Month: March 2020

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PG& E Strikes Deal with Disaster-Relief Agencies as It Scrambles to Emerge from Bankruptcy

Utility Company has Created a $13.5 Billion Fund to Compensate Wildfire Victims

Pacific Gas & Electric Company has settled a dispute with disaster-relief agencies (FEMA) and is planning to compensate victims of catastrophic wildfires in California. The company told a federal judge that it had set aside a $13.5 billion for this purpose.

The utility company is racing to emerge from bankruptcy after being sued by victims of the 2015, 2017 and 2018 California wildfires. An investigation determined that the deadly wildfires were ignited by PG& E’s faulty electricity transmission equipment. The San Francisco-based company faced more than $50 billion in claimed losses from the disasters.

Details of the deal struck by California’s Office of Emergency Services, the Federal Emergency Management Agency and the lawyers of the victims were not immediately disclosed.

The agencies wanted to be reimbursed as much as $4 billion for financial assistance provided during the disaster.

The news was well-received by investors, with the company’s stock surging by 10% to close at $13.90 on Tuesday, March 10.

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Bankruptcy; Reasons To and Not To File Bankruptcy in Simi Valley

Is Declaring Bankruptcy in Simi Valley a Good or Bad Step?

Bankruptcy is a legal procedure and an option for an individual, a family, or a corporation finding it difficult for them to pay off their debts. An entity opts to file for bankruptcy when it is unable to honor its financial obligations or make due payments to its creditors.

Bankruptcy is not inherently good or bad. Simi Valley bankruptcy law is an essential protection for honest consumers who find it impossible to pay off their debts.

There are several situations in which it will be advisable for an individual to file for bankruptcy:

Filing for bankruptcy could save you from losing some of your important assets like a home or a car. Consider a situation where your current income is not enough to pay off your mortgage. In such a case, a Chapter 13 Bankruptcy could help reorganize your repayment plan and save your home.

A Chapter 7 Bankruptcy, which is usually a last resort, is a good way of relieving yourself from emotional distress caused by creditors knocking on your door every other time at a situation where you have no real income to pay them. In such a situation, giving up all your assets to pay your debts and have peace of mind may serve you better.

However, the process of filing for bankruptcy is not as easy as it seems and it usually requires a lot of sacrifices.

Below are some reasons why you may find it not a good idea to declare bankruptcy:

Your credit score may start going down the moment you declare bankruptcy. Such a cause limits you from taking out loans.

When filing for bankruptcy, you will be required to share your personal financial information in a public court of law. All your lenders, business partners, potential employers, and clients will, for a long time, be able to access your bankruptcy filing.

Filing bankruptcy is not as cheap as the process needs a lot of money. Declaring bankruptcy is a huge financial step. However, in case you realize that your situation has left you in a debt that you are unable to pay, then it is the right step to get you back on track. Do not misuse bankruptcy because it can lead you to a worse financial situation.

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Sacramento Mayor Hopes Sacramento Bee will Find New Local Owner

McClatchy Company Filed for Chapter 11 Bankruptcy Protection in February 

Sacramento Mayor Darrell Steinberg hopes “Sacramento Bee” will come under local ownership after the newspaper’s owner, McClatchy Co., filed for bankruptcy protection.

While speaking at a local radio station, Mayor Steinberg also outlined how he plans to preserve the local ownership 163-year-old newspaper.

The company which owns a series of other papers, including Modesto Bee and Fresno Bee, filed for Chapter 11 bankruptcy protection on February 13.

The company announced plans to re-organize its newsrooms as it aims at bouncing back from financial turmoil. The company has since received $50 million debtor-in-possession financing, McClatchy CEO Craig Forman.

He said the company seeks to settle its $700 million debt. The company also plans to hand over the control of the paper to a hedge fund.

Plans are underway to withdraw the listing from the New York Stock Exchange as a publicly-traded company.

McClatchy expects $183.9 million in fourth-quarter revenues, a 14% drop from a year earlier. The paper’s fortunes have been declining in the last six consecutive years.

The company will also plan to address concerns over pension payments.

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Are You Bankrupt and Want to File Bankruptcy in Simi Valley? Consider The Following Advice

Any person can file bankruptcy without the help of an attorney. However, due to the long term financial and legal outcomes of bankruptcy, it is highly recommended that you seek the advice of an experienced and qualified attorney.

