Posts Tagged ‘Plan’
March 31, 2015 | 
Author Growing Number of People Using Solo 401(k) Plan Loan To Pay Off Credit Card Debt, According To IRA Financial Group Survey
New York, NY (PRWEB) March 24, 2015
IRA Financial Group, the leading provider of self-directed solo 401(k) plans for self-employed and small business owners with no full-time employees, announces the results of its internal survey which showed a large number of people looking to use the solo 401(k) plan loan feature as a means for paying off their credit card debt.
“Due to very high interest rates surrounding most credit card debt and the heavy financial burden it has on the individuals, more people are turning to the solo 401(k) plan loan feature as a way of paying off the credit card debt with a lower interest rate, “ stated Susan Glass, a tax specialist with the IRA Financial Group. “People are so excited when they lean that they can access up to $ 50,000 tax-free and penalty free from their 401(k) plan and use the solo 401(k) plan loan as a way of replace a high interest rate credit card loan with a low interest rate solo 401(k) plan loan, “ stated Ms. Glass. “The best part of the solo 401(k) plan loan is that you can get tax-free and penalty free access to your retirement funds and use them to pay off the credit card debt and at the same time pay your plan back, which in-turn increases the value of the loan, “ stated Ms. Glass.
Internal Revenue Code Section 72(p) allows a Solo 401K Plan participant to take a loan from his or her 401K Plan so as long as it is permitted pursuant to the business’s 401K Plan documents.
A solo 401k loan is permitted at any time using the accumulated balance of the solo 401k as collateral for the loan. A Solo 401(k) participant can borrow up to either $ 50,000 or 50% of their account value – whichever is less. This loan has to be repaid over an amortization schedule of 5 years or less with payment frequency no less than quarterly. The lowest interest rate that can be used is Prime as per the Wall Street Journal, which is currently 3.25%.
With IRA Financial Group’s Solo 401K plan loan feature, a self-employed individual or small business owner with no employees can borrow up to $ 50,000 tax-free and penalty free and use those funds to pay off student loan debt. There are no penalties or taxes due provided loan payments are paid on time. “The Solo 401(k) Plan loan has proved to be an appealing financing option to paying off high interest rate credit card debt and secure cheaper self- financing”, stated Ms. Glass.
IRA Financial Group’s Solo 401k Plan documents will allow a self-employed individual to use a loan from your Solo 401k for any purpose, including paying off debt, such as a mortgage, personal loan, or student debt. “In 2015, we have already helped hundreds of individuals use the Solo 401(k) Plan loan feature as a way to access at least $ 50,000 of retirement funds without tax or penalty to use for any purpose, including for use in paying off personal debt, such as credit card and student loans, “ stated Adam Bergman, a tax partner with the IRA Financial Group.
The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP.
IRA Financial Group is the leading provider of Solo 401(k) Plan solutions. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate and private business investments without custodian consent.
To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646.
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Patriot Coal Corporation Confirms Plan of Reorganization and Emerges from Bankruptcy
New York, NY (PRWEB) December 20, 2013
Kramer Levin Naftalis & Frankel LLP (“Kramer Levin”) has announced that on December 17, 2013 the United States Bankruptcy Court for the Eastern District of Missouri confirmed the Plan of Reorganization of Patriot Coal Corporation and its 100 subsidiaries (the “Company”). The following day, on December 18, 2013, Patriot successfully emerged from Chapter 11 by, among other things, closing an exit financing for $ 545 million and raising $ 250 million from the issuance of new notes and warrants to Knighthead Capital Management, LLC and other participating unsecured creditors (case# 12-51502).
The firm represented the Official Committee of Unsecured Creditors (the “Creditors’ Committee”). The Creditors’ Committee’s members included bond trustee Wilmington Trust Company, bond trustee U.S. Bank National Association, The United Mine Workers of America, United Mine Workers of America 1974 Pension Plan and Trust and American Electric Power Company, Inc. The Creditors’ Committee was also represented by local counsel, Carmody MacDonald PC, conflicts counsel, Cole, Schotz, Meisel, Forman & Leonard, P.A., and the financial advisory firms of Houlihan Lokey Capital, Inc. and Mesirow Financial Consulting, LLC.
Patriot Coal Corporation is a leading producer and marketer of coal in the eastern United States, with 10 active mining complexes in Appalachia and the Illinois Basin and 1.8 billion tons of coal reserves. The Company filed for bankruptcy protection in July 2012 with approximately $ 3.1 billion in liabilities.
