In the wake of a Florida court ruling that will let former state workers’ pension plans default, the bankruptcy legal world has been on a roll.
The news is being greeted with cheers and boos by those who have lost their jobs, but it has also been met with concern and disbelief by those still holding out hope.
The U.S. bankruptcy code requires the debtor to file a lawsuit if they want to receive their pensions.
But Florida’s law has changed that to require filing a lawsuit in bankruptcy for any company or individual who has not been paid their salary.
The state Supreme Court ruled this week that it is not clear if a company that has lost at least $300,000 can file for bankruptcy protection if its liabilities exceed its assets, according to Reuters.
It also said it is unclear whether the former employees of the former state worker’s retirement plan will qualify for the protections.
The court’s ruling has been criticized by some who have said it leaves the former workers with little recourse.
The law allows a company to file for Chapter 11 protection if it has $100 million or more in debt.
The ruling is expected to have ripple effects throughout the state and could force companies to file bankruptcy for a variety of reasons, including tax liabilities, pension liabilities and health care expenses.
In Florida, a bankruptcy case can be filed even if the company or individuals owed money.
If a creditor or former employee files, the state is allowed to dismiss the case and allow creditors to pay the former employee, and the debtor may file a claim against the former company for the debt owed to creditors.
The creditor can then get its money back and seek relief from the debtor, according the law.
The former employee will be able to seek relief for pension and health insurance costs if they have lost at the company, according a law review article.
If the former worker files, they will have to pay their former employer’s medical insurance premiums, but they will not have to repay the employer, according Reuters.
If they file for claims against the state, they would get $150,000, and if they are awarded $150 million or less, they could receive $200 million or $300 million, according Toole, a lawyer with the Florida Taxpayers Protection Alliance.
The Florida Pension Reform Act is the result of a long-running debate over the pension reform law.
It was passed in 2015 by the Florida House of Representatives and passed the Senate in 2016.
In a letter to Florida Gov.
Rick Scott, the Florida chapter of the American Federation of State, County and Municipal Employees, or AFSCME, said it believes that the Florida law would allow pension and other government benefits to be denied.
It said the law would “have a devastating impact on Florida’s retirees, retirees’ families and other state and local employees, especially those who currently rely on the benefits of their state-sponsored retirement plans.”
The Florida Supreme Court on Friday ruled that the former government employee’s pension plan can’t default on payments and that the company can file a bankruptcy.
If it does, the plan will not be able go into receivership, according The Associated Press.
Florida’s pension reform legislation, which was passed earlier this year, requires companies to pay benefits, and Florida is among the states that require their employees to work out of state for work.
Florida Gov., Rick Scott signed the bill into law in 2015.
The governor said he was pleased with the ruling, according Florida State University law professor Eric S. Leggett, who did not directly comment on the ruling.
He said he would review the ruling and make his own decisions about how to proceed in the future.
Leggett said he does not think that the current law is likely to affect a company’s ability to pay its employees.
He said he is not sure that it will have an impact on an employer who is not in bankruptcy, such as a hospital.
He also said that if a government pension is deemed invalid or has been terminated, then it would likely not be a factor in determining if a plan is viable or not.
“It is unclear how a government employee could get a court order that would declare a government-sponsored pension invalid,” Leggets said.
“But I don’t see a problem with a judge saying that a pension is invalid.”
A spokesman for Scott’s office, Tom LaPlante, said that he is pleased that the governor is taking action to protect Florida workers from financial loss, but said the state must remain vigilant and keep pace with other states.
He added that the law is a common sense measure that will help keep our state competitive and will prevent companies from making bad choices and jeopardizing our retirement security, according CBS News’ Joe Sheehan.