Dear [Bank/Bankruptcy Law Firm], I hope this letter finds you in good health. I am writing to inquire about the fee structures associated with filing bankruptcies in Puerto Rico. As a financially struggling individual/business seeking bankruptcy assistance, it is crucial for me to have a clear understanding of the costs involved in this process. Puerto Rico, a Caribbean island and unincorporated U.S. territory, follows its own bankruptcy laws and procedures, distinct from the federal bankruptcy code applicable in the mainland United States. Due to Puerto Rico's unique legal framework, it is essential to comprehend the fee structures set by banks and bankruptcy law firms operating in this jurisdiction. There are typically two types of fee structures that you may encounter while seeking bankruptcy assistance in Puerto Rico: attorney fees and court filing fees. Let's delve into these further: 1. Attorney Fees: Attorney fees vary depending on the complexity of the case, the nature of the bankruptcy (Chapter 7, Chapter 13, or Chapter 11), and the attorney's level of expertise. The fee models commonly employed in Puerto Rico include: a. Hourly rates: Some bankruptcy attorneys charge on an hourly basis. In such cases, attorneys provide an estimated range of hours necessary to complete the bankruptcy process, and their fees are calculated accordingly. b. Flat fees: Many attorneys may offer a flat fee structure wherein they charge a predetermined amount to handle the entire bankruptcy process from start to finish. This type of fee structure can be beneficial to clients who desire fee certainty. c. Retainer fees: Attorney retainer fees involve an upfront payment to secure the attorney's services, followed by an hourly or flat fee charge for the actual work performed. The retainer fee may be refundable or non-refundable, depending on the agreement between the client and the attorney. 2. Court Filing Fees: Apart from attorney fees, there are also court filing fees imposed by the bankruptcy court in Puerto Rico. These fees typically vary based on the type of bankruptcy being filed. As of [current year], the court filing fees for bankruptcies in Puerto Rico are as follows: a. Chapter 7 bankruptcy: The court filing fee for Chapter 7 bankruptcies in Puerto Rico is $335. However, it is essential to note that fee waivers or installment payment options may be available for applicants who meet certain eligibility criteria. b. Chapter 13 bankruptcy: For Chapter 13 bankruptcies, the court filing fee in Puerto Rico is $310. c. Chapter 11 bankruptcy: The court filing fee for Chapter 11 bankruptcies in Puerto Rico is significantly higher, amounting to $1,717. Please note that the aforementioned fee structures and court filing fees are subject to change. It is advisable to consult with a bankruptcy attorney or contact the Puerto Rico bankruptcy court directly to obtain the most up-to-date information regarding fees. In conclusion, understanding the fee structures for bankruptcies in Puerto Rico is essential for individuals and businesses seeking financial relief. The common fee types include attorney fees charged through hourly rates, flat fees, or retainer fees, as well as court filing fees set by the bankruptcy court. By researching and consulting with professionals, one can navigate the bankruptcy process in Puerto Rico more effectively. Thank you for your attention to this matter. Should you require any further information, please do not hesitate to contact me. Sincerely, [Your Name]
Puerto Rico Sample Letter for Fee Structures for Bankruptcies
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On January 18, 2022, Judge Laura Taylor Swain of the U.S. District Court for the District of Puerto Rico confirmed the Plan of Adjustment for the Commonwealth of Puerto Rico to restructure $33 billion of liabilities against the Commonwealth of Puerto Rico, the Public Building Authority (PBA), and the Employee ...
?The FOMB's Plan of Adjustment is premised on extracting further rents from commercial and residential energy consumers ?that is, ordinary citizens? to satisfy the unsecured claims of PREPA's bondholder-creditors.
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.
More than eight years after the Puerto Rico Electric Power Authority stopped paying its bonds and with most other Puerto Rico municipal issuers having since restructured their bonds, eight Puerto Rico bonds continue to pay in full and on time.
The Puerto Rican government-debt crisis was a financial crisis affecting the government of Puerto Rico. The crisis began in 2014 when three major credit agencies downgraded several bond issues by Puerto Rico to "junk status" after the government was unable to demonstrate that it could pay its debt.
Puerto Rican financial board seeks an end to power company's debt-restructuring process. The federal board overseeing the island's finances filed a new plan that would reduce the power company's debt from $10 billion to $2.5 billion, excluding pension liabilities.
Debt restructuring is a process that allows a private or public company or a sovereign entity facing cash flow problems and financial distress to reduce and renegotiate its delinquent debts to improve or restore liquidity so that it can continue its operations.
In 2016, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), which created the Puerto Rico Financial Oversight and Management Board to restructure the Commonwealth's unsustainable burden of more than $72 billion in debt and more than $55 billion in unfunded pension liabilities.
