Bankruptcy And Debts

Consolidation Debt Mortgage A plan by Newton to sell 95 acres of forest the town owns in Sparta has raised concerns there. The property atop Sparta Mountain on Glen Road was purchased more than a century ago, when Newton bought Morris Lake and its environs for a reservoir of drinking water.

People file for bankruptcy because they're in debt. The more debt there is, the more bankruptcies there are. Well, duh! It really is that simple. When compared to the level of borrowing, the rate of bankruptcy has remained fairly steady. In 1977, 74 bankruptcies were filed for every $100 million of consumer debt. In 1997, 73 bankruptcies were filed for every $100 million of consumer debt. Bankruptcy isn't the cause of debt but rather is the result. And it isn't the disease but rather is one of the cures. Restricting access to bankruptcy court won't solve the problem of debt any more than closing the hospitals will cure a plague.

Consolidation Debt Help Newton plans to build a state-mandated $7 million water-filtration plant at the Morris Lake reservoir. Most of that cost is being funded through a $1.7 million grant and a $5.2 million low-interest loan from the federal government.

Bankruptcy is a court process that allows an individual or business to get relief from their debts. The ultimate goal of bankruptcy is to give the individual or business a fresh financial start while being fair to creditors. How Can a Business File for Bankruptcy Chapter 7 and Chapter 11. Once bankruptcy proceedings are started (whether through Chapter 7 or Chapter 11), creditors cannot attempt to collect debt from the business until the bankruptcy process has ended.

Consolidation Credit Debt Payment on a filtration plant's loan is expected to start in 2005, said Newton Town Manager Camille Furgiuele. But the town also will be making prior sewer-loan payments of $700,000 a year until 2009, she said.

The Bankruptcy Courts Survey 2005 found that communication between the courts, official receivers and bankruptcy trustees was generally efficient. Cause for bankruptcy were seen to be complex, although credit misuse followed by business failure tended to be a familiar pattern. Bankrupts tended to acknowledge moral responsibility for their debts, the report found. "The report concludes that very few people see bankruptcy as an easy way out of their debts but rather that they have no real alternative, " said Desmond Flynn, inspector general of the Insolvency Service.

Bill Consolidation Debt By selling the 95 acres in Sparta, Newton hopes to raise at least $1 million for filtration plant loan payments from 2005 to 2009 -- without having to significantly raise water and sewer rates, Furgiuele said.

Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments, offs, and debt collection activities. Both also provide exemptions that allow people to keep certain assets, although exemption amounts vary among states. Note that personal bankruptcy usually does not erase child support, alimony, fines, taxes, and some student loan obligations. And unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy usually does not allow you to keep property when your creditor has an unpaid mortgage or lien on it.

Consolidation Debt Quote The Newton council introduced a proposed ordinance on Sept. 23 to sell the 95 acres in an auction. A public hearing on that proposal is set to be held during a Newton council meeting tomorrow at 7:30 p.m.

Chapter 7 Bankruptcy involves the selling off (or "liquidation") of a business' property to pay off debts. The bankruptcy process starts when the business files a petition with the bankruptcy court. The petition must list all of the business' property, debts, and recent financial history. The court will then appoint a trustee who will sell off some of the business' property to help pay the business' debts. Some debts will be discharged by the trustee, meaning that the debts will not have to be paid. Other debts are not dischargeable including recent taxes, debts in prior bankruptcy, and penalties payable to the government.

Consolidation Debt Lead If the ordinance is adopted, an auction of the 95 acres would be held Nov. 11, with a minimum bid of $1 million, Furgiuele said. The tract is assessed at $238,800.

Consolidation Debt Non Profit "The $1 million from an auction of the land gets the town through from 2005 to 2009," Furgiuele said. "Hopefully it gets us through -- it will help. We're trying to bring in an influx of money to not raise (water/sewer) rates."

Consolidation Debt Loan Online But Sparta officials worry that Newton's land sale would result in higher taxes in Sparta if the tract, which is zoned residential, ends up being developed. Sparta wants to keep the wooded land preserved.

Consolidation Debt Home Loan "We're looking to protect it as open space," Sparta Councilwoman Ailish Hambel said. "All of us (Sparta) council members were kind of -- I shouldn't say upset -- but anytime another block of land goes, it's more houses, more kids in the school system."

Christian Consolidation Debt Sparta's zoning of the parcel calls for a minimum five acres per single-family home.

Consolidation Debt Information An engineering review by Newton determined the 95 acres, which is situated across Glen Road from Morris Lake between Arapaho Trail and Angelo Drive, may be suitable for 15 five-acre building lots, Furgiuele said.

Agency Consolidation Debt The Glen Road area has been a desirable spot for upscale homes. The new Glenbrook Estates development on Angelo Drive contains several half-million-dollar homes.

Consolidation Debt Solution Sparta has been reviewing possible funding sources to purchase the property, such as the state's Green Acres program or a municipal disbursement from Sussex County's dedicated tax for open-space, Sparta Administrator Henry Underhill said.

California Consolidation Debt But it is unlikely either funding source, or even both together, would amount to $1 million, or be available immediately, Underhill said.

Consolidation Debt Loan Uk Newton also owns a 600 acres buffer immediately around Morris Lake, which it has no intention of selling, Furgiuele said.

Consolidation Debt Equity Home The 95-acre tract is in a different watershed than the one containing Morris Lake, she said.

Consolidation Debt Government But the Glen Road mountaintop area contains tributaries to a stream that runs through the Sparta glen, Underhill said, and more development means more runoff and erosion.

Consolidation Debt Firm That stream became a raging river during the flood of August 2000, when a thunderstorm stalled over Sparta Mountain and dumped about 14 inches of rain.

Consolidation Debt Financing The torrent washed out the glen, and also severed Newton's connection to its Morris Lake reservoir, as underground water mains were ripped out like toothpicks by the deluge.

Consolidation Consumer Credit Newton received its drinking water from Sparta for about 16 months until the water mains were replaced.

Consolidation Debt Free Quote By Jim Lockwood
Star-Ledger - 10/13/2002

Topic: Highlands

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