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Free clinic in the United States Bankruptcy Court helps these financial intermediation turbulence
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Free clinic at U.S. Bankruptcy Court helps those going through financial turmoil - The Denver Post
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Font Resizefiling for chapter 7Free clinic at U.S. Bankruptcy Court helps those going through financial turmoilBy Felisa Cardona
The Denver PostPosted:?12/27/2010 01:00:00 AM MSTUpdated:?12/27/2010 03:10:34 PM MSTSince her personal training business faltered, Victoria Torok has considered filing for personal bankruptcy a route more people are taking during the recession. She attended a free clinic at the U.S. Bankruptcy Court in Denver. (Kathryn Scott Osler, The Denver Post )
Since Victoria Torok's personal-training business started failing in September 2008, the credit-card bills are piling up.
Torok did what she could to stop the bleeding by negotiating lower interest rates with her creditors, but the $35,000 debt she racked up trying to market her business was too much to overcome.
"Personal training requires disposable income, and then the mortgage crisis hit, and people started getting laid off," she said.
That left Torok considering filing for bankruptcy — a step about 200 people are taking each day, said Brad Bolton, clerk of the U.S. Bankruptcy Court in Denver.
It is a number that has been steadily rising since 2007, Bolton said.
Torok turned to state assistance and food stamps and now is trying to survive by selling nutritional supplements because working for herself is easier than finding a job.
"Nobody wants to hire a 62-year-old," she said. "The economy is killing everybody. I don't know that it can be fixed."
And so the Aurora resident was one of two dozen people considering Chapter 7 bankruptcy at a free clinic this month at the U.S. Bankruptcy Court, 721 19th St.
The clinic takes place the second Tuesday of each month from 1:30 to 3 p.m. It is sponsored by the Colorado Bar Association for people seeking help on how to file for bankruptcy without hiring an attorney.
In the past few years, the numbers of people attending each clinic has grown from a handful to more than 40 people, said Meghan Bush, program coordinator for the Colorado Bar Association.
Many attendees show up desperate for help and full of questions about what they can do to fix their financial mess.
Deanna Rasmussen, a Colorado Springs resident, said she has $30,000 in credit-card debt from medical bills she incurred after a fall at work. The nuclear-medicine technologist said things got worse when her work hours got cut because of the recession.
"They come in thinking they can be arrested," said Lea Giarrusso, a lawyer who volunteers to teach the clinic. "They come in riddled with guilt, and they are overstressed."
Although filing a bankruptcy on one's own is possible, it is not easy without the help of a lawyer, said Ted Taggart, another lawyer who volunteers at the clinic.
Taggart said he understands the cost of hiring an attorney can be unbearable for people who are already broke.
The lowest attorney fee he charges is $1,100, but true fees are closer to $2,500.
Torok hasn't decided yet on whether she will file for bankruptcy but seems confident she can do the paperwork without a lawyer.
"If I keep plugging away, I will come out A-OK," she said.
Felisa Cardona: 303-954-1219 or fcardona@denverpost.com


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2010年12月30日 星期四
Whether to dismiss the Pfizer by Quigley bankruptcy, says the United States Trustee
Pfizer Inc., the largest pharmaceutical company in the world, should have the bankruptcy of a unit of Quigley, which he protected against health problems associated with asbestos from 2004, distant, said lawyers in order to the trustee of the United States.
While the bankruptcy was pending, the creditors of the health problems arising from the operation of the asbestos could sue for Pfizer alleged based on New York and many have died, wrote of lawyers in order to the trustee of the United States, an arm of the Ministry of Justice, which oversees the bankruptcy. Hearing take the trustee of the United States, on request, is set for January 13, in accordance with judicial documents submitted 23 Dec.
"Damage in delaying the inevitable dismissal of this case is for people who have been made asbestos claims against the supplier, and Pfizer," lawyers for operating in the United States Trustee Tracy Hope Davis wrote in court documents. "For some of these individuals, the time may be of the essence."
Judge in September permission denied Quigley Company Inc. to exit bankruptcy in accordance with its fourth proposed plan for Chapter 11. United States bankruptcy judge Stuart m. Bernstein found pharmaceutical company, the largest in the world to manipulate the process of bankruptcy itself benefits. Bernstein, said the plan has been deposited in "bad faith" by Pfizer and cited evidence that asbestos claims directed at the Quigley may be including 4.45 billion USD in the following years, 42.
Pfizer Spokesperson Christopher Loder said the company is ready to contribute additional funds plan on Quigley correspond to the concerns of the Court and will discuss fair compensation for asbestos claims in the January 13 hearing.
"It's sure that within 30 years, the asbestos litigation Pfizer never found derivatively liability company Quigley," Loder said in a statement sent in e-mail messages.
701 Million dollars for
Pfizer reported in the third quarter in November 701 million dollars for asbestos litigation for Quigley. In the report submitted to the November 12 with the US Securities and Exchange Commission, Pfizer said it was the Declaration reference judgment Quigley "behavior of the right to solve certain legal problems, in the opinion of the Court."
Ad hoc Committee representing individual applicants 43,100 asbestos bankruptcy by Quigley asked also in October that the referee ends the place, as well as complete the injunction, which is Pfizer against lawsuits from 2004.
"Quigley and Pfizer enjoy extremely valuable reprieve from defence asbestos claims in the system allowed this all the time, and therefore in many junctures in this case, the insolvency proceedings have been content to languish," wrote the Lawyers Committee.
Working with Quigley
Pfizer, said in documents, the Court of appeal has been working with Quigley to plan, which took into account certain points in Bernstein's judgment. Pfizer challenged by a statement that the Pfizer Bernstein should put an amount of money to the trust, which is equal to the value of the alleged of present and future claims against drugmaker.
The Court of bankruptcy "wrongly by excluding the Pfizer with proof that Pfizer is not responsible for its conduct in the Quigley manufacture or sale of products containing asbestos," lawyers to Pfizer wrote.
Under the proposed plan of Chapter 11 of the Pfizer would have paid approximately 450 million dollars on the trust to satisfy claims regarding the products to which allegedly are derivative liability.
Future claims
The code of the bankruptcy or direct all future claims to the trust, including death and personal injury claims by Insulag, Panelag and Damit, Quigley in the steel industry, products containing asbestos, which have been made from during World War II to the 1970s.
Plan of housing applicants before taking further action against Pfizer. Pfizer was sued in 280,343 411,100 claims served before Quigley, Bernstein noted in its judgment.
Quigley, founded in 1916, made three products containing asbestos from 40 years to the 1970s. Has been purchased by Pfizer in 1968.
The case is in re Quigley co., 04-15739, the Court of bankruptcy of the United States, Southern District of New York (Manhattan).
Contact in terms of the criterion of the rapporteur in this thread: Tiffany Penalties in New York City bankruptcy tkary@bloomberg.net Court.
Contact the editor responsible for this story: David e. drovella@bloomberg.net Rovella on.