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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

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   

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.

When filing for personal bankruptcy, it can sometimes be difficult to determine which bankruptcy chapter is the right one for you. Many factors are at play when making this decision, but the first priority for anyone considering either is to learn more about bankruptcy itself. While there are technically more than two types of personal+ Click Here For Read More
The post What are the Differences Between Chapter 7 and Chapter 13 Bankruptcy? appeared first on David M. Siegel.