Blogs

1 month 2 weeks ago

Tenants RightsTaking effect on September 22, 2022, the Michigan Uniform Assignment of Rents Act (MUARA) will impact tenants’ rights in situations where landlords default on their loans. This Act also strengthens lenders’ rights, under certain circumstances, to appoint receivers to collect rent payments if one of their borrowers defaults on a loan secured by an income-producing property. Read More ›
Tags: Alerts and Updates, Did you Know?, Landlord-Tenant


1 month 2 weeks ago

 Forbes.com has a timely article on Student Loan Forgiveness: 5 Major Takeaways From New Plan To Cancel Student Debt.The article can be found at https://lnkd.in/ek5ps_Vq
Jim Shenwick, Esq.


1 month 3 weeks ago

 Uber Embodies the Post-Covid Inflationary Economy 
The story can be found at https://www.bloomberg.com/opinion/articles/2022-08-02/uber-revenue-doubles-shares-surge-amidst-record-inflation
Jim Shenwick, Esq.  212 541 6224  [email protected]


1 month 3 weeks ago

 The United States Attorney's Office District of Colorado, issued a press release about "Florida Woman Sentenced to 19 Months in Prison for Submitting Fraudulent EIDL and PPP Applications in $865K Wire Fraud Scheme" the article can be found at https://lnkd.in/eEhpdz9m
Jim Shenwick, Esq 212 541 6224 [email protected]


1 month 2 weeks ago

In Gunsalus v. County of Ontario, 37 F. 4th 859 (2d Cir, 6/27/22) the Second Circuit recently held that a deed issued pursuant to a New York real estate tax lien foreclosure can be attacked and set aside by a Chapter 13 debtor as a fraudulent transfer when “reasonably equivalent value” is not received for Read More


1 month 3 weeks ago

In Gunsalus v. County of Ontario, 37 F. 4th 859 (2d Cir, 6/27/22) the Second Circuit recently held that a deed issued pursuant to a New York real estate tax lien foreclosure can be attacked and set aside by a Chapter 13 debtor as a fraudulent transfer when “reasonably equivalent value” is not received for Read More


2 months 1 day ago

 An EIDL loan is one issued by the SBA for economic injury development. These loans were issued after PPP loans to businesses that had suffered economic injury.  However, unlike PPP loans, these loans must be repaid by borrowers. Many clients are calling about defaulted EIDL SBA Loans, the consequence of those defaults and remedies for those defaults. Shenwick & Associates has experience dealing with defaulted SBA loans and we have published 3 articles on our blog regarding these defaults. One post involves EIDL loans and bankruptcy, which can be found at http://shenwick.blogspot.com/2022/07/eidl-loan-workouts-and-bankruptcy.htmlA Second post pertains to defaulted EIDL loans and the SBA Offer in Compromise program.  That post can be found at http://shenwick.blogspot.com/2022/07/eidl-loans-and-sba-offer-in-compromise.htmland A Third post is about EIDL loan defaults and document review for those defaults. That post can be viewed at http://shenwick.blogspot.com/2022/07/eidl-loan-default-document-review.html
Clients or professionals with questions about defaulted EIDL loans should contact Jim Shenwick, Esq.   [email protected]   212-541-6224


2 months 2 days ago

As many readers of our blog posts are aware, at Shenwick &Associates we have expertise in EIDL loan workouts, bankruptcy filings and offers in compromise, for defaulted EIDL loansRecently we did a post on EIDL loans and bankruptcy, which can be found at http://shenwick.blogspot.com/2022/07/eidl-loan-workouts-and-bankruptcy.html and  a post on defaulted EIDL loans and the SBA Offer in Compromise program.  That post can be found at http://shenwick.blogspot.com/2022/07/eidl-loans-and-sba-offer-in-compromise.html When clients retain us with respect to defaulted EIDL loans, they often ask what documents they need to provide us for our review.We have developed the following checklist of documents after doing workouts and bankruptcy filings for various types of debtors and creditors. Provided below is a list of  documents needed for business borrowers and another for individuals, who took out the EIDL loans personally or who guaranteed EIDLloans, which are in default.BUSINESS BORROWER:1. Recent Balance sheet for the business2.  Recent Income statement for the business3. Most recent Federal Tax Return 4. EIDL Loan Documents5. Property that was Collateral for EIDL Loan6. Guarantees give for EIDL Loan 7. Check registry and wires going back 90 days for the business8. Bank statements for 90 days  and 9. Executive Summary  regarding the company’s problems and  goals with respect to EIDL Loan
INDIVIDUAL BORROWER OR GUARANTOR:1. List of property  you own (assets)2. List of who you owe money or property to (liabilities)3. After Tax Monthly Budget showing after tax income & personal and business expenses4. Most recent tax return5. List of obligations you personally guaranteed6. Taxes owed, if any including the nature of the tax, the tax year and amount7. Brief summary of your problem(s) and your goals
If you provide us with this information, we will be able to do an analysis regarding your best options with respect to the defaulted EIDL Loan, including a Workout,  Offer in Compromise, closing of the business or a bankruptcy filing.   Additionally, we will advise the guarantor on their options and best course of action.Jim Shenwick, Esq has handled thousands of workouts (out of court settlements) and over 500 bankruptcy filing for individuals and businesses. Jim Shenwick, Esq has an LLM in Taxation from NYU law school and he can also provide advice regarding relief of indebtedness issues. Jim Shenwick, Esq  [email protected]   212 541 6224   


2 months 2 days ago

For those who are owed or paying child support prior to filing for bankruptcy, the idea of discharge can be either terrifying or welcome. Regardless of which one applies to you, though, the truth of the matter might be altogether different than you imagined. Child Support Debt is Non-Dischargeable Child support is a priority debt.+ Read More
The post Everything You Need to Know About Bankruptcy and Child Support appeared first on David M. Siegel.


2 months 2 days ago

For those who are owed or paying child support prior to filing for bankruptcy, the idea of discharge can be either terrifying or welcome. Regardless of which one applies to you, though, the truth of the matter might be altogether different than you imagined. Child Support Debt is Non-Dischargeable Child support is a priority debt.+ Read More
The post Everything You Need to Know About Bankruptcy and Child Support appeared first on David M. Siegel.


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