-news/800515372/California-plant-seller-files-for-bankruptcytag:news.google.com,2005:cluster=http://www.bankruptcyhome.com/bankruptcy-news/800515372/California-plant-seller-files-for-bankruptcyWed, 25 May 2011 15:11:16 GMT 00:00″>California plant seller files for bankruptcy

California plant seller files for bankruptcy is a post from: Chapter 7 Bankruptcy Information

Median Income and Means Test in fair Oaks and Sacramento

As you may have heard, the 2005 changes to the bankruptcy law added a Means Test to the bankruptcy process. the concept behind this is that if you have the means or ability to pay, you should be in a chapter 13 rather than a chapter 7 bankruptcy. the means test was designed to reduce the number of chapter 7 bankruptcies and get more people to file for a chapter 13.

How does the means test work?

1) Median Income Test

Fist of all, they will look at your household income for the 6 months preceding the current month and calculate your median income from that. This median income will then be compared to the median income table.

If your average income is below the median income for your state, then you should qualify for chapter 7, since it is presumed that you don’t have the money to go through a chapter 13 bankruptcy. if you still opt for the chapter 13 bankruptcy, your low average income will benefit you, because you can do a 3 year as opposed to a 5 year chapter 13.

2) Means Test

If your average income is above median, you proceed to step 2, which is the means test.

Generally, if your income is more than $10,000 to $15,000 above the median income for your state, the means test and the court will conclude that you have enough money to fund a chapter 13.

The median income as defined by the table is not the average income, since that would include the extreme high and low ends, but tries to give a more accurate representation of the average.

As a Sacramento bankruptcy attorney serving the fair Oaks community, I’m always glad to discuss your options and provide ready, brief, and clear answers for callers.

If you can pass the means test and would like to move forward with the Chapter 7 bankruptcy filing process, please contact our office at 916-313-9069 or email us at info@california-bankruptcyattorney.com for a free consultation.  And, too, if you can’t pass the means test, we may be able to provide solutions of which you are unaware, or help with filing a Chapter 13 bankruptcy.

Median Income and Means Test in Fair Oaks and Sacramento is a post from: Chapter 7 Bankruptcy Information

A judge form the Bankruptcy Court for the Northern District of new York has ruled that the recent Supreme Court decisions in Hamilton v. Lannin, 130 S. Ct. 2464, 2468-69 (2010), and Ransom v. FIA CardServices, 131 S. Ct. 716 (2011), do not permit a bankruptcy court to disallow “means test” expenses in calculating the minimum payment to unsecured creditors in an above-median income Chapter 13 case. In re Joest, Ch. 13 Bk #10-60028; Bankr. NDNY, Hon. Diane Davis, decision March 17, 2011.) The specific issue in Joest was whether a single debtor (no dependents) with income above the median in new York who has two car loans can deduct the ‘ownership cost’ for both in calculating ‘projected disposable income’ in a Chapter 13 case. The debtor, represented by attorney Steven R. Dolson, Esq., said yes; the chapoter 13 trustee, Mark W. Swimlar (represented by staff attorney Maxsen D. Champion, Esq.) siad no.  The court went with the debtor.

Before reviewing the holding, I would make two observations: First, the debtor’s proposed plan called for a 17% dividend to unsecured creditors. The consequence of the ruling in this particular case would not have been particularly significant either way – had the trustee’s objection to the proposed plan been allowed, the dividend to the unsecureds would have increased only two percentage points. But the legal issues would have significance far beyond this single case.secondly, the Court appears to have come to its conclusion based on Supreme Court decisions rendered after the issue in the case was briefed and argued. The debtor filed her chapter 13 case on January 6, 2010, and the trustee filed an objection to her plan February 25, 2010. The debtor’s response was filed March 2, and the parties filed legal briefs March 22 (the trustee) and April 22 (the debtor.) The docket shows three hearings on the issue, the last of which was may 6. I do not see any docket entries related to the plan objection after that (other than a one-page trustee letter in September asking the case to be considered unconfirmed until a decision is reached), yet the Court did not issue its decision until ten months later, on St. Patrick’s Day 2011.in the meantime (that is, after may 6), the Supreme Court issued the Lanning decision June 7, 2010 and the Ransom decision January 7, 2011. It appears that the Court in Joest relied on both of these decisions without further arguments or briefing from the parties.in Chapter 13, a debtor must commit all his or her ‘projected disposable income’ into the plan; that is, to the extent that income exceeds expenses, the difference must be put into the plan. But how is ‘income’ and ‘expenses’ calculated? in Lanning, the Supreme Court held that an unusual fluctuation in the debtor’s income during the six months prior to filing bankruptcy should not be taken into consideration in calculating future income. in that case, a debtor had received a one-time bonus, which, if included in calculating future income, would have projected much higher income that was actually available. therefore, the Lanning holding is that the income side of calculating projected disposable is the debtor’s actual future income; more or less the income reflected on Schedue I of the bankruptcy schedules.in Ransom, the issue was whether a debtor was entitled to claim as an expense the IRS standard ownership cost of a car which had no loan against it. The Supreme Court said no, if there is no loan there is no ownership expense. in Joest, the judge concluded that under the reasoning of Ransom the opposite is true: that a debtor with two cars is eligible for two ownership expenses.

