Articles from Shenwick & Associates

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Falling behind on federal student loans can lead to other major financial problems according to CNBC

Submitted by Anonymous (not verified) on Mon, 02/27/2023 - 18:39

 Falling behind on federal student loans can lead to other major financial problemsA story on CNBC reports that "more than 80% of borrowers who experienced default stated that they’d faced at least one additional consequence as a result. The most common impact was a drop in their credit score (62%) followed by being subject to collection fees (47%) and losing eligibility for future federal financial aid (37%)."

Office Landlord Debt Defaults Rising as Remote Work Takes Hold

Submitted by Anonymous (not verified) on Wed, 02/22/2023 - 21:16

The New York Post is reporting that “A growing number of office landlords are defaulting on loan payments as the rise of remote work causes more corporate tenants to rethink long-term leases".

Relief of Indebtedness Income and Workouts under Section 108 of the Internal Revenue Code

Submitted by Anonymous (not verified) on Tue, 02/21/2023 - 18:11

 Relief of Indebtedness Income and Workouts under Section 108 of the Internal Revenue Code.Shenwick & Associates performs many workouts for clients, and one point that is often overlooked during negotiations is relief of indebtedness income. Section 108 of the Internal Revenue Code provides that income from discharge of indebtedness is income to the Debtor, unless otherwise provided for in that section. The following example illustrates the point: If a debtor owes a creditor $100,000.00 and the creditor agrees to accept $50,000.00 as payment for that debt, the debtor has been enriched b

SDNY Revisits Section 502(b)(6) Cap on a Landlord’s Claim for Rejection Damages

Submitted by Anonymous (not verified) on Tue, 02/21/2023 - 02:18

 Judge Wilde's, a Bankruptcy Judge Revisits the Rent Cap Calculations allowed a Landlord under Section 502(b)(6) of the Bankruptcy Code.

Crypto In Bankruptcy: Tax Apocalypse For Celsius Customers?

Submitted by Anonymous (not verified) on Tue, 02/14/2023 - 20:22

 Garrett L. Brodeur at Kostelanetz has published a very informative article on crypto and related tax and bankruptcy issues. The article can be found at https://kflaw.com/crypto-in-bankruptcy-tax-apocalypse-for-celsius-customers/The article touches on many important bankruptcy and tax issues related to cryptocurrency in the Celsius case and other crypto cases.  Jim Shenwick, Esq.  917-363-3391  [email protected] 

Client Review from Melissa ________ January 29, 2023

Submitted by Anonymous (not verified) on Wed, 02/08/2023 - 01:47

 "Jim was a tremendous help in sorting through a complex corporate structure and personal finance situation. Not only did he help with 3 separate bankruptcy filings, but he advised and appeared as needed in state court litigation and kept us calm during a nearly 5 year-long process and a very emotional time.  We are so grateful for his counsel and support and the successful outcomes he achieved for us."  

Client Review from Melissa ________ January 29, 2023

Submitted by Anonymous (not verified) on Wed, 02/08/2023 - 01:47

 "Jim was a tremendous help in sorting through a complex corporate structure and personal finance situation. Not only did he help with 3 separate bankruptcy filings, but he advised and appeared as needed in state court litigation and kept us calm during a nearly 5 year-long process and a very emotional time.  We are so grateful for his counsel and support and the successful outcomes he achieved for us."  

What You Need To Know About Buying A Home After Bankruptcy

Submitted by Anonymous (not verified) on Tue, 02/07/2023 - 21:07

 HouseDigest.com has an excellent article about What You Need To Know About Buying A Home After Bankruptcy. The article can be found at   https://www.housedigest.com/1179558/what-you-need-to-know-about-buying-a-home-after-bankruptcy/

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