There are different ways in which your attorney can assist with your case, according to Chapter 7 of the Bankruptcy Code. For instance: “the lawyer can advise you on whether you need to file bankruptcy petition and under which chapter to file, advise you on whether your debts can be discharged and give you the probability of keeping your properties such as home or cars after filing, provide an advice on the tax consequences of filing and also advise you on whether you need to continue to pay creditors, give an explanation of bankruptcy laws and procedures to you, help you to complete and file forms and finally, assist you with mist aspects of your bankruptcy case.”

In case you opt to file personal bankruptcy you must understand the bankruptcy law under Chapter 7 or Chapter 13. Before you begin your journey you need to gather all your financial documents. The documents will give you an overview of the current state of your finances. You should obtain a copy of the credit report form at AnnualCreditReport.com. either form Transunion, Equifax or Experian. Always remember to include all other debts such as personal loans that are not listed on the credit report.

Other documents that you will need include: tax returns for the past 2 years, recent bank account statements, pay stubs or other proof of your income for the last 6 months, valuations or appraisals of any real estate you own, recent retirement account or brokerage account statements, copies of vehicle registration and other documents depicting your income, assets, and debts.

It is advisable you take your time to understand the bankruptcy laws and have an accurate picture of your financial status before you consider yourself bankrupt and proceed to file for bankruptcy.

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How Does Simi Valley Bankruptcy Law Work?

An Overview of the California Bankruptcy Law

Sometimes it can be tough to climb out of debt and filing for bankruptcy seems to be the last realistic path that can lead a person out of debt and reclaim their financial life.

California bankruptcy law requires you to disclose every aspect of your financial situation in official bankruptcy forms. After you have filed the bankruptcy forms, the law allows you to start filing paperwork in your local court, along with the filing fee or fee waiver.

As you consider bankruptcy as a means of clearing debt, it is good to keenly explore all other options before coming to such a decision. Simi Valley bankruptcy law guides individuals on the step to take when making such a decision.

A person who files for bankruptcy officially declares in a court of law that it has become impossible for them to pay their debts. The court evaluates their assets and liabilities, and if it finds the person genuinely unable to pay their creditors, they are granted permission to declare bankruptcy.

Simi Valley bankruptcy law, and generally the bankruptcy law in California, contains several bankruptcy exemptions.

In case you have amassed a debt that is greater than your asset value, the only option is to declare bankruptcy.

California law has two categories of bankruptcy:

Chapter 13 Bankruptcy can save you from losing the most important possessions. For instance, instead of your home being seized, you may be allowed some time to catch up on your payments under a new payment plan. It is a type of bankruptcy for people who have an income but are struggling with paying creditors who are demanding immediate payment.

Chapter 7 Bankruptcy is always considered as the last resort. Its aim is to have debts discharged since the debtor has no income or assets to repay creditors.

Simi Valley residents are advised to consider exploring any other options of fully recovering financially before rushing to this resort. Also, you can try using severing budget tips that could be your financial savior.

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Ex-Google Engineer Files for Bankruptcy after Being Ordered to Pay $179 Million to Google

Anthony Lewandowski was Found Guilty of Violating Terms of His Employment Contract

Uber Technologies Inc’s former top engineer, Anthony Lewandowski, has filed for bankruptcy after being ordered by a California court to pay $179 million to Google for contract violation.

The French-American self-driving car engineer who co-founded Otto, an autonomous trucking company, was found guilty of violating his employment agreement with Google.

The contract stipulated that Levandowski was not to engage in “any other employment, occupation or consulting directly related to” any businesses Google was working on. The contract also demanded that Levandowski was not supposed to “encourage, induce [or] solicit” any Google employee to leave the company.

Neel Chatterjee, an attorney at Goodwin Proctor LLP, said his client had no option but to file for bankruptcy as he pursues the relief he is legally entitled to.

In the Chapter 11 bankruptcy filing submitted on Wednesday, March 4, Levandowski listed his assets at between $50 million and $100 million.

The engineer was at the center of a 2017 dispute between Uber and Google. Levandowski was accused by Google for downloading confidential files including those of Google’s self-driving car project – Waymo – to a personal hard drive.

He resigned shortly after and founded Otto, which was later purchased by Uber for nearly $700 million.

The engineer was later fired by Uber in May 2017 after allegedly failing to cooperate with an internal investigation into Google’s claims.

Lior Ron, the co-founder of Otto, who was also found guilty of breach of contract with Google and for engaging in unfair competition, stayed with Uber and recently settled with Google for $9.7 million.

Uber later paid Google about $244 million to settle the case in 2018.

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