A Group Discount On Personal Bankruptcy ?

[Reservation Agent]

If the company is serious of cutting everyone out of 1/4 of their pay (before taxes?)...They should co-ordinate a group discount thru their bankruptcy attorneys...

How many people can afford to lose 1/4 of their pay...(unless mabey a pilot, making better money to start with)...And still be able to pay your bills ?

They want to refuse to pay their aircraft leases, building leases, engine leases, airport leases, vendor payments, avoid pension commitments, etc....

Why don't they get additional funding from the Alabama Retirement System owners who have assets of about $10 billion dollars?....Funny they don't want to lose a nickel on their pensions, but like a clear conscious and could care less about other American's future...

 

[Res]

I agree, I as well as several coworkers would qualify for personal Bk. Maybe the company should work on a discount rate, if we take a 23% cut...we will also need a group therapy rate...no matter how prepared we think we are.

Guess we'll keep the employee assistance line busy.....if still working.

 

[US2]

If the company is serious of cutting everyone out of 1/4 of their pay (before taxes?)...They should co-ordinate a group discount thru their bankruptcy attorneys...

How many people can afford to lose 1/4 of their pay...(unless mabey a pilot, making better money to start with)...And still be able to pay your bills ?

They want to refuse to pay their aircraft leases, building leases, engine leases, airport leases, vendor payments, avoid pension commitments, etc....

Why don't they get additional funding from the Alabama Retirement System owners who have assets of about $10 billion dollars?....Funny they don't want to lose a nickel on their pensions, but like a clear conscious and could care less about other American's future...

[post="185149"][/post]​

I'm an attorney and think that this might be something to take up with your respective union reps. You don't necessarily need the company to be involved to work out some sort of discounted rate; you might be able to work something out with some law firms through your unions; the idea being that you work out a deal with several firms so that each individual member would have several firms to choose from. Offhand, I can't think of any legal ethics issue that couldn't be overcome in such an arrangement; the main problem would be the volume of firms needed since you are collectively scattered across a number of states.

The foregoing should not be construed in any way as either legal advice or as a solicitation of business, just informal advice from a customer who visits this board from time to time.

 

[PITbull]

If the company is serious of cutting everyone out of 1/4 of their pay (before taxes?)...They should co-ordinate a group discount thru their bankruptcy attorneys...

How many people can afford to lose 1/4 of their pay...(unless mabey a pilot, making better money to start with)...And still be able to pay your bills ?

They want to refuse to pay their aircraft leases, building leases, engine leases, airport leases, vendor payments, avoid pension commitments, etc....

Why don't they get additional funding from the Alabama Retirement System owners who have assets of about $10 billion dollars?....Funny they don't want to lose a nickel on their pensions, but like a clear conscious and could care less about other American's future...

[post="185149"][/post]​

The company doesn't need to get additional funding from RSA, if the they think they can receive 23%...$38 million a month from paying labor much, much less.

Labor has become the (forced) DIP financiers. Period.

No return of that money that was not negotiated once U emerges from BK, as they would have to return if they had DIP financing from another investor.

 

[BIGDOG]

If we file personal bankruptcy how long is that on a persons record ?

Is it worth it to do this ?

HEARD DIFFERENT STORIES.

 

[usfliboi]

varies 10 years usually and NO!

 

[BostonTerrier]

varies 10 years usually and NO!

[post="185258"][/post]​

Personal BK varies from state to state, with some states providing far better protections than others. A simple google search will help you determine what your respective state's law provides for.

From my understanding, DE is particularly draconian.

Best to all.

 

[PITbull]

Personal BK varies from state to state, with some states providing far better protections than others. A simple google search will help you determine what your respective state's law provides for.

From my understanding, DE is particularly draconian.

Best to all.

[post="185261"][/post]​

You are correct and excellent advice.