November 2018 TLC medallion sales

The November 2018 New York City Taxi & Limousine Commission (TLC) sales results have been released to the public. And as is our practice, provided below are Jim Shenwick’s comments about those sales results.
1. The volume of transfers rose again from October. In November, there were 154 unrestricted taxi medallion sales.
2. However, almost all those transfers were bankruptcy and foreclosure transfers!

How Long After a Bankruptcy Can I Get a Credit Card in California?

Every year, thousands of people get the financial start they want through bankruptcy. Despite what many people believe, bankruptcy has been vital in the economic recovery of debtors around the country for many years. However, what happens after your discharge? Can you apply for a credit card after you have finalized your bankruptcy? Our Roseville […]

Thieves Steal Identity and Money – IRS warning

IRS Tax Tip 2018-186
Don’t take the bait: Here’s how taxpayers can avoid getting caught by a phishing scam
Data thieves don’t take a break during the holidays. In fact, the IRS warns taxpayers that the agency is seeing a large increase in bogus email schemes that seek to steal money or tax data.

More Retirees Are Filing for Bankruptcy

More and more retirees are filing for bankruptcy due to several reasons. Disappearing benefits, rising medical costs, planning inadequately, increasing caretaker expenses, and declining income are a few of the major causes. More seniors are not only filing for bankruptcy, but they also are representing a larger percentage of filers. In 1991, only 2% of bankruptcy filers were 65 years or older. Now, more than 12% of bankruptcy filers are seniors, up 10% in less than thirty years.

City of Chicago’s New Ordinance Regarding Parking Tickets

When: Effective January 1st, there is new help for Chapter 7 debtors who owe money to the City of Chicago for  parking tickets and related fines.  A new Ordinance, sponsored by Mayor Emanuel provides in part that: Payment Plan: An eligible bankruptcy debtor may establish a payment plan to repay fines that were incurred within+ Read More

Crain's New York: TLC approves historic pay rules for app-based drivers

By Matthew Flamm

The Taxi and Limousine Commission made history on Tuesday morning when its commissioners voted to set the first minimum pay-rate in the nation for app-based drivers. 
Driver groups are declaring victory on—and claiming credit for the win—while Uber, Lyft and Juno found a lot to complain about. Only the pooled-ride service Via, which already pays its drivers better than minimum wage, applauded the changes.

New York Times: Why Are Taxi Drivers in New York Killing Themselves?

By Emma G. Fitzsimmons
A taxi driver named Roy Kim recently became the eighth professional driver to die by suicide in New York over the last year.

Document Preparers or Paralegals Ripping Off Consumers

November 2018: The Arizona Supreme Court established a committee to review the current process authorizing documents preparers to do certain work normally done by attorneys.  Administrative Order 2018-111
The following is part of a discussion by fellow attorneys who describe some very expensive mistakes created by document preparers or paralegals (the Arizona Supreme Court does not allow them to call themselves paralegals).

Repossessions of Taxi Medallions by Secured Lenders

Here at Shenwick & Associates, an increasing part of our law practice involves workouts of loans for borrowers with taxi medallions as collateral for the loan.   Over the past three months, we’ve noticed a trend in which the bank or secured lender repossesses the taxi medallion(s) when the loan is in default, instead of allowing the borrower to retain the medallions during workout negotiations.

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