Bankruptcy And Debts

Consolidation Debt Mortgage A federal bankruptcy judge has ruled that Lucent Technologies must pay $224 million, plus other costs, to the creditors of Winstar Communications.

An estimated 2.4 million people in the UK have yet to pay off debts incurred last Christmas, according to new research by debt counselling firm One Advice.

Consolidation Debt Help The judge found that Lucent induced the company, which is now defunct, to purchase unneeded telecommunication equipment.

Chapter 13 bankruptcy allows an individual to pay off his debt over time. The process starts when the individual files a petition with the bankruptcy court. This petition includes a complete list of all the individual's debts and assets. Additionally, the petition must include a payment plan that describes how the debt will be paid off over the next three to five years.

Consolidation Credit Debt Lucent said on Thursday that it would appeal the ruling but would take a $300 million charge in its first quarter, which ends Dec. 31.

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.

Bill Consolidation Debt Lucent, which is based in Murray Hill, N.J., did not say how the charge would affect earnings. Its shares fell 2 cents, or about 0.7 percent, and closed at $2.77 in trading Thursday on the New York Stock Exchange. Lucent has traded from $2.35 to $3.86 over the last year.

If you are one of the millions of Americans struggling with debt from credit cards and other loans, you already know the importance of getting debt off pay quickly.

Consolidation Debt Quote The ruling was issued Wednesday by Judge Joel B. Rosenthal of the United States Bankruptcy Court in Wilmington, Del. He found that "Lucent engaged in inequitable conduct by using Winstar as a mere instrumentality to inflate Lucent's own revenues." Both companies are incorporated in Delaware.

//www.bankruptcyaction. USbankstats.htm ^{304 //www.abiworld. 1980annual.html Many consumers who complete a bankruptcy find that bad debts that were supposed to be discharged as part of the bankruptcy are later erroneously included on credit reports. Robert Weed, an Alexandria, Virginia attorney, said he regularly must file motions in federal bankruptcy court in order to get creditors to stop reporting discharged debts and to get the credit reporting agencies to remove them.}

Consolidation Debt Lead "What became apparent as the evidence unfolded was that what began as a 'strategic partnership' to benefit both parties quickly degenerated into a relationship in which the much larger company bullied and threatened the smaller into taking actions that were designed to benefit the larger at the expense of the smaller," Judge Rosenthal wrote.

Consolidation Debt Non Profit It has not yet been determined how the proceeds of the award, which will total about $300 million with interest and other costs, will be divided among Winstar's creditors, said Stephen M. Rathkopf, a lawyer for Winstar's bankruptcy trustee. In a statement, the Lucent general counsel, William R. Carapezzi, said: "We have made strong arguments supporting our view that this suit was without merit. We are examining the judge's ruling very carefully and will vigorously appeal the decision."

Consolidation Debt Loan Online Winstar, which had been based in Herndon, Va., filed for Chapter 11 bankruptcy protection in Wilmington, Del., seeking to reorganize, in April 2001. It also sued Lucent that month, seeking damages of $10 billion, charging that a Lucent breach of contract caused it to file for bankruptcy.

[ Comment, Edit or Article Submission ]