Chenango County plans to go after serial bankruptcy filers
NORWICH – Chenango County Attorney Richard Breslin plans to nearly double his 2012 budget for outside counsel in order to go after “the more egregious offenders” of bankruptcy protection law.
“There are a few people who engage in serial filings of bankruptcy,” he told members of the county’s finance committee last week upon requesting $9,000 to cover the effort.
Property owners who are delinquent on their taxes may avoid foreclosure by filing for bankruptcy protection. The courts then arrange a partial payment plan for them, with or without interest depending upon the creditor. In turn, filers are expected to keep their current taxes paid up.
There is also an expectation that they will get out of bankruptcy, but that hasn’t been the case with an unspecified number of repeat filers.
One hundred bankrupt properties in Chenango County are currently being shielded from foreclosure, the treasurer’s office confirmed.
The impact on county taxpayers occurs when the treasury doesn’t receive the cash flow it anticipates and, therefore, can’t invest nor receive hoped for interest payments. Back in March, about $500,000 was owed the county on bankrupt properties and another $100,000 was received in partial payments that couldn’t be moved on.
“Everybody in the county is affected by this, so it makes sense to send the message that we will go after them,” Chenango County Treasurer William C. Craine said.
Breslin’s budget request ultimately received the committee’s endorsement. The Chenango County Board of Supervisors will consider the request Tuesday.
With the poor economy resulting in an elevated number of parcels in arrears from past years, county lawmakers are concerned about the projected $4 million that schools, villages and towns will be unable to collect on their levies. The county is obligated to pay the local entities up front and then collects the amount back over a four or five-year period through annual sealed bid sales of delinquent properties.
Following this year’s successful tax sales, Chenango County ended up with about a $200,000 overage on the properties than was owned in outstanding taxes. Of the inventory, only three very small parcels of land are left to be claimed.
At this time last year, there were 230 parcels that were delinquent since 2008. There are now 290. Craine said he anticipated more than 55 properties would be up for foreclosure sale in 2012.
“There are a few people who engage in serial filings of bankruptcy,” he told members of the county’s finance committee last week upon requesting $9,000 to cover the effort.
Property owners who are delinquent on their taxes may avoid foreclosure by filing for bankruptcy protection. The courts then arrange a partial payment plan for them, with or without interest depending upon the creditor. In turn, filers are expected to keep their current taxes paid up.
There is also an expectation that they will get out of bankruptcy, but that hasn’t been the case with an unspecified number of repeat filers.
One hundred bankrupt properties in Chenango County are currently being shielded from foreclosure, the treasurer’s office confirmed.
The impact on county taxpayers occurs when the treasury doesn’t receive the cash flow it anticipates and, therefore, can’t invest nor receive hoped for interest payments. Back in March, about $500,000 was owed the county on bankrupt properties and another $100,000 was received in partial payments that couldn’t be moved on.
“Everybody in the county is affected by this, so it makes sense to send the message that we will go after them,” Chenango County Treasurer William C. Craine said.
Breslin’s budget request ultimately received the committee’s endorsement. The Chenango County Board of Supervisors will consider the request Tuesday.
With the poor economy resulting in an elevated number of parcels in arrears from past years, county lawmakers are concerned about the projected $4 million that schools, villages and towns will be unable to collect on their levies. The county is obligated to pay the local entities up front and then collects the amount back over a four or five-year period through annual sealed bid sales of delinquent properties.
Following this year’s successful tax sales, Chenango County ended up with about a $200,000 overage on the properties than was owned in outstanding taxes. Of the inventory, only three very small parcels of land are left to be claimed.
At this time last year, there were 230 parcels that were delinquent since 2008. There are now 290. Craine said he anticipated more than 55 properties would be up for foreclosure sale in 2012.
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