The court’s interpretation of Ransom is that the expense side of projected disposable income, for above-median-income debtors, is the Form 22C means test expenses, period. Even if the trustee or the Court believed the expense was not a necessary household expense, the Court’s discretion is limited by the BAPCPA changes to the bankruptcy code in 2005 and the Supreme Court’s two most recent cases interpreting projected disposable income.in summary, Joest holds that Lanning and Ransom, taken together, mean that the minimum payment an above-median-income debtor must pay to unsecured creditors in Chapter 13 is the difference between the debtor’s actual income (Schedule I) and means test expenses (Form 22C.)As an aside, the Joest decision also emphasized that the IRS Collection Manual, which sets out its practices in determining necessary expenses for delinquent taxpayers, was relevant to, but not determinative of, any interpretation of means test expenses in bankruptcy, according to Ransom. in other words, it is the Bankruptcy Code, and not the IRS practices, that determine what expenses are allowed under the means test. I would note in closing two other things. First, the issue of “good faith”, a requirement in Chapter 13 plans, was not argued in the Joest case, perhaps because the difference in the dividend to unsecured would have changed so little whichever way it came out. secondly, that it appears the decision in Joest has not been appealed, nor has there been a motion to reconsider, according to the case docket as of March 29, and the ten day deadline to do either appears to have passed. Whether other judges in the Norther District of new York, not to mention the Western District, will follow this case remains to be seen.

Utica Judge Rules Above-Median-Income Ch 13 Debtor Expenses Determined Solely by Means Test, based on Lanning and Ransom: In re Joest

Utica Judge Rules Above-Median-Income Ch 13 Debtor Expenses Determined Solely by Means Test, based on Lanning and Ransom: In re Joest is a post from: Chapter 7 Bankruptcy Information

I lost my biology book by Prentice Hall by Miller/ Levine and it has a dragonfly as the cover. I need the key terms and questions for chapter 12 sections 1/2/and 3 please anything would help.. i dont want to fail biology class. :/

Can anybody help me i need biology key terms and questions for chapter 12?

Can anybody help me i need biology key terms and questions for chapter 12? is a post from: Chapter 7 Bankruptcy Information

Adding itself to the long line of bars, clubs and restaurants in Vegas that have filed or declared bankruptcy, hit hard during the recession, B.B. King’s Blues Club in the Mirage filed for Chapter 11 on Wednesday, bidding to restructure liabilities and debts totaling almost $4 million. B.B.King’s Blues Club is one of five locations, all owned by a Memphis-based group of clubs named after the legendary musician B.B.King. the Vegas location is the only location facing bankruptcy at the moment, the other locations are in Orlando, Nashville, West Palm Beach and Memphis.

Although the exact filing is unknown, it was noted that the company’s current assets are just over $2.5 million, the discrepancy between assets and liabilities overwhelming, with the main liability currently owed to the club’s parent company, Beale Street Blues Company. Other debts include various amounts owed to food and beverage suppliers, the State of Nevada, and advertiseing costs with various organizations. an over $500,000 amount listed by MGM Resorts International’s Mirage as “contingent/disputed”, with the club’s lease at the Mirage running through 2014.

In a statement issued by MGM Resorts earlier this week, they state: “This is a matter being discussed… it would be inappropriate for us to comment publicly.” the Vegas blues club opened in 2009 with over $8.5 million in sales generated in its first year, however with sales in 2010 totaling just over $1 million so far, the recession has made an extreme impact on the club’s ability to continue as itstarted.

