Submitted by Anonymous (not verified) on Mon, 12/25/2023 - 23:09
When you’re in chapter 13, you don’t want a tax refund. Why? If you get a refund more than $250.00, you have to send it in to the bankruptcy trustee. So you don’t want to over-withhold.
You also don’t want to under-withhold. Why? Because on April 15, you’ll owe a tax payment. And you probably won’t have money available to pay it.
So you want as far as possible to break even when the taxes are filed.
Submitted by Anonymous (not verified) on Mon, 12/25/2023 - 22:59
What About ….?
What about my bank account? Filing bankruptcy does not force you to close your bank account. (Many credit unions will fire you as a customer.) If your credit is already so bad you can’t open an account, try TD Bank, a new bank in Northern Virginia. Another option is Wood Forest Bank, in some of the larger Walmarts, including the one on Liberia Avenue in Manassas..
What about immigration status?
Submitted by Anonymous (not verified) on Mon, 12/25/2023 - 00:43
Many clients have contacted us regarding defaulted SBA EIDL loans and the period of time in which the SBA or the Government may sue them to collect on the defaulted loan (the statute of limitations). The law and rules, as noted below are complex and vary based on the facts of the case.
The Federal Government has 6 years to commence a lawsuit (statute of limitations) against the entity or person that obtained the EIDL loan from the SBA and defaulted.
Submitted by Anonymous (not verified) on Fri, 12/22/2023 - 16:34
Many clients, attorneys, and accountants have asked where they can find our blog posts on SBA EIDL loans. To make their search easier, they are listed below. If you would like to speak with Jim Shenwick, Esq regarding your SBA EIDL loan, please click the link to schedule a telephone call with me.https://calendly.com/james-shenwick/15min
Submitted by Anonymous (not verified) on Tue, 12/19/2023 - 19:41
The New York Post published an article stating that consumer spending through "buy now, pay later" services has increased as consumers struggle with growing debt obligations. This trend could lead to a rise in bankruptcy filings after the holidays.
Submitted by Anonymous (not verified) on Mon, 12/18/2023 - 00:09
Many readers of our blog posts and emails are aware that at Shenwick & Associates, we represent numerous borrowers who have defaulted on or not repaid their SBA EIDL loans. Many borrowers had hoped or prayed that SBA EIDL loans would be forgiven, similar to PPP grants. However, as one Boston lawyer stated, "Hope is not a legal strategy." Borrowers frequently inquire about the actions the government may take if they fail to repay their SBA EIDL loans. If payments are not received by the SBA, the agency will issue a Final Notice of Delinquency and Collection Actions.