Call Our Office Today: +1 (718) 329-9500

Category Archives: Pension

Bronx bankruptcy attorney comments on small American town filing for bankruptcy.

bankruptcy

Another American city slowly resolves their financial troubles. Central Falls the smallest city in Rhode Island has their officials working hard to emerge from bankruptcy, as cited by Reuters on September 3rd, 2012.

The small city had been facing financial issues for several years, which became one large financial issue. Before filing for bankruptcy the city’s reported their liabilities to be around $80 million while their revenue only being around $16 million.

In an effort to fix the city’s severe financial woes, the city’s citizens are now faced with pension cuts and higher property taxes. City officials attempted to explain that these methods were the only way the city could correct their financial situation. Many of the citizens have reported that they haven’t seen any significant changes since the bankruptcy was filed.

The law office of Jayson Lutzky, P.C. (www.BankruptcyNYC.com) is here to help you. If you are considering bankruptcy, call our office to arrange a free initial consultation: (800) 660-5299. Mr. Lutzky has over 29 years of experience practicing law in New York.

Libor scandal affects consumers too writes a Bronx bankruptcy attorney

After information regarding Libor manipulation surfaced, investigations began and fines were imposed on both sides of the Atlantic. Libor stands for London Interbank Offer Rate. This rate is calculated every weekday based on bank-supplied information and is one of the world’s most important numbers in finance. It determines how expensive it is for banks to…Continue Reading

U.S. commonwealth’s bankruptcy request for public pension fund denied

United States bankruptcy law says that commonwealths and states cannot file for bankruptcy. Recently, municipalities have done so. A June 5, 2012 NPR article discusses a commonwealth—the Commonwealth of the Northern Mariana Islands—whose pension fund wishes to file for bankruptcy. The impact of this decision could be enormous. The case rests on the issue of…Continue Reading

For American Airlines, layoffs, reduced benefits and greater productivity are not enough–retiree benefits are on the line

Since 2001, AMR, American Airlines parent company, has lost $10 billion while other airlines became profitable—at least for the past few years. Last November, the carrier filed for Chapter 11 bankruptcy protection. Now, AMR is suing to stop providing healthcare and life insurance benefits for its retired employees, according to a July 6, 2012 Washington…Continue Reading

Federal agency takes over pensions from large New York law firm during its bankruptcy

The Manhattan law firm Dewey & LeBoeuf recently filed for bankruptcy. Unfortunately, its pensions were underfunded by $80 million, according to a June 18, 2012 New York Law Journal article. The Pension Benefit Guaranty Corporation (PBGC) is the federal agency taking over Dewey and LeBoeuf pensions. The PBGC will provide benefits to Dewey and LeBoeuf…Continue Reading