B.B. King’s Blues Club is just one of many Vegas clubs and restaurants left reeling from the recession, Vegas overall taking an obvious hit. Still unclear if it will remain open at the moment,other celebrity restaurants in the area have not been so fortunate. for example, Wolfgang Puck’s Chinois is now closed. Opened in 2009 aswell, the restaurant, once located in the Forum Shops in Ceasar’s Palace, contributed to the closing of Poetry nightclub located just upstairs. Other establishments currently closed due to lack of funds include Planet Hollywood’s Prive, the Rum Jungle at Mandalay Bay, Trader Vic’s once located at the Miracle Mike Shops in Planet Hollywood and Hawaiian Tropic Zone. two clubs, Eve Nightclub and Beso Restaurant at CityCenter and Planet Hollywood’s Miracle Mile Shops’ Krave, have remained open despite declaring bankruptcy.

B.B. King’s Blues Club Files For Bankruptcy « Las Vegas VIP

B.B. King’s Blues Club Files For Bankruptcy « Las Vegas VIP is a post from: Chapter 7 Bankruptcy Information

My wife has about $15K in credit card debt, I am not on these accounts, can she file for chapter 7 and would it affect me and our house? She is a stay at home mom.

I'm missing a lot of info, but here goes anyway.

Do you live in a "community property" state? those are:
* Arizona
* California
* Idaho
* Louisiana
* Nevada
* New Mexico
* Texas
* Washington
* Wisconsin

If so, the spouse is liable for the others debts. I don't believe you can dodge them by filing BK.

OK, you don't live there? Does your wife have any income? Probably not being a "stay at home mom".

Next, is she on the mortgage? Does she have any assets in her name?

If none of these apply, I would not file for bankruptcy. Your wife is "judgment proof", and they can't get anything if they sue. Sure, her credit will be ruined, but that will also happen if she files BK.

My opinion, don't file BK, let your wife live off of your credit. Eventually you can rebuild it (it will take a few years).

The risk here is all on your wife though. If you two get divorced or split up, she is on her own with the debts.

That is a question for a bankruptcy attorney and trustee. every state and case is different. For $15K, I don't advise bankruptcy. Why not work together to make a budget/plan to just pay off the debt and live happily (and wealthily) ever after??? It's time to get credit cards out of her hands and use cash to pay bills and debts, etc.

Anyone have info on filing chapter 7 Bankruptcy? is a post from: Chapter 7 Bankruptcy Information

Gone are the days, when filing Bankruptcy was regarded as a Herculean task. the innovations and technical advancements have improved the ways to do anything. even filing petition against the Bankruptcy is no more a difficult and tedious task. Whether you want to file Business Bankruptcy or the personal bankruptcy, there are the external services offered online where you can file for Bankruptcy instantly.

The financial recession during 2008-09 in USA forced many Americans to file Bankruptcy. Many Americans were facing earlier foreclosures, and there was no other way left for them instead of filing Bankruptcy.  the Chapter 7 Bankruptcy was the mostly filed Bankruptcy this is also known as the personal Bankruptcy. after filing Bankruptcy, you can extend the date of foreclosure and get time to repay all your debts.

To support such financially deprived Americans, the online Bankruptcy filing process is introduced. now if you are filing Bankruptcy online, you can save a lot of energy, money and time. Below given are the advantageous features of hiring the online Bankruptcy filing services.

Advantages Features of Filing Online Bankruptcy :

How to file for Bankruptcy?

This is the most frequently asked question about Bankruptcy filing. Though after hiring online Bankruptcy Services, you need not to worry about, still you must have the basic knowledge about it. there are some basic criteria that the applicant needs to qualify to be eligible to file a petition under bankruptcy. such criteria will be based upon your income details, debt amount, types of debts (secured or/and unsecured), and other financial details. You will be asked to paper proper documentation of all your financial records and transactions.

In nut shell, to file for the Bankruptcy is not the children’s play. However, with the help on online Bankruptcy services, you can simplify the process easily.

Emily Johnson: I’m a writer and have filed for Bankruptcy. I didn’t want to take any risks hence I preferred filing Chapter 7 Bankruptcy Information and Chapter 13 bankruptcy rules rather by myself. the online Bankruptcy service providers employ the experts so that the applicant can get all their bankruptcy related queries answered.

Why to hire the online Bankruptcy Services?

Why to hire the online Bankruptcy Services? is a post from: Chapter 7 Bankruptcy Information