Puerto Rico Slow Pay Motion

Category:

Civil Procedure - Motions - Slow Pay

State:

Multi-State

Control #:

US-02672BG

Format:

Instant download

Description

A Slow-Pay Motion is a pleading that asks the Judge to let a defendant in a case make small or manageable payments on a judgment against the defendant. The payments should be fixed to leave defendant enough money to pay other necessary bills.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

'Free Associated State of Puerto Rico'). As such, the island of Puerto Rico is neither a sovereign nation nor a U.S. state. It is because of that ambiguity, the territory, as a polity, lacks certain rights but enjoys certain benefits that other polities have or lack.

Levels of debt in Puerto Rico became untenable, as the tax advantages of holding Puerto Rico's bonds expired, and Hurricane Maria wreaked additional havoc on the island's floundering economy. An aging population, mounting costs of social programs, and a declining population, have exacerbated debt problems as well.

Around $30 billion, or about 42% of Puerto Rico's outstanding debt, is owned by residents of Puerto Rico. They and local businesses are the parties that are most affected by the government cuts and the increased taxes that have been imposed to stabilize the island's finances.

Real gross national product is still below 2016 levels amid hurricanes, earthquakes and mismanagement. It's expected to shrink again this year, despite an influx of $120 billion in federal reconstruction aid. Meanwhile, pension payments and debt service take up 25% of the commonwealth's budget even after bankruptcy.

?The mid-2000s marked a turning point for the island's economy when it entered a recession from which it has not recovered,? the Pew study said. ?Since then, many Puerto Ricans have left the island for the U.S. mainland, particularly Florida, often citing work and family-related reasons.?

In March 2022, Puerto Rico finalized its largest debt restructuring: issuing $7.4 billion in new bonds replacing $34.3 billion in outstanding bonds (a 78 percent reduction).

The board oversaw a bankruptcy process that culminated in March 2022, when a federal court confirmed a plan that reduced Puerto Rico's debt by 80%. Still, the work of putting the Commonwealth on a sustainable fiscal path remains incomplete.

In comparison to the different states of the United States, Puerto Rico is poorer than the poorest state of the United States, with 45% of its population living below the poverty line. However, when compared to Latin America, Puerto Rico has the highest GDP per capita in the region.

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