Over the course of the 18 month bankruptcy, Kramer Levin, on behalf of the Creditors’ Committee, was the principal advocate for unsecured creditors on all major facets of the case, including, among other things, a lengthy trial related to the Company’s motions to reduce its active employee compensation and retiree healthcare benefits and an investigation of claims against Peabody Energy Corporation and Arch Coal, Inc. related to retiree healthcare benefit liabilities exceeding $ 1.3 billion.
Through the restructuring process, approximately 4,000 jobs were preserved and the Company exited chapter 11 with an improved balance sheet, new five-year labor agreements with the UMWA, and settlements with Peabody Energy Corporation and Arch Coal, Inc. which provide significant funding for retiree healthcare benefits.
The Kramer Levin team on this matter included Corporate Restructuring partners Thomas Moers Mayer, Adam C. Rogoff and P. Bradley O’Neill; Employee Benefits partner Christine Lutgens; Environmental partner Charles S. Warren; Corporate partner David J. Fisher; Litigation partner Jonathan Wagner; Corporate Restructuring special counsel Gregory G. Plotko; Litigation special counsel Brendan M. Schulman; Corporate Restructuring associates Daniel M. Eggermann, David Blabey, Anupama Yerramalli, Andrew Dove and Stephen M. Blank; Corporate associates Jonathan B. Vessey and Steven Segal; and Litigation associate Joel Taylor.
The Carmody MacDonald PC team included partners Gregory D. Willard and Angela L. Schisler; the Cole, Schotz, Meisel, Forman & Leonard, P.A. team included partners Stuart Komrower and Roger Iorio; the Houlihan Lokey Capital, Inc. team included Matthew Mazzucchi, Fredrick Vescio, Daniel Tobin and Sanjeev Shahani; and the Mesirow Financial Consulting, LLC team included Larry Lattig, Monty Kehl and Adriana Vidal.
About Kramer Levin’s Corporate Restructuring and Bankruptcy Department: Kramer Levin’s bankruptcy practice’s accomplishments have been widely recognized. The Department was named one of Law360’s “Top Practice Groups of 2012,” one of only five bankruptcy practice firms selected for this honor. It was also awarded “Law Firm of the Year” by the 2012-2013 U.S. News and World Report “Best Law Firm Rankings.” The practice was also listed as one of the country’s best in Chambers USA and Legal 500 and one of the best in the United States by International Financial Law Review. Several partners in the practice were recently recognized by Best Lawyers, Super Lawyers, Lawdragon, Turnarounds & Workouts and M&A Advisor.
Kramer Levin Naftalis & Frankel LLP is a premier, full-service law firm with offices in New York, Silicon Valley and Paris. Firm lawyers are leading practitioners in their respective fields. The firm represents Global 1000 and emerging growth companies, institutions and individuals, across a broad range of industries. For more information, please visit http://www.kramerlevin.com.
©Copyright 1997-
, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
Posted in Industries & Professions | 
Tags: Bankruptcy, Coal, Confirms, Corporation, Emerges, from, Patriot, Plan, Reorganization | 
3 Comments »
Patriot Coal Corporation Confirms Plan of Reorganization and Emerges from Bankruptcy
New York, NY (PRWEB) December 20, 2013
Kramer Levin Naftalis & Frankel LLP (“Kramer Levin”) has announced that on December 17, 2013 the United States Bankruptcy Court for the Eastern District of Missouri confirmed the Plan of Reorganization of Patriot Coal Corporation and its 100 subsidiaries (the “Company”). The following day, on December 18, 2013, Patriot successfully emerged from Chapter 11 by, among other things, closing an exit financing for $ 545 million and raising $ 250 million from the issuance of new notes and warrants to Knighthead Capital Management, LLC and other participating unsecured creditors (case# 12-51502).
The firm represented the Official Committee of Unsecured Creditors (the “Creditors’ Committee”). The Creditors’ Committee’s members included bond trustee Wilmington Trust Company, bond trustee U.S. Bank National Association, The United Mine Workers of America, United Mine Workers of America 1974 Pension Plan and Trust and American Electric Power Company, Inc. The Creditors’ Committee was also represented by local counsel, Carmody MacDonald PC, conflicts counsel, Cole, Schotz, Meisel, Forman & Leonard, P.A., and the financial advisory firms of Houlihan Lokey Capital, Inc. and Mesirow Financial Consulting, LLC.
