City doctor declares bankruptcy

City doctor declares bankruptcy

There are 85 comments on the Lebanon Daily News story from Jul 7, 2010, titled City doctor declares bankruptcy. In it, Lebanon Daily News reports that:

Less than a year ago, Dr. Jeffrey Backenstoes bought a new $693,000 home in North Cornwall Township, to go along with his 2009 Jaguar valued at $41,000 and 2009 Lincoln MKS valued at $29,890. On June 5, Backenstoes and his wife, Kim, filed for Chapter 13 personal liquidation bankruptcy with the U.S. Bankruptcy Court for the Middle District of ...

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what

Middletown, PA

#1 Jul 8, 2010
that makes them no better than people who abuse the welfare system. Thanks for nothing Backenstoeses.
Phineas

Carlisle, PA

#2 Jul 8, 2010
Why is this even news? It is not something that should be in the newspaper... Who cares if some person decided to live beyond their means and try to be something they couldn't and is now suffering for it.
former lebanonite

United States

#3 Jul 8, 2010
How did these people get loans from the city and others with no collatoral to speak of.Because he is a physician of sorts?
long paid off here

Washington Boro, PA

#4 Jul 8, 2010
[ The Chapter 13 filing includes federal student loans totaling $143,605.]

I'm more concerned about this number.
This much in UNPAID student loans
while living large and investing elsewhere ?

Was there no Management 101 in all this education paid for by taxpayers ??

You get your degree... you make a decent salary..
and then you pay down your initial debts,
beginning with your student (not grants but) LOANS.
Remarkable

Gilbertsville, PA

#5 Jul 8, 2010
Phineas -- you don't think it's news that over $300,000 in public money was loaned to these people, who apparently have no intention of paying it back?
carl

Lykens, PA

#6 Jul 8, 2010
why in the world would funks do work with out the owner having secured a construction loan?

all of it... WOW

thomas paine

Harrisburg, PA

#7 Jul 8, 2010
carl wrote:
why in the world would funks do work with out the owner having secured a construction loan?
all of it... WOW
Could be they belong to the same lodge.
HAMMOND EGGER

Lebanon, PA

#8 Jul 8, 2010
TRUMP IS HERE!
Crap

Williamstown, NJ

#9 Jul 8, 2010
long paid off here wrote:
[ The Chapter 13 filing includes federal student loans totaling $143,605.]
I'm more concerned about this number.
This much in UNPAID student loans
while living large and investing elsewhere ?
Was there no Management 101 in all this education paid for by taxpayers ??
You get your degree... you make a decent salary..
and then you pay down your initial debts,
beginning with your student (not grants but) LOANS.
Student loan debt is not forgiven in a bankruptcy. He will still owe the same amount on his student loans after the bankruptcy.
Not a doctor

Lebanon, PA

#10 Jul 8, 2010
Didn't think student loans could be included in a bankruptcy filing?
RIP OFF

Lebanon, PA

#11 Jul 8, 2010
LIVING LARGE
Get Real

Philadelphia, PA

#12 Jul 8, 2010
I wonder if he gets to keep the Ford (Jaguar) and the house?
Ummmmmm

Hanover, PA

#13 Jul 8, 2010
He gets to keep his main residence and the vehicles used to transport him back and forth to work. Student loans are deferred, meaning he will not have to pay for them until after the term of the bankruptcy, however during that time they do accrue interest.
carl

Lykens, PA

#15 Jul 8, 2010
thomas paine wrote:
<quoted text> Could be they belong to the same lodge.
you think? Masons?
Wow

Langhorne, PA

#16 Jul 8, 2010
Discharges all his debts, and can still continue to practice and make 120K a year, Nice! He should work the debt off working for Arthur Funk and cleaning up trash for the city.
sports nut

Fort Wayne, IN

#17 Jul 8, 2010
whats the lesson here? dont invest in downtown lebanon its a quick way to financial diaster. the dr. is a good person, he just made a poor decision to invest in downtown lebanon...like kolavani and the rest good intentions but almost zero chance to suceed.
LIVIN PAYDAY-TO-PAYDAY

Lebanon, PA

#18 Jul 8, 2010
PLEASE TELL ME THEY DON'T GET TO KEEP THE HOUSE AND THE CARS. AND SPEAKING OF CARS, HOW MUCH ARE THE ANTIQUE CARS DR. B OWNS WORTH? ALSO, THE AVERAGE WORKING GUY IS LUCKY TO GET A LOAN TO BUY A HOME RIGHT NOW. HOW DID THIS POMPOUS, PRETENIOUS BOZO GET FINANCED FOR ALL THIS STUFF? I GUESS HAVING A DR. IN FRONT OF YOUR NAME CARRIES MORE WEIGHT THAN A SIMPLE MR.
Phineas

Lebanon, PA

#19 Jul 8, 2010
Remarkable wrote:
Phineas -- you don't think it's news that over $300,000 in public money was loaned to these people, who apparently have no intention of paying it back?
Oh, is that what this article was about.... Nice way to get to the point! Blah blah blah, so and so did such and such. He flim flammed and bim bammed, took $300,000 in public money and zippity dood the yippity yoo. His wife also saba do did and tooty fruited. He has.... and the story goes on.
I must have missed where it said "he was loaned over $300,000 in PUBLIC money". If it's PUBLIC money where do I get mine?
thomas paine

Harrisburg, PA

#20 Jul 8, 2010
Phineas wrote:
<quoted text>
Oh, is that what this article was about.... Nice way to get to the point! Blah blah blah, so and so did such and such. He flim flammed and bim bammed, took $300,000 in public money and zippity dood the yippity yoo. His wife also saba do did and tooty fruited. He has.... and the story goes on.
I must have missed where it said "he was loaned over $300,000 in PUBLIC money". If it's PUBLIC money where do I get mine?
Maybe you want to ask Billy K.
sports nut

Fort Wayne, IN

#21 Jul 8, 2010
thomas paine wrote:
<quoted text> Maybe you want to ask Billy K.
The turf field at Cedar Crest had various camps for our local youth over the last 3 weeks. What a great investment! Thanks to the cedar crest school district for a great facility.

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