Articles from Shenwick & Associates

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Personal bankruptcy and the Deductibility of Non-dischargeable Student Loans for the Means Test

Submitted by Anonymous (not verified) on Mon, 02/14/2022 - 18:23

As many readers are aware, individuals whose income exceeds the median income in New York State are required to do "means testing" to determine if they qualify for chapter 7 personal bankruptcy.In New York State the median income for a family of 1, 2 or  3 is listed below and if a Debtor’s income exceeds the state’s median income they must do means testing. Household Size Monthly Income Annual Income1 $5,058.00 $60,696.002 $6,429.92 $77,159.003 $7,709.00 $92,508.00 If an individual wants to file for chapter 7 bankruptcy and they do not pass the means test, then there is a "presum

Bankruptcy Deadlines must be observed!

Submitted by Anonymous (not verified) on Wed, 01/12/2022 - 21:02

 Bankruptcy Deadlines must be observed! The recent case of In re U-Haul, 21-bk-20140, 2021 Bkr LEXIS 3373 (Bankr. S.D. W. Va. Dec. 10, 2021) demonstrates this rule. In the U-Haul case, a creditor needed to file a proof of claim for $53 million and their attorney  waited until the last moment to do the filing.

4 things student loan borrowers should know about the extended payment pause CNBC Article

Submitted by Anonymous (not verified) on Tue, 12/28/2021 - 16:17

 A very informative article about continued Federal Student Loan repayment moratorium titled "4 things student loan borrowers should know about the extended payment pause can be found at https://www.cnbc.com/2021/12/27/4-things-student-loan-borrowers-should-k...

Tenancy by the Entirety and Bankruptcy Exemptions

Submitted by Anonymous (not verified) on Fri, 12/17/2021 - 22:26

 Keith Fogg wrote a post on Tenancy by the Entirety and Bankruptcy Exemptions, which can be found at https://procedurallytaxing.com/tenancy-by-the-entirety-and-bankruptcy-ex...The post and the cited case demonstrate that debtors who live in New York State and own appreciated property together (Tenancy by Entirety property) may be better off not filing for bankruptcy and instead using NYS exemptions instead. Jim Shenwick

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