Patriot Coal Corporation is a leading producer and marketer of coal in the eastern United States, with 10 active mining complexes in Appalachia and the Illinois Basin and 1.8 billion tons of coal reserves. The Company filed for bankruptcy protection in July 2012 with approximately $ 3.1 billion in liabilities.
Over the course of the 18 month bankruptcy, Kramer Levin, on behalf of the Creditors’ Committee, was the principal advocate for unsecured creditors on all major facets of the case, including, among other things, a lengthy trial related to the Company’s motions to reduce its active employee compensation and retiree healthcare benefits and an investigation of claims against Peabody Energy Corporation and Arch Coal, Inc. related to retiree healthcare benefit liabilities exceeding $ 1.3 billion.
Through the restructuring process, approximately 4,000 jobs were preserved and the Company exited chapter 11 with an improved balance sheet, new five-year labor agreements with the UMWA, and settlements with Peabody Energy Corporation and Arch Coal, Inc. which provide significant funding for retiree healthcare benefits.
The Kramer Levin team on this matter included Corporate Restructuring partners Thomas Moers Mayer, Adam C. Rogoff and P. Bradley O’Neill; Employee Benefits partner Christine Lutgens; Environmental partner Charles S. Warren; Corporate partner David J. Fisher; Litigation partner Jonathan Wagner; Corporate Restructuring special counsel Gregory G. Plotko; Litigation special counsel Brendan M. Schulman; Corporate Restructuring associates Daniel M. Eggermann, David Blabey, Anupama Yerramalli, Andrew Dove and Stephen M. Blank; Corporate associates Jonathan B. Vessey and Steven Segal; and Litigation associate Joel Taylor.
The Carmody MacDonald PC team included partners Gregory D. Willard and Angela L. Schisler; the Cole, Schotz, Meisel, Forman & Leonard, P.A. team included partners Stuart Komrower and Roger Iorio; the Houlihan Lokey Capital, Inc. team included Matthew Mazzucchi, Fredrick Vescio, Daniel Tobin and Sanjeev Shahani; and the Mesirow Financial Consulting, LLC team included Larry Lattig, Monty Kehl and Adriana Vidal.
About Kramer Levin’s Corporate Restructuring and Bankruptcy Department: Kramer Levin’s bankruptcy practice’s accomplishments have been widely recognized. The Department was named one of Law360’s “Top Practice Groups of 2012,” one of only five bankruptcy practice firms selected for this honor. It was also awarded “Law Firm of the Year” by the 2012-2013 U.S. News and World Report “Best Law Firm Rankings.” The practice was also listed as one of the country’s best in Chambers USA and Legal 500 and one of the best in the United States by International Financial Law Review. Several partners in the practice were recently recognized by Best Lawyers, Super Lawyers, Lawdragon, Turnarounds & Workouts and M&A Advisor.
Kramer Levin Naftalis & Frankel LLP is a premier, full-service law firm with offices in New York, Silicon Valley and Paris. Firm lawyers are leading practitioners in their respective fields. The firm represents Global 1000 and emerging growth companies, institutions and individuals, across a broad range of industries. For more information, please visit http://www.kramerlevin.com.
©Copyright 1997-
, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
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Posted in Industries & Professions | Tags: Bankruptcy, Coal, Confirms, Corporation, Emerges, from, Patriot, Plan, Reorganization | 3 Comments »
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Game Plan Nutrition Acquires Gameplan.com
Boston, MA (PRWEB) September 30, 2013
Game Plan Nutrition LLC, (GPLH) a line of nutritional supplements sold online exclusively through a network of personal trainers, today announced the acquisition of http://www.gameplan.com.
Starting today, Game Plan Nutrition will be accessible at http://www.gameplan.com. Based in Boston, Game Plan Nutrition is a direct-to-consumer nutritional supplement company that sells health management products worldwide through a network of personal trainers.
“It’s a huge win to secure real estate that will yield you the highest SEO and SEM available,” Game Plan Nutrition CEO Andrew Bachman states. “After recent success and progress, it was important to make an investment in acquiring gameplan.com to solidify our position in the market as a premium brand in nutrition and lifestyle.”
