Bankruptcy Plan Anticipated for Conneaut Lake Park

Foster Law Offices, LLC Trustees, the nonprofit corporation that oversees operations of the amusement park, filed for federal Chapter 11 bankruptcy protection in December to reorganize its debts which total about $3.8 million.

Any bankruptcy plan will be subject to review by both the park’s creditors and the bankruptcy court, Mark Turner, Trustees’ executive director, said at Tuesday’s meeting of the organization at  Conneaut Lake Park. Both creditors and ultimately the court will have to confirm the plan for it to move forward, he said.

“The plan will show how we’re going to address those debts,” Turner said. “I think it’s likely we’ll have disputes because we’ll be prioritizing — ranking one creditor over another. This is a starting point.”

Turner said he expects U.S. Bankruptcy Court to schedule a hearing on the bankruptcy plan for some time in September — after the various creditors have had time to review the plan and file any objections to it.

“It likely will not be the plan we end up with,” Turner said of the coming filing. “It won’t affect our operations — that’s a completely different matter.”

The park’s debts include more than $900,000 in overdue real estate taxes, interest and penalties owed to Conneaut School District and the governments of Crawford County and Sadsbury and Summit townships.

The amusement park was headed for a sheriff’s sale in December in order to satisfy the outstanding tax debt when Trustees filed for federal bankruptcy protection. Under federal bankruptcy law, the sheriff’s sale then was put on hold until a debt reorganization plan is either approved by the bankruptcy court or the bankruptcy court orders a liquidation of the park’s assets.

Read more at Meadville Tribune

 

Choosing an Erie Bankruptcy Lawyer

Choosing a Erie Bankruptcy Lawyer

Attorney Dan Foster The burden of debt can be overwhelming. Endless bills, harassing phone calls from creditors, maybe even the threat of foreclosure, wage garnishment, a sheriff sale or judgment. Luckily, debtors in Erie, PA don’t have to suffer endlessly with debt – bankruptcy offers debtors an option to acheive debt relief and obtain a fresh financial start. Choosing a bankruptcy lawyer in Erie, PA could be one of the most important decisions you make. In order to protect yourself and get the assistance you need, follow these steps when choosing a bankruptcy attorney.

Schedule a Free Consultation

Most bankruptcy attorneys in Erie, PA offer a free consultation. Foster Law Offices, LLC offers clients free consultations Monday through Friday (evenings and weekends available upon request). There is no charge or obligation and individuals are given the opportunity to meet with licensed Pennylvania bankruptcy attorney Daniel Foster or Ronald Cook to assess if bankruptcy (and which type) is an appropriate solution. Individuals should NEVER sign up for “debt relief” with an individual or company without first meeting with a licensed attorney.

Verify Attorney License

The bankruptcy process in Erie, Pennsylvania is overseen by the United States Bankruptcy Court of Western Pennsylvania. Only licensed Pennsylvania attorneys in good standing are able to practice in Pennsylvania. Take a minute to confirm that the attorney you are considering is a licensed Pennsylvania in good standing with no disciplinary action. Look up Attorneys here.

Ask About Experience

Bankruptcy offers individuals and small businesses alike an excellent opportunity for a fresh start when filing is appropriate. While individuals can file for protection under the US Bankruptcy Code without an attorney, it may be difficult to do so successfully. There are several local rules, requirements, and procedures which must be followed in order for a bankruptcy to be realized with successful results. When meeting with Erie, PA bankruptcy attorneys ask about their experience. Do they work exclusively in bankruptcy? Do they offer several types of generalized legal services? How many cases have they handled in their career?

If you are a resident, we invite you to contact Foster Law Offices, LLC to schedule a free consultation. Looking for a list of Erie bankruptcy lawyers – no problem, the Erie County Bar Association can assist you with finding lawyers and firms who offer bankruptcy representation to Erie county.

Ex-NBA Star went from $108 million to bankruptcy

Chapter 7 BankruptcyAntoine Walker believed his financial future was a slam dunk.

Before the age of 20, he had won the NCAA basketball championship and was selected by the Boston Celtics as a top pick in the 1996 NBA Draft. Walker quickly became a basketball superstar. He was named to the All-Star team three times and won the top prize in pro basketball with the Miami Heat in 2006.

Thanks to his on-the-court success, Walker made more money playing the sport he loved than he could even dream of when he grew up in a poor Chicago neighborhood.

But like many professional athletes who experience a sudden explosion of wealth, it was all gone in an instant. Despite pulling down more than $108 million during his career, Walker filed for Chapter 7 bankruptcy in 2010, just two years after retirement.

“I thought I was set for the rest of my life,” Walker told CNNMoney. “My story is sad. It’s sad to see other guys work so hard throughout their life — and then they just lose it in two or three years.”

That’s why Walker, now 38, is now working to steer young athletes away from the mistakes he made. Walker and former NFL linebacker Bart Scott recently teamed up with Morgan Stanley Global Sports & Entertainment to bring real-life lessons to today’s players.

But first Walker had to figure out how he went from fat NBA paychecks to financial rock bottom.

Cars, jewelry and homes: As with many other sports stars, instant wealth meant instant luxury for Walker. Instead of thinking about the future, he spent lavishly on cars, jewelry and homes.

“I created a very expensive lifestyle. That’s how you lose your wealth real bad at the beginning,” Walker said.

Given his humble beginnings, Walker wanted his friends and family to enjoy his riches as well. He estimates he helped about 30 people move to “better situations.” He gave cash to many of them — often without holding them accountable.