A priority for Game Plan Nutrition was making their technology as simple as possible for users in preparation for the beta-launch with their first 1000 trainers. In early October, Game Plan will transform the way people make a supplemental income in the fitness industry, by allowing trainers to have access to selling Game Plan Nutrition’s products directly to their clients.
About Game Plan Nutrition
GPLH develops tools and products focused upon the intersection of three important market trends: proprietary nutritional supplements, sold exclusively through personal trainers and other fitness professionals, using online mobile tools. These tools allow our affiliate fitness professionals to coordinate fitness goals with our nutritional supplements at the key point of contact before, during and after workouts and related consultations. The official Game Plan Nutrition LLC product launch will be in the fall of 2013.
Forward Looking Statements
This release contains “forward-looking statements” that include information relating to future events and future financial and operating performance. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for Game Plan Nutrition’s products, the introduction of new products, the Company’s ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company’s liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in Game Plan Nutrition’s filings with the United States Securities and Exchange Commission. Examples of such forward looking statements in this release include statements regarding the future performance of the company and proposed product launch dates. For a more detailed description of the risk factors and uncertainties affecting Game Plan Nutrition LLC, please refer to the Company’s recent Securities and Exchange Commission filings, which are available at http://www.sec.gov. Game Plan Nutrition, LLC undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
©Copyright 1997-
, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
Posted in Industries & Professions | Tags: Acquires, Game, Gameplan.com, Nutrition, Plan | 5 Comments »
26-Week Net Marketing and advertising Strategy — comprehensive on-line advertising plan www.26weekplan.com/ – Cached Might 9, 2011 — The 26-Week Net Advertising Program is a comprehensive, step-by-step on the web advertising and marketing plan for ANY company. Check out our Free Framework … Blueprint – Framework – Most up-to-date – Podcast Net Marketing and advertising Methods – 3 Step Formula – Internet-Source.net www.net-source.net/3steps.htm – Cached internet marketing and advertising technique, web marketing techniques, internet marketing methods. Your Guide to Professional Net Internet site Style and Development … Net Advertising and marketing Technique Services www.redclayinteractive.com/internet-marketing/net-advertising.php – Cached Red Clay is an Internet marketing business supplying stellar World wide web marketing and advertising and technique consulting services. Located in Atlanta, Georgia with customers … World wide web Advertising and marketing Technique – Advertising advertising.about.com/…/internetmarketingstrategy/Net_Advertising and marketing_Strategy.htm – Cached Net Marketing and advertising Strategy. Discover strategies and techniques that you can … What does that mean for the independent skilled whose internet presence is … Best ten World wide web Advertising and marketing Techniques – Social Media Marketing and advertising Mistakes Amazon.com: The World wide web Marketing and advertising Plan: The Complete Guide to … www.amazon.com › … › Industries & Professions › E-commerce – Cached A gold mine of forms, templates, and other useful tools to create a complete World wide web advertising and marketing plan The increasing expenses and resources needed for the Internet … Insightful …
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Bernard Poolman discusses the implications of a stable human environment. Practical preparations for a child coming into the world of an Equal Income Method. Also searching at practical changes to several industries and professions.
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Posted in Industries & Professions | Tags: Community, Huge, Internet, Marketing, Plan, profits, Strategy | 4 Comments »
Article by Beatmy Debt
If you are trying to resolve a debt difficulty, selecting no matter whether to use a debt management plan or individual voluntary arrangement can be difficult. We consider which remedy is the most appropriate for you.
Two of the most common solutions for resolving personal debt issues are a debt management program (DMP) and an individual voluntary arrangement (IVA).
Both of these solutions are commonly utilised to deal with debt but they both have various positive aspects and disadvantages. It can therefore usually be confusing and challenging to choose which answer is the best to use.
There are nonetheless, a few straightforward questions which you can ask yourself that will help make your choice clearer.
Do you mind how lengthy will it take to pay off your debt?
If you use a DMP none of your debt is written off. You are still obliged to pay every little thing back. In addition, your creditors can continue to add interest to your accounts.
As you will be paying a decreased amount each and every month, it could for that reason take several years to turn out to be debt no cost utilizing a debt management plan.
In contrast, an IVA lasts for a fixed period of time – normally five years. Your creditors should quit their interest charges and at the end of the IVA any debt which is nonetheless outstanding is written off.
For this reason if you want a guarantee that your debts will be gone in a fixed time, an IVA could be a much better remedy for you. However, if you really feel that you want to try to pay all of your debt even so lengthy it takes you need to consider a DMP.
Are you a home owner?
This is one of the important issues that will affect your choice about no matter whether to use a DMP or IVA
An IVA is a legally binding answer. As soon as your IVA is in spot, your creditors are not allowed to take any further action against you to collect their debt.
This indicates that a property that you own will be legally protected from your creditors who could otherwise attempt to secure their debts against your home utilizing charging orders.
Having said this, you also have to contemplate what will occur to any equity in your property. If you do an IVA you will have to agree to release some equity if feasible to improve the quantity you pay to your creditors.
If you carry out a debt management program, you will not be required to release any equity from your equity. Nevertheless, you run the risk of any equity getting taken away if charging orders are issued against your property.
What sort of debt do you have?
You can include most sorts of unsecured debt in a DMP. This includes, credit cards, store cards, catalogues, personal loans and bank overdrafts and organization debts if you are a sole trader.
However, the one kind of unsecured debt that you will usually not be able to contain is tax debt. If you owe cash to HM Revenue and Customs in the form of any type of tax or VAT, a DMP may well not be suitable for you.
In contrast, as properly as all sorts of typical unsecured debts, you can incorporate tax and VAT debt in an IVA.
For this reason here you owe cash to HMRC you would usually take into account an IVA as your preferred debt remedy.
It is worth bearing in mind that secured debts such as mortgages, secured loans and auto HP agreements cannot be included in either a DMP or an IVA.
Affect on your credit rating
Due to the fact a debt management program is an informal non legally binding agreement and an individual voluntary arrangement is formal and legally binding, you may possibly have thought that they would impact your credit rating in distinct approaches.
In fact this is not true. Both solutions will severely damage your credit rating and your capacity to take new credit in the future.When you are in a DMP it is most likely that your creditors will concern default notices against you. These will stay on your credit file for six years during which time your credit rating will be poor.After six years if your debts have been paid, your credit rating will start to repair.
Even so if any of your debts stay outstanding your credit rating will usually stay poor until these have been paid in full which could take longer than six years.
As soon as you start off an IVA, this will be recorded on your credit file. The record will stay on your file for six years for the duration of which time your credit rating will be poor.
Following six years the record will come off your file. Since you will then be debt free your credit rating will then commence to repair. An IVA for that reason provides you a fixed date from which time your credit rating will become far better.
What kind of job do you do?
Normally speaking your job will not be affected if you determine to start off use either a debt management strategy or individual voluntary arrangement.
Nonetheless there are some jobs which might be affected if you turn out to be formally insolvent such as if you work for a bank, the police or yet another role where insolvency is seen as an concern.
Simply because it is a formal insolvency answer, if you commence an IVA, you are formally classed as insolvent and your name will be added to the Insolvency Register. This record will remain until your IVA has finished.
As such, if you do a job where being formally insolvent is a issue, you may well very first have to agree with your employer that you can use an IVA. Or you may possibly want to steer clear of this remedy altogether.
A debt management plan is an informal agreement with your creditors. This means that if you do a DMP you are not classed as formally insolvent. There is no formal register of you getting in a DMP and no one else will be told.
As such, if you are not allowed to become insolvent due to your job, a DMP may possibly be the correct remedy for you.
Realize both solutions fully
Selecting whether or not to begin a debt management program or individual voluntary arrangement can be difficult. Nevertheless if you comprehend how each answer will have an effect on you the decision will start to turn into less complicated.
There is no appropriate remedy to choose and each and every will be far more or less proper depending on your individual circumstances.
It is always sensible to talk to an professional debt advisor just before generating your decision. They will not judge you but simply be able to explain the solutions and what each and every would mean for you as a result creating your decision simpler.
What to do next
If you are struggling with debt, check out http://www.beatmydebt.comOur vibrant debt forum provides free of charge access to market professionals and other people who have suffered with debt issues.
Beneficial guides, calculators and information are also available created to aid you understand how to manage and resolve debt issues.
About the Author
James Falla is a debt adviser from BeatMyDebt.com in the UK. For more top quality and unbiased info on Debt Management Plans, Individual Bankruptcy Services, bankruptcy Assistance & Tips in UK check out our site at http://www.beatmydebt.com
Posted in Debt | Tags: Arrangement, better, Debt, Individual, Management, Plan, Voluntary | 3 Comments »