“I gave them whatever they wanted and spoiled them. You can’t do that,” Walker said. “It ended up being an open ATM throughout my career.”

He also lost large sums of money gambling, although Walker insists this wasn’t the main cause of his financial collapse and that media reports are overblown.

Real estate firm goes bust: The real catalyst, Walker said, was the Great Recession. The economic chaos caused the implosion of Walker Ventures, his Chicago real estate firm.

“We got caught in the recession. We had a ton of undeveloped real estate. It went bad. The banks wanted their money back,” he said.

As if that wasn’t bad enough, Walker had unwisely put up his personal financial portfolio as collateral. He ended up being forced to pay back about $20 million to banks.

Walker filed for bankruptcy in 2010. A year later he pleaded guilty to felony bad check charges, according to court filings. Walker didn’t serve jail time due to a plea agreement, but the former NBA star was ordered to pay off gambling debts.

Real-life parables: Now that he’s out of bankruptcy, Walker is working to educate future sports stars. He’s working on “Gone in an Instant,” a documentary about his personal boom-to-bust tale.

As part of his gig with Morgan Stanley, Walker recently spoke to athletes at Boston College and the Seattle Seahawks about his mistakes.

The hope is that these “real-life parables” from Walker and Scott will educate the younger athletes, Drew Hawkins, head of Morgan Stanley’s global sports and entertainment division, told CNNMoney.

“These individuals are forced to make decisions as teenagers and these decisions impact them for a long time,” said Hawkins.

Advice for today’s stars: Walker has two simple pieces of advice he hopes the younger generate walks away with.

1) Get the word “no” in your vocabulary when dealing with friends and family. “Be prepared to use that word a lot,” he said.

2) Think about the future, not just the here and now. “You can still enjoy your life to the fullest, but let’s preserve some of that wealth for your kids — and for their kids,” Walker said.

That’s why Walker, now 38, is now working to steer young athletes away from the mistakes he made. Walker and former NFL linebacker Bart Scott recently teamed up with Morgan Stanley Global Sports & Entertainment to bring real-life lessons to today’s players.

But first Walker had to figure out how he went from fat NBA paychecks to financial rock bottom.

Related: Ex-NFL star: ‘I had to start over and pick up the pieces’

Cars, jewelry and homes: As with many other sports stars, instant wealth meant instant luxury for Walker. Instead of thinking about the future, he spent lavishly on cars, jewelry and homes.

“I created a very expensive lifestyle. That’s how you lose your wealth real bad at the beginning,” Walker said.

Given his humble beginnings, Walker wanted his friends and family to enjoy his riches as well. He estimates he helped about 30 people move to “better situations.” He gave cash to many of them — often without holding them accountable.

“I gave them whatever they wanted and spoiled them. You can’t do that,” Walker said. “It ended up being an open ATM throughout my career.”

He also lost large sums of money gambling, although Walker insists this wasn’t the main cause of his financial collapse and that media reports are overblown.

Real estate firm goes bust: The real catalyst, Walker said, was the Great Recession. The economic chaos caused the implosion of Walker Ventures, his Chicago real estate firm.

“We got caught in the recession. We had a ton of undeveloped real estate. It went bad. The banks wanted their money back,” he said.

As if that wasn’t bad enough, Walker had unwisely put up his personal financial portfolio as collateral. He ended up being forced to pay back about $20 million to banks.

Walker filed for bankruptcy in 2010. A year later he pleaded guilty to felony bad check charges, according to court filings. Walker didn’t serve jail time due to a plea agreement, but the former NBA star was ordered to pay off gambling debts.

Related: Tiger Woods is THE worst highest-paid athlete

Real-life parables: Now that he’s out of bankruptcy, Walker is working to educate future sports stars. He’s working on “Gone in an Instant,” a documentary about his personal boom-to-bust tale.

As part of his gig with Morgan Stanley, Walker recently spoke to athletes at Boston College and the Seattle Seahawks about his mistakes.

The hope is that these “real-life parables” from Walker and Scott will educate the younger athletes, Drew Hawkins, head of Morgan Stanley’s global sports and entertainment division, told CNNMoney.

“These individuals are forced to make decisions as teenagers and these decisions impact them for a long time,” said Hawkins.

Advice for today’s stars: Walker has two simple pieces of advice he hopes the younger generate walks away with.

1) Get the word “no” in your vocabulary when dealing with friends and family. “Be prepared to use that word a lot,” he said.

2) Think about the future, not just the here and now. “You can still enjoy your life to the fullest, but let’s preserve some of that wealth for your kids — and for their kids,” Walker said.

FTC Refunds Nearly $4 Million From Debt Collection Scam

Debt Consolidation Scam Warning According to a recent post from the Federal Trade Commission, the FTC is returning nearly $4 million dollars to individuals harassed by the Asset & Capital Management group. This is the largest FTC debt collection refund program to date.

Asset & Capital Management Group is a debt collection agency which has operated on multiple fake names, using deceptive and abusive tactics in an attempt to collect credit card debt. According to the FTC, the scammers threatened lawsuits, wage garnishmens, property seizure and arrest. Furthers, agents of the group informed employeers, collegues and family members of the debt they were trying to collect. These are unlawful debt collection practices.

As a result, a recent  federal court order has permanently banned Asset & Capital Management Group from the debt collection business.  For more information on this FTC refund visit the Federal Trade